If the U.S. presidential election had only been about the economy, Barack Obama would not have been re-elected. The U.S. federal government runs a $16 trillion deficit, a historical peak of sovereign debt whose only precedent dates back to World War II. And with 23 million Americans unemployed, the unemployment rate has not decreased dramatically since the outbreak of the 2008 financial crisis.
Meanwhile, with regard to the policy issues raised by the crisis itself, there has been little follow through on the numerous decisions taken by the G-20 to better contain and control financial markets. To the contrary, financial concentration has worsened in the U.S. as well as in Europe, especially in Germany, with the world’s 10 biggest banks having increased their share in the global market by a third in the past two years. And regulatory policies, most importantly a financial transaction tax, have not been introduced. ...
To read the rest, sign up to try World Politics Review
Sign up for two weeks of free access with your credit card. Cancel any time during the free trial and you will be charged nothing.
Request a free trial for your office or school. Everyone at a given site can get access through our institutional subscriptions.
- Strategic Horizons: For Hint of Iraq’s Future, Take Another Look at Vietnam War
- World Citizen: BRICS Still Have a Long Way to Go From Grouping to Alliance
- France’s Hollande Exploits Political Openings to Deepen Gulf Ties
- Reality Check: The Real Iraq War Debate’s Lessons for U.S. Foreign Policy
- Diplomatic Fallout: Can Putin Rebrand Russia as Stabilizing Force in Ukraine, Syria?