Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Nationalism’

The Powerlessness of the Most Powerful

Posted by hkarner - 22. Oktober 2018

Oct 20, 2018 Javier Solana, Project Syndicate

Javier Solana was EU High Representative for Foreign and Security Policy, Secretary-General of NATO, and Foreign Minister of Spain. He is currently President of the ESADE Center for Global Economy and Geopolitics, Distinguished Fellow at the Brookings Institution, and a member of the World Economic Forum’s Global Agenda Council on Europe.

The president of the leading global power has made it clear that he has no interest in getting involved in resolving any of the world’s shared problems, dressing up his foreign policy as one of „principled realism.“ But there is nothing principled or realistic about it.

MADRID – The annual General Debate of the United Nations General Assembly is one of the most notable events on the international diplomatic calendar. As usual, this year’s meeting, during the last week of September, brought together a long list of world leaders, although perhaps the term “world leader” should no longer be used so lightly. The president of the leading global power has made it clear that he has no interest in getting involved in resolving any of the world’s shared problems. Unfortunately, he is not alone.

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The Jungle Grows Back: America and Our Imperiled World

Posted by hkarner - 10. Oktober 2018

Date: 04-10-2018, The Economist
Source: Robert Kagan

We now live in a world:

„Where once people believed that the nation-state was a thing of the past in an increasingly cosmopolitan and interconnected age, we now see nationalism and tribalism reemerging, more than able to hold their own in the brave new world of the Internet.

Meanwhile, a profound and extended crisis of confidence besets the democratic world, even in the birthplace of modern democracy.

Liberal international institutions like the European Union, once considered the vanguard of a postmodern future, are now under assault from without and within.

In America, racial and tribal forces that have always been part of the “subterranean stream” of American history have reemerged to reshape politics and society.

Where thirty years ago the dreams of Enlightenment thinkers going back three centuries seemed to be on the cusp of fulfillment, today a Counter-Enlightenment of surprising potency stirs in Moscow, Budapest, Beijing, Tehran, and Cairo, in parts of Western Europe, and even in the nation that saved liberalism seventy-five years ago. Den Rest des Beitrags lesen »

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Europe’s Critical Election

Posted by hkarner - 26. September 2018

Ana Palacio, a former Spanish foreign minister and former Senior Vice President of the World Bank, is a member of the Spanish Council of State, a visiting lecturer at Georgetown University, and a member of the World Economic Forum’s Global Agenda Council on the United States.

Ahead of the European Parliament election in May 2019, nationalist parties across Europe are unifying behind a message that is clear, forceful, and, for many, compelling. If Europe’s defenders are to win, they will need to offer a vision that is similarly powerful – and not hide behind French President Emmanuel Macron.

MADRID – Discussions about Europe-wide elections are invariably infused with expectations of dramatic change that rarely, if ever, are met. But the upcoming European Parliament election in May 2019 may break the mold, as it could determine the outcome of an ongoing struggle between two visions for Europe’s future: progress toward greater openness and interconnectedness or a reversion to divisive and blinkered nationalism.

Previous European Parliament elections have been preceded by promises that the vote would mean something to the electorate. But, whatever structural and institutional changes have occurred, from increasing the body’s powers to introducing new campaigning procedures, the results have remained lackluster. Den Rest des Beitrags lesen »

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The world has not learned the lessons of the financial crisis

Posted by hkarner - 8. September 2018

Date: 06-09-2018
Source: The Economist

Banks are safer, but too much of what has gone wrong since 2008 could happen again

WHEN historians gaze back at the early 21st century, they will identify two seismic shocks. The first was the terrorist attacks of September 11th 2001, the second the global financial crisis, which boiled over ten years ago this month with the collapse of Lehman Brothers. September 11th led to wars, Lehman’s bankruptcy to an economic and political reckoning. Just as the fighting continues, so the reckoning is far from over.

Lehman failed after losing money on toxic loans and securities linked to America’s property market. Its bankruptcy unleashed chaos. Trade fell in every country on which the World Trade Organisation reports. Credit supplied to the real economy fell, by perhaps $2trn in America alone. To limit their indebtedness, governments resorted to austerity. Having exhausted the scope to cut interest rates, central bankers turned to quantitative easing (creating money to buy bonds).

