NIghttime Must-Read: Nouriel Roubini: The Great Backlash

Nouriel Roubini: The Great Backlash: “In the immediate aftermath of… 2008…

…policymakers’ success in preventing… into Great Depression II held in check demands for protectionist and inward-looking measures. But now the backlash against globalization… has arrived. This new nationalism… trade barriers, asset protection, reaction against foreign direct investment, policies favoring domestic workers and firms, anti-immigration measures, state capitalism, and resource nationalism… populist, anti-globalization, anti-immigration… outright racist and anti-Semitic parties…. The main causes of these trends are clear. Anemic economic recovery has provided an opening for populist parties, promoting protectionist policies, to blame foreign trade and foreign workers for the prolonged malaise. Add to this the rise in income and wealth inequality in most countries, and it is no wonder that the perception of a winner-take-all economy that benefits only elites and distorts the political system has become widespread…