The Logic of Parallel Lobbying

Summary

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Bloomberg Businessweek: "The Logic of Parallel Lobbying"

Episode Date: April 2, 2026
Hosts: Bloomberg Businessweek team, including [Host Anchor Not Specified], Lisa Mateo, David Gura
Guests:

• Angel Saz, Professor & Director, Esade Geo (Center for Global Economy & Geopolitics, Esade Business School, Spain)
• Demetra Castaneda, Senior Editor, Bloomberg Businessweek

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Episode Overview

This episode explores the shifting global economic and geopolitical landscape, focusing on how international instability—particularly in the Middle East—is influencing business leaders' strategies, value chains, and government interventions. The conversation highlights the emergence of “parallel lobbying,” rising industrial policy, and increased protectionism, and also considers the future of international business education amid these transformations.

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Key Discussion Points and Insights

1. Global Economic Disruption and Business Response

• Backdrop: Continuing conflict in the Middle East (specifically the war in Iran) is roiling global markets, with lower stock prices, surging oil costs, and disrupted treasuries influencing business leaders' outlooks.
• Legacy Globalization:
  • Angel Saz remarks on the difficulty of navigating current geopolitics due to inherited global value chains from a previous era of open markets, now challenged by new vulnerabilities and risks.
    • "One of the difficulties of today for business leaders is that we are stuck with global value chains that are hereditary from those decades of open markets. And we are now in an environment which is not that open any longer. So you have many more vulnerabilities and risks around you." (02:18)
• Scenarios and Risk Management:
  • Executives are urged to consider the longevity of the crisis, implications of critical passage closures (like the Strait of Hormuz), and the impact on both upstream (supplies) and downstream (markets) elements of their operations.
    • "What we were talking about in classrooms and with executives around in ESADE is to see how they can think about how long we are going to have this crisis...what are the transmission channels, that can affect business strategy." (02:55)

2. Government Intervention and Collective Solutions

• Oil Prices and State Action:
  • Sharp oil price rises are felt viscerally by Americans and globally, prompting a debate about the effectiveness and limits of government responses (e.g., tapping petroleum reserves, subsidies).
• Call for Collective Action:
  • Saz highlights past successes of international coordination during oil shocks, warning of the dangers if countries pursue only national-level interventions:
    • “What works so well...is when we have a collective solution to a global problem. In fact, that's why the International Energy Agency was set up back in the first oil shock, because countries had to coordinate...otherwise we're going to go into a beggar thy neighbor sort of policies. And this can be a sliding slope.” (04:33)
• Rising Protectionism Even in Democracies:
  • Government intervention is no longer confined to emerging markets or autocracies.
    • “Government intervention...it's been increasing even in democratic countries, even in countries where you won't expect.” (05:17)

3. Industrial Policy and the End of Market Sanctity

• Evolving State Roles:
  • The so-called “sanctity of markets” has waned; states are more actively designing markets through two main policy trends:
    1. Economic Security Policies: In-depth scrutiny of corporate supply chains to avoid vulnerability.
    2. Return of Industrial Policy: States are crafting targeted policies guiding industrial development and competition.
    • “Even before this very severe crisis, we already had...economic security policies, where...they're really going down into the detail of how corporations operate...and the way they go after industrial policy. So industrial policy is back in vogue.” (05:34, 05:56)

4. The Rise of Parallel Lobbying

• Shifting Lobbying Approaches:
  • Demetra Castaneda draws out how companies are now engaging in direct lobbying (“parallel lobbying”) as opposed to the traditional association-led model, particularly to shape new industrial policies.
    • "Companies are going after this industrial policy and taking on, for example, lobbying more directly on their own rather than through associations or the way that we've traditionally thought about lobbying." (06:35)
• Global Phenomenon:
  • Angel Saz asserts this trend is not limited to the US. Massively interventionist policies are now seen globally, not just in America or China.
    • "I think it's happening across the world. I think it's always happened, for example, in China...Today we're all doing our own industrial policy. So I think that's not only the US." (07:13)
  • He notes the increased visibility and surprise as the US, historically a ‘leader of the free market,’ shifts towards such policies.
• Implications:
  • The more governments intervene, the greater the incentives (and necessities) for companies to shape the rules themselves.
    • “The more industrial policy we are seeing, the more companies need to then get involved to design those industrial policies, because industrial policy essentially means government going in and trying to affect and design markets in detail.” (07:44)