Just as the causes of the financial crisis were many and varied, so were its consequences. It turbocharged today’s populist surge, raising questions about income inequality, job insecurity and globalisation. But it also changed the financial system. The question is: did it change it enough? Den Rest des Beitrags lesen »

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Nationalism, Immigration, and Economic Success

Posted by hkarner - 19. Juli 2018

Jason Furman

Jason Furman, Professor of the Practice of Economic Policy at the Harvard Kennedy School and Senior Fellow at the Peterson Institute for International Economics, was Chairman of President Barack Obama’s Council of Economic Advisers from 2013-2017.

There can be no question that immigration provides a net economic benefit to advanced economies, particularly those experiencing a retirement boom. But as long as anti-immigrant sentiment dictates the political narrative, growth will suffer, and resurgent populist forces will grow stronger.

CAMBRIDGE – One of the central challenges facing the world’s advanced economies is slowing growth. Over the last decade, growth rates in the advanced economies have averaged 1.2%, down from an average of 3.1% during the previous 25 years.

History shows that slower economic growth can make societies less generous, less tolerant, and less inclusive. So, it stands to reason that the past decade of sluggish growth has contributed to the surge of a damaging form of populist nationalism that is taking hold in a growing number of countries. Den Rest des Beitrags lesen »

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Nationalism Will Go Bankrupt

Posted by hkarner - 21. Juni 2018

Anatole Kaletsky is Chief Economist and Co-Chairman of Gavekal Dragonomics. A former columnist at the Times of London, the International New York Times and the Financial Times, he is the author of Capitalism 4.0, The Birth of a New Economy, which anticipated many of the post-crisis transformations of the global economy. His 1985 book, Costs of Default, became an influential primer for Latin American and Asian governments negotiating debt defaults and restructurings with banks and the IMF.

The opposite of populist nationalism is not globalist elitism; it is economic realism. And in the end, countries such as Britain, the United States, and now Italy will learn the hard way that reality always eventually wins.

ROME – Nationalism versus globalism, not populism versus elitism, appears to be this decade’s defining political conflict. Almost wherever we look – at the United States or Italy or Germany or Britain, not to mention China, Russia, and India – an upsurge of national feeling has become the main driving force of political events.

By contrast, the supposed rebellion of “common people” against elites has not been much in evidence. Billionaires have taken over US politics under President Donald Trump; unelected professors run the “populist” Italian government; and all over the world, taxes have been slashed on the ever-rising incomes of financiers, technologists, and corporate managers. Meanwhile, ordinary workers have resigned themselves to the reality that high-quality housing, education, and even health care are hopelessly beyond their reach. Den Rest des Beitrags lesen »

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Worauf wartet Deutschland?

Posted by hkarner - 30. April 2018

Joschka Fischer was German Foreign Minister and Vice Chancellor from 1998-2005, a term marked by Germany’s strong support for NATO’s intervention in Kosovo in 1999, followed by its opposition to the war in Iraq. Fischer entered electoral politics after participating in the anti-establishment protests of the 1960s and 1970s, and played a key role in founding Germany’s Green Party, which he led for almost two decades.

BERLIN – Mehr als zehn Jahre seit der Finanzkrise von 2008 befindet sich die EU in einer langen Stagnationsphase, in der sie kaum Fortschritte gemacht hat. Gerade in der Gegenwart, in der sich dramatische weltpolitische Veränderungen und ebenso herausfordernde Krisen in der europäischen Nachbarschaft oder gar im Innern der Union ereignen, wie der Aufstieg eines neuen Nationalismus und damit einhergehend der direkte Angriff auf die Grundwerte von Rechtsstaat und Demokratie, ist eine Stärkung der Europäischen Union im Interesse aller Mitgliedstaaten und unverzichtbar, wenn das europäische Einigungsprojekt nicht scheitern soll.

Doch nichts passiert, und das liegt im Wesentlichen an Deutschland. Jahrelang dominierten nach 2008 Wachstumsschwäche und Wirtschaftskrise die Union. Zudem hatte es in Berlin immer geheißen, Deutschland müsse auf Frankreich warten, allein könne Deutschland die EU nicht voranbringen (was zutreffend war). Den Rest des Beitrags lesen »

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Is Realism Trumping Populism?

