About Beating Sisyphus: How Emerging Markets Overcome the Impossible
Emerging markets and developing economies are rewriting the rules of global growth. Beating Sisyphus goes deep with economists, entrepreneurs, investors, policymakers, and reformers across Africa, Latin America, South Asia, and the Global South. We hold long-form conversations uncovering the strategies, mindsets, and systems behind lasting change in frontier markets. For investors, students, and policy thinkers who believe the next great leap starts outside the G7.
Why the Future of Payments Is in the Global South | dLocal CEO Pedro Arnt
Why are emerging markets leading the next wave of financial innovation? And could the Global South offer greater opportunities for entrepreneurs and investors than developed economies?In this episode of Beating Sisyphus, we welcome Pedro Arnt, CEO of dLocal and former CFO of Mercado Libre, to discuss the future of fintech, digital payments, and entrepreneurship across emerging markets.Drawing on more than 25 years of experience building businesses in Latin America and beyond, Pedro explains how dLocal is helping global companies navigate the complexities of operating across more than 60 emerging markets.We explore the rise of real-time payment systems such as Brazil's Pix and India's UPI, the implications of stablecoins and blockchain technology, and the challenges of managing currency volatility and regulatory uncertainty.Pedro also shares lessons from his career at Mercado Libre, explains why long-term thinking and adaptability are essential for success in emerging markets, and identifies the countries he believes offer the greatest opportunities over the next decade.Timestamps:00:00 Why the Emerging World Cannot Be Ignored00:27 Introduction to Beating Sisyphus01:04 Meet Pedro Arnt, CEO of dLocal01:31 From Academia to Building Mercado Libre03:32 Why Pedro Joined dLocal05:29 How dLocal Is Transforming Payments in Emerging Markets08:57 Navigating Regulations Across 60+ Markets11:16 Fintech Regulation and Financial Inclusion14:25 Building Successful Teams in Emerging Markets16:30 Connecting Latin America, Africa, and Asia20:35 Managing Currency Crises and Economic Volatility24:39 Beyond Payments: dLocal's New Business Model28:00 Stablecoins, CBDCs, and the Future of Money29:31 Why Emerging Markets Lead in Payment Innovation30:38 Payment Sovereignty and Financial Independence32:24 Will Blockchain Replace Traditional Payment Systems?34:37 Why the Future of Growth Is in Emerging Markets36:50 Two Lessons for Building Successful Emerging Market Businesses39:47 What Governments Can Learn from the Private Sector42:53 Career Advice for the Next Generation44:46 Diversification and Managing Emerging Market Risk45:25 The Most Promising Emerging Markets for the Next Decade46:24 Final Thoughts and ClosingMusic from #Uppbeat (free for Creators!):https://uppbeat.io/music/tracks/sky-toes/industry-leadersLicense code: FI3MIB2ZWDWO6KVR
28 Sept 2026
Why Latin America Has So Much Informality | William Maloney
In this episode of Beating Sisyphus, Thomas Riveros and Lourdes Casanova sit down with Dr. William (Bill) Maloney, former Chief Economist for Latin America and the Caribbean at the World Bank. Drawing on his books, Rationalizing Informality and Reclaiming the Lost Century of Growth, Dr. Maloney challenges conventional wisdom about informal labor and economic stagnation across Latin America.https://www.worldbank.org/en/region/lac/publication/rationalizing-informalityRather than viewing informality as a uniform consequence of rigid labor laws, Dr. Maloney explains how millions of micro-entrepreneurs make deliberate cost-benefit trade-offs between formal employment and the autonomy of the informal sector. The conversation explores why eliminating informality alone will not solve growth challenges, how implicit taxes on formal work discourage participation, and why closing Latin America's severe human capital and skills mismatch is the key to building dynamic, technology-driven learning economies.Timestamps:00:00 William Maloney on Latin America & Development00:51 Why Latin America Became His Focus03:41 What “Informality” Actually Means05:48 The 85% of Informality We Often Ignore09:20 Can Digital Payments Reduce Informality?12:01 Why Workers Choose Informal Jobs14:03 Why So Many Workers Want to Be Self-Employed17:19 How Much Is Flexibility Really Worth?18:52 The Hidden “Tax” on Formal Employment22:26 Women, Flexibility & Informal Work26:17 Latin America’s Skills Mismatch30:26 The Education Problem Holding the Region Back33:29 Why Latin America Fell Behind35:29 Should We Stop Trying to “Formalize” Everyone?36:42 Three Policies That Could Actually Reduce Informality38:08 Why Firms Struggle to Grow38:57 Latin America’s Missing Learning Economy39:24 What Chile’s Copper History Teaches Us40:26 Why Latin America Never Produced a Hitachi40:55 What China Understands About Foreign Investment44:25 Why Latin America Needs Stronger Firms45:49 Competition Can Make Firms Innovate—or Kill Them48:58 What Latin America Can Learn From Asia50:02 Norway’s Natural-Resource Development Model51:20 How Chile Built Its Salmon Industry52:32 Could Lithium Be Chile’s Next Opportunity?53:21 Why Cities May Drive Latin America’s Future54:19 Final Thoughts#economics #latinamerica #informaleconomy #worldbank #developmenteconomics #cornelluniversity #emergingmarkets #laboreconomics #publicpolicy
15 Sept 2026
How Development Finance Can Unlock Nigeria’s Growth | Prof. Joseph Nnanna
How can development banks expand access to credit without creating excessive risk? And what role can development finance play in tackling some of Nigeria’s biggest economic challenges?In this episode of Beating Sisyphus, we speak with Prof. Joseph Nnanna, Chief Economist at the Development Bank of Nigeria (DBN), about credit constraints, financial inclusion, MSME financing, inflation, and the broader challenge of economic development in Nigeria.Prof. Nnanna explains how information asymmetries, limited collateral, volatile cash flows, and high borrowing costs restrict access to finance for productive firms. We discuss how DBN uses wholesale lending, capacity building, and partial credit guarantees to address these market failures while managing default risk and moral hazard.The conversation then turns to Nigeria’s macroeconomy: why higher interest rates alone may not be enough to control inflation, the importance of fiscal and monetary policy coordination, and why diversification beyond oil remains critical to long-term growth.Finally, Prof. Nnanna shares concrete examples of how development finance can unlock productivity—from rural electrification to solving coordination failures between small businesses—and explains why he remains optimistic about Nigeria as an emerging market.CHAPTERS00:00 Introduction01:15 From the Private Sector to Development Economics04:54 Why Do Credit Constraints Matter?08:29 How the Development Bank of Nigeria Works13:43 Managing Credit Risk and Supporting Larger Firms17:23 Financial Inclusion and Underserved Businesses21:59 Credit Guarantees and the Moral Hazard Problem25:47 Why Economic Theory Can Behave Differently in Nigeria26:34 Inflation, Interest Rates, and Monetary Policy28:17 Why Fiscal and Monetary Policy Must Work Together33:03 How Development Finance Affects the Broader Economy33:42 Rural Electrification and Local Economic Development35:26 Solving Coordination Failures: The Tomato Example38:19 Why Nigeria Is an Emerging Market to Watch40:55 Closing ThoughtsBeating Sisyphus is a production of the Cañizares Center for Emerging Markets in collaboration with the Cornell Emerging Markets Institute Club (EMIC).#Nigeria #EmergingMarkets #DevelopmentFinance
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