5. Impacts on Business Education and Global Mobility

• Changing Priorities in Business Schools:
  • Demetra Castaneda explains that while US MBA programs remain highly sought-after, uncertainty and perceptions of insularity are affecting international student mobility and program preference.
    • "US Programs are still the ones that are most in demand...but...there's a lot more happening and movement towards international programs...because of the perception that we are not really the most welcoming place for some of those students and what they're interested in pursuing right now." (08:16)

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Notable Quotes & Memorable Moments

• Angel Saz on inherited risks:

  • “We are stuck with global value chains that are hereditary from those decades of open markets. And we are now in an environment which is not that open any longer.” (02:18)

• Angel Saz on collective action:

  • “What usually works is when we have a collective solution to a global problem...otherwise we're going to go into a beggar thy neighbor sort of policies.” (04:33)

• Angel Saz on the end of market sanctity:

  • “They have given up on the principle of the sanctity of markets for good or for bad.” (05:45)

• Demetra Castaneda on parallel lobbying:

  • “Companies are going after this industrial policy and taking on...lobbying more directly on their own rather than through associations.” (06:35)

• Angel Saz on US and global policy trends:

  • "...it's happening across the world...Today we're all doing our own industrial policy. So I think that's not only the US." (07:13)

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Timestamps for Important Segments

• 02:18 — Angel Saz on the challenge for business leaders with current value chains
• 04:33 — Importance of collective solutions to global shocks
• 05:34–05:56 — Increase in government intervention and the return of industrial policy
• 06:35 — Demetra Castaneda on rise of parallel lobbying
• 07:13 — Angel Saz on industrial policy as a global trend
• 08:16 — Demetra Castaneda on business school and student mobility trends

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Summary

This episode of Bloomberg Businessweek delivers a timely analysis of how geopolitical instability and rising protectionism are transforming both business strategy and government-business relations. Through in-depth commentary from Professor Angel Saz and Bloomberg's Demetra Castaneda, listeners are given a primer on the logic behind “parallel lobbying,” why collective international action remains critical, and how even the educational landscape is shifting as the world turns inward. The conversation is rich with examples and distills the dilemmas facing leaders as they adapt to a less globalized, more state-controlled business environment.

Transcript

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I want to continue our coverage of the latest out of the Middle east in the war in Iran. It's affecting markets with stocks lower, oil higher, a drop in treasury stalled. Suffice it to say, there's a lot for global business leaders to digest right now. That's where Angel SaaS comes in. He's professor and director of Esade Geo. It's the center for Global Economy and Geopolitics at Esadi, the business school in Spain. Also with us, Demetra Castaneda. She's Bloomberg businessweek senior editor. She leads Business Week's coverage of business schools. Angel, good to have you on the program. You are a business school professor, but you're also an expert in geopolitics, international business, the macroeconomic backdrop today, higher oil prices, barriers to free trade, increasingly countries looking inward. You teach a global community of business leaders who then become leaders, go out in this world. How are you looking at the backdrop today in the context of your research?

[Angel Saz]

Great, thanks. Thanks for having me. It's a pleasure to be here. So I think there are two ways we are looking at it. So one is to understand where we're coming from and where we are. And I think one of the difficulties of today for business leaders is that we are stuck with global value chains that are hereditary from those decades of open markets. And we are now in an environment which is not that open any longer. So you have many more vulnerabilities and risks around you. The second one is more short term. So what do you do? And I think there you can play with different scenarios. And I think what we were talking about in classrooms and with executives around in ESADE is to see how they can think about how long we are going to have this crisis. What are the different options. And basically I think it comes down to whether Hormuz is open or not, and how much long it can be closed. And then try to make sure what are the transmissions that can affect the transmission channels, that can affect business strategy. And of course there's oil prices, as you were saying, there's inflation. There might be effects on, on upstream in your, in your value chain with critical, critical inputs. It can be downstream with your exposure to markets. I think many business schools, for example, were open and doing business in the Middle east. And now we are, we are on standby. And so that, that's. And then finally I think what we are seeing is this new economic security paradigm in its full strength, which is what we're seeing is governments intervening markets to guarantee their energy security. Unfortunately not in a global collective way, but at national level. So all these different companies are seeing how governments are interfering.

