Another was building a system of world trade and credit that depended on the booming United States trade deficit to stabilize global aggregate demand. As more and more voters became mad as hell, governing parties lost elections between 2008 and 2012 in the United States, Britain, France, Italy, Spain, Portugal, Ireland, Greece and elsewhere. From the West to the East, a new Nationalist International — an allied front of right-wing chauvinist parties and movements — arose. The clash between the Nationalist International and the establishment was both real and illusory. So, what will it take to end this destructive dynamic of mutual reinforcement by the largely liberal establishment insiders and the regressive nationalist outsiders?

Source: New York Times July 06, 2017 08:04 UTC