Since the fall of the Berlin Wall, liberal ideals have defined Europe’s political order. Parties that questioned free trade and democratic checks-and-balances could hardly gain many votes. Cultural tolerance and religious neutrality was the norm. The EU was seen not only as an engine of wealth, but also as an ethical power spreading liberal norms throughout the world. This era is now approaching its end. Liberal ideals are under fire from Helsinki to Athens. There are many local variations of the anti-liberal surge, but let us not delude ourselves: populism is not just confined to Hungary, Greece and Poland. Nigel Farage and his populist party UKIP have triumphed in the Brexit referendum. The Freedom Party of Austria, which came to …
Bestselling author, financial economist (and Oxford alumnus) Dambisa Moyo argues in her new book that the rise of China is generating unanticipated consequences for the international system and that no one — bar the Chinese Communist Party — is actively thinking about how to handle the long term fallout of these seismic shifts. I debated some of these ideas with her on Radio 4’s Today Programme a couple of days ago. One of Moyo’s controversial arguments is that China’s ascendency doesn’t just put tremendous pressure on commodity markets, but is likely to represent such a big demand shock that supply of key resources simply can’t keep up. The consequence, for Moyo, is then that as countries — and the planet …
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