The Economist: Bolshiness Is Back  

Posted by Big Gav in

The Economist has a look at the slide towards deglobalisation in their "World In 2016" edition - Bolshiness Is Back. I'm not sure raising the spectre of Lenin and communism makes much sense though, given that the global left is basically dead and the threat to the liberal order is coming entirely from right wing authoritarian nationalists.

The global economy has delivered too many of its benefits to the richest: in America, the proportion of after-tax income going to the top 1% doubled from 8% in 1979 to 17% in 2007. And in many ways the future looks worse. Productivity growth has slowed. Unless this can be changed, politics will inevitably become a struggle over dividing up the pie. Tech giants such as Google and Amazon enjoy market shares not seen since the late 19th century, the era of the robber barons.

How can liberals save what is left of the liberal order? Part of the solution lies in being more vigorous in its defence—for example, pointing out that globalisation has lifted millions out of poverty and that reversing it will make today’s economic woes much worse. Part of the solution lies in exposing liberalism’s enemies as the paper tigers that they are: Mr Putin, in particular, presides, by fear and fraud, over a country whose economic power is stalling and whose people are plagued by poverty and illness. Other strongmen around the world are far less tough than they claim.

But liberalism’s champions must do more than just repeat tired mantras. They need to take worries about immigration more seriously and check their instinct to ride roughshod over minorities such as evangelical Christians. They also need to redouble their efforts to fix capitalism’s most obvious problems. High levels of inequality are threatening stability. Economic concentration is allowing companies to extract record profits. Overregulation is driving businesspeople to distraction. The revival of bolshiness has already taken a terrible toll. Liberals need to think more clearly, and act more forcefully, to stop the rot.

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