[Host (possibly a Bloomberg Businessweek anchor)]

Well, let's just hit on that for a second. Because oil prices, it's visceral. It's something that a lot of Americans see when they drive to work. It's, it's not something Americans are used to. Other parts of the world, high gas prices are just, that's, that's the cost of doing business. The government intervention, it can only be successful to a certain extent. People, you know, countries have strategic petroleum reserves or variations of that you could subsidize, like we've seen in Japan a little bit.

[Angel Saz]

What works so well. I think what we have seen in the past is that what usually works is when we have a collective solution to a global problem. In fact, that's why the International Energy Agency was set up back in the first oil shock, because countries had to coordinate in particular oil consuming countries to coordinate collectively to make sure that you don't start a war, an economic war among countries by all of them starting to impose export controls and controls on exporting gas and their derivatives. I think what we know is we need a collective action, otherwise we're going to go into a beggar thy neighbor sort of policies. And this can be a sliding slope.

[Lisa Mateo]

And you mentioned the government intervention. It's been increasing even in democratic countries, even in countries where you won't expect. I'm not going to name some. How do you think, is there a threshold there? And I know it can be hard to quantify, but if you use the case study of what's happening today to teach your students, what do you tell them?

[Angel Saz]

Well, I tell them that the world globalized because companies, because countries decided that they wanted to globalize and open markets and they wanted to respect markets. And that's how where we were coming from, that's over. Today we have countries that are not that interested in keeping borders open. And secondly, they have given up on the principle of the sanctity of markets for good or for bad. And so what is happening? And even before this very severe crisis, we already had many countries coming up with two types of policies. One is economic security policies, where you start to see how they are affecting markets. Companies to check their value chains, make sure they don't get caught up with certain suppliers, which means they're really going down into the detail of how corporations operate. And the second one has been the way they go after industrial policy. So industrial policy is back in vogue.

[Host (possibly a Bloomberg Businessweek anchor)]

It is. Demetra, come on in here. I see you nodding.

[Demetra Castaneda]

Yeah, I was just going to say, I think that's a super interesting part of your research in the work you've done is what we've seen with the way that companies are going after this industrial policy and taking on, for example, lobbying more directly on their own rather than through associations or the way that we've traditionally thought about lobbying. And that's also another piece of this and something that angel has spent a lot of time on.

[Host (possibly a Bloomberg Businessweek anchor)]

Angel, Is that specific to the United States or specific countries? Because when I hear that, I think, okay, you know, lit Bhutan of intel going to the White House and then that intel, you know, over the summer, then the big intel stake that the US Took and critical mining, critical minerals, the ties that the Trump administration has with the business community. Is this happening outside the US Too?

[Angel Saz]

Oh, yeah, I think it's happening across the world. I think it's always happened, for example, in China, when China came up with made in China 2025, back in 2015, we were all sort of scandalized. Today we're all doing our own industrial policy. So I think that's not only only the US The US Is of course, very visible, had been a leader of the free market, had been a, a leader of the west in that sense. So when you see this in the US it's really, really surprising to see certain, certain, certain policies. And then the other thing is that the more industrial policy we are seeing, the more companies need to then get involved to design those industrial policies, because industrial policy essentially means government going in and trying to affect and design markets in detail.

[Host (possibly a Bloomberg Businessweek anchor)]

It's fascinating stuff. Demetra, I want to end with you because you oversee coverage of BusinessWeek for Business School for Bloomberg Businesswoman. And business schools in recent years have become so international in recent decades, I should say. What is it like now as countries increasingly turn inward?

[Demetra Castaneda]

I mean, we're seeing that sort of trend towards the top. US Programs are still the ones that are most in demand and the most desired globally. But I think that anecdotally and even in terms of the data that we're seeing coming out of certain bodies, there's a lot more happening and movement towards international programs, not just because of what's playing out geopolitically and maybe the type of programs and institutes you'll find in places like esade, but because of the sort of the perception that we are not really the most welcoming place for some of those students and what they're interested in pursuing right now.

[Host (possibly a Bloomberg Businessweek anchor)]

Dmitri Castanedis, Bloomberg businessweek Senior Editor Angel Saz, professor and Director, Asadi Geo center for Global Economy and Geopolitics

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