In it together

The year usually ends with a concerted effort to be jolly, even if most readers of this blog will feel glad tidings have been in rather short supply recently. As I write, news that Italy is now staring into the unknown – with a possible banking crisis threatening the wider Euro zone following its referendum upset – will do little to lighten the mood.

So this month in seasonal mood I’ll try to find some positive news, even if I end up reinforcing my long-running theme that it’s all ’bout the money (with apologies to Meja).  My sense that it isn’t all bad was fuelled by a recent round trip to the southern hemisphere including Australia, which involved nearly 50 hours sitting in planes and plenty of time to reflect.

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Many in Britain will have had the same sinking feeling on waking up to hear the outcome of the US presidential election as they did in June after the Brexit referendum. At time of writing, the final tally is awaited, and Hillary Clinton may even be slightly ahead on the popular vote, but the picture is clear (and remarkably similar to UK):  a nation dramatically divided 50/50 with the former industrial ‘rust belt’ states (read northern Labour heartlands) swinging decisively against the so-called establishment elite.

Back in the summer, this is what I said here in Briefing about the outcome of the UK vote:

“The major corporations need to wake up to the fact that trickle-down globalisation isn’t working.… Simply put, owners of capital have done just fine since the global financial crash, and that includes many Western baby-boomers; but middle wage earners have not. Our great corporations like to present themselves as a much-misunderstood force for good. Western voters clearly disagree.”

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A clear consensus is emerging around the underlying cause of the Brexit vote. It was less about the specifics of the EU or unique to the UK and more a reaction to wider trends, notably economic – open border globalisation, economic slowdown, growing inequality and mounting mistrust of most institutions including big business and now ‘experts’ too. My initial comment last month holds largely true.

John Lanchester, author of How to Speak Money, puts it well when he says “whole swathes of the UK have spent the last decades feeling that things are being taken away from them: their jobs, their sense that they are heard, their understanding of how the world worksand their place in it”. His full analysis Continue reading →