theguardian.com
Lessons from 36 years of economic reporting
Analysis of the failure of free-market economics, the rise of populism, and the shift in global economic power.
English
United Kingdom
PoliticsEuropean UnionUkInternational TradeEconomicsPopulismGlobalizationFree Market
GuardianLabour PartyEu
Margaret ThatcherNigel LawsonNeil KinnockRonald ReaganDonald TrumpGeorge BushTim Berners-Lee
- What role did the left's actions play in Trump's victory, according to the author?
- The author argues that the left's failure to offer a credible economic plan, coupled with condescending lectures to its natural supporters, contributed to Trump's victory. This highlights the need for a strong, deliverable economic platform.
- How has the global economic center of gravity shifted, and what are the implications?
- The global economic center of gravity has shifted from West to East, with China's rise as a major economic power posing a significant challenge to US hegemony. This shift is reflected in the increased importance of nations and a move away from globalism.
- What was the missed opportunity after the 2008 financial crisis and why was it missed?
- The 2008 financial crisis presented an opportunity for a progressive economic approach like the Green New Deal, but this opportunity was missed due to internal disagreements on the left, the influence of the wealthy, and the timidity of left-leaning parties.
- What were the main tenets of the free-market experiment and what were its consequences?
- The free-market experiment, characterized by privatization, deregulation, and tax cuts, ultimately failed to deliver on its promise of wealth trickling down. Instead, it widened the gap between the rich and poor, leading to slower economic growth and the 2008 financial crisis.
- How has globalization changed, and what are its effects on the nation-state and international relations?
- Globalization has reversed due to the US-China cold war, vulnerabilities in global supply chains exposed by COVID-19, and voter demands for national control. This has led to a resurgence of protectionism, nationalistic policies, and a decline in free trade.