Posted by hkarner - 30. April 2018

Anatole Kaletsky is Chief Economist and Co-Chairman of Gavekal Dragonomics. A former columnist at the Times of London, the International New York Times and the Financial Times, he is the author of Capitalism 4.0, The Birth of a New Economy, which anticipated many of the post-crisis transformations of the global economy. His 1985 book, Costs of Default, became an influential primer for Latin American and Asian governments negotiating debt defaults and restructurings with banks and the IMF.

With economic conditions returning more or less to normal around the world after a decade of financial crises, nationalist populism is now seen as the biggest threat to global recovery. But is it possible that this consensus has emerged just as the populist wave has crested?

NEW YORK – With economic conditions returning more or less to normal around the world after a decade of financial crises, nationalist populism is now seen as the biggest threat to global recovery. That was certainly true of the finance ministers who gathered in Washington, DC, this month for the IMF’s annual spring meeting. But is it possible that this consensus has emerged just as the populist wave has crested? Rather than populist politics undermining economic recovery, could economic recovery be undermining populist politics?

Looking around the world, populist economic policy appears to be in retreat, even though no clear alternative is visible. In the United States, President Donald Trump seems to be curbing his protectionist instincts, and economic relations with China are stabilizing. In Europe, despite the media focus on the success of xenophobic politicians in Hungary and Poland, the pendulum is swinging away from economic nationalism in the countries that really matter: France, Germany, Spain, and Italy, where the two populist parties that recently achieved electoral breakthroughs are now vying to show their devotion to the euro. Den Rest des Beitrags lesen »

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Why is Hungary turning to nationalism?

Posted by hkarner - 8. April 2018

Date: 06-04-2018
Source: The Economist

A perceived threat to its identity has played a part

VIKTOR ORBAN looks set to win another four years as prime minister of Hungary when his country goes to the polls on Sunday. A recent speech outside Parliament epitomised his approach. On March 15th—a national holiday commemorating the failed 1848 uprising against the Habsburgs who ruled Hungary for centuries—Mr Orban (pictured) issued a rousing battle-cry to defend the Magyar homeland from waves of migrants; militant Islam; plans in Brussels for enforced migrant quotas; and a United States of Europe. In today’s Europe, thundered Mr Orban, “it is forbidden to speak the truth”: that immigration brings crime and terrorism and “endangers our way of life, our culture, our customs and our Christian traditions”. During the campaign there has been little mention of health care, education and the economy. Why have Mr Orban and his ruling Fidesz party been so successful at rallying Hungarians to the nationalist message?

Ever since the conquest of the Carpathian basin by the Magyar tribes around 1,100 years ago, Hungary’s history has been that of a small, embattled nation, fighting continually for its survival. It has been conquered and occupied by Tatars, Ottoman Turks, Nazis and Russians. The failed uprisings of 1703 and 1848 against the Habsburgs and the 1956 revolution against the Soviets are burned into the national psyche. (The Nazi invasion of 1944, when the Hungarian state mobilised to send hundreds of thousands of Jews and thousands of Roma to their deaths receives less attention.) That embattled theme resonates in the debate about refugees today. Hungarians also like to describe themselves as a Magyar island in a Slav sea. Other countries in the region share a similar history of occupation but speak Slavic tongues that are, to some extent, mutually comprehensible, giving them a sense of having cultural, linguistic allies in their suffering. The Magyars feel like a race apart: their language is unrelated to the Indo-European tongues that surround them, and works as a powerful national glue. Den Rest des Beitrags lesen »

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Nationalist movements have lost some recent battles, but it’s way too soon to think they are receding

Posted by hkarner - 24. Januar 2018

Date: 23-01-2018
Source: The Wall Street Journal
Subject: A Fractured World: Nationalism vs. the Global Liberal Order

The global liberal order is holding up better than many feared a year ago.

In Europe, right-wing populists lost elections to the establishment in the Netherlands, Austria and France. U.S. President Donald Trump has prioritized traditional conservative causes like tax cuts over protectionism.

But globalists should not breathe easy. The nationalist insurgency is both growing and metamorphosing. It is not just eating away at relations between countries on issues such as free trade; it is also eroding the institutions and norms that prevail within countries.

This is not a problem for the global economy yet, as a synchronized upswing drives growth and stock prices higher. But it’s a shadow over the future. Populists sustained by legitimate grievances at the cultural and economic upheaval caused by globalization often govern by authoritarian or divisive means, undermining the stable, rules-based environment that businesses crave. Den Rest des Beitrags lesen »

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