Prime minister warns that clash between populism and capitalism could undermine stability of free trade systemThe prime minister, Malcolm Turnbull, has warned that rising tensions between an increasingly assertive China and populist United States pose a threat to the global economy and stability. Turnbull urged governments in a speech in Perth to defend the free trade and rules-based economic system that had served the world so well, saying it faced its greatest threat since the second world war. That system had made Australians’ real average household income far greater since trade liberalisation in the 80s. During their meeting in Perth, Turnbull said he and German president Frank-Walter Steinmeier discussed how political tensions were increasing and threatening global prosperity and international order. People should not forget the lessons of the 1930s and turn in on themselves, taking populist comfort in protectionism, Turnbull said.

Source: The Guardian November 03, 2017 22:18 UTC