Did 2008 create a generational shift in how the world works?
In a thoughtful discussion that weaves in recent developments in global attitudes toward immigration, trade and wages, the founder of Geopolitical Futures, George Friedman, suggests that these trends should all be viewed through the lens of the 2008 financial crisis and its aftermath.
In assessing the rising opposition to international trade and immigration and the growth of nationalist movements, Friedman points to the unequal impact that the financial crisis had on segments of society, particularly in the developed economies. He argues that the "efficiency" of capitalism destroyed so much poorly-invested capital that it caused irreversible consequences.
"The repercussions of 2008 have been milder and slower in coming than in 1929. But that has ground down the system all the more dramatically."
The after-shocks of these shifts are still playing out in the U.S., Europe, Russia, Turkey, China and elsewhere. Friedman implies that understanding their root cause can help us navigate what's to come. What do you think?