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Populism surge intensifies spotlight on economic, market orthodoxy

15 0 0
27.05.2018

The leader of the free world is trash-talking globalisation and advocating trade tariffs, another president says inflation is caused by high interest rates, and the incoming government of a G7 country wants 250 billion euros of national debt written off.

From Donald Trump to Turkey's president Tayyip Erdogan to an incoming populist coalition in Italy, challenges to the global economic and financial market orthodoxy of the past 40 years are coming thick and fast.

The global economy, financial and banking system have recovered a decade on from the financial crisis, but millions of people around the world still feel enfeebled, left behind, and poorer than they were before.

The populist backlash that has delivered ballot box shocks around the world in recent years attests to that deep and widespread sense of dissatisfaction and frustration, and should come as little surprise.

Still, the fact that many of the 'idees fixes' in economic policymaking that have underpinned markets for decades are being challenged so boldly is fascinating.

There's always been intellectual opposition from the left to the forces underpinning the so-called 'Washington Consensus' promoting globalization, independent central banks, flexible exchange and interest rates, mobile capital, private property rights,........

© Japan Today