The politics of anger born of economic discontent... The world enters a 'populist cycle'

Press quote (Hankyung)
06 January 2025

Zach Meyers, assistant director of the Centre for European Reform, one of Europe's leading think-tanks, said, "populism is the result of economic insecurity. Europe, including the UK, has been struggling with long-term low growth." 

...Greenlash could be very threatening to the future of the European economy. One of the strengths of the EU is its technological superiority in green products such as wind turbines. Europe has established itself by encouraging investment in green technologies with clear, long-term climate goals and predictable regulatory frameworks. Populists are saying that we should give up our strongest growth potential for the sake of immediate jobs.

...That's why populism has the upper hand. Single-issue populism doesn't take into account the broader economic impact. Ignoring the budget deficit, insisting on (indiscriminate) tax cuts. And they are unwilling to compromise.

...Demographic shifts, a lack of business dynamism, low innovation capacity, and a crisis in advanced manufacturing (caused by China's rise) are all likely to keep populism alive. In Poland and Hungary alone, the independence of public broadcasting and the judiciary has been controlled, undermining the rule of law. Populism expands the acceptance of conspiracy theories and undermines faith in credible journalism.

...We need to understand and acknowledge the source of the public's anxiety and fear. Globalization and free trade have helped growth, but the benefits of that growth have not been fairly distributed. Transitional support measures should be provided, such as providing retraining opportunities for workers to help them move away from declining industries.