Economic nationalism is popular. The largesse during the pandemic changed expectations of the state. Creative destruction, which reallocates capital and labour, may be unpalatable to ageing populations that put less store by economic growth and to younger voters who embrace the politics of identity.
But big-government capitalism has a poor record. Given decades-high inflation, caused partly by ill-judged fiscal and monetary policy, especially in America, it is odd that voters want to reward politicians and officials by giving them power over bits of the economy they are not suited to run….
From war to covid, from inflation to climate change, from Sino-American tensions to pivotal elections, this year asked hard questions https://t.co/gawSA4iIx4
— The Economist (@TheEconomist) December 20, 2022