Since 2016, the Trump election, Brexit, and right-wing challenges across Europe have revealed an economic crisis of extraordinary proportions. Decades of laissez-faire economic policy have yielded a collapse in financial security for workers and farmers and a concentration of economic power at the very top. Now, China’s state capitalism has emerged to challenge the liberal economic and political order, with similar implications for workers and corporate concentration.
Sadly, the nationalist response in the United States since 2016 has largely made the problems worse, while Europe is often left on its own in defending the liberal principles of broadly distributed economic power.
The above excerpt was originally published in Washington Monthly.
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