The recent election of Donald Trump has sent shockwaves across the world. And while debates are still raging over the exact reasons that allowed Trump to win, the reactions to his victory show that very few people (maybe even among his supporters) expected him to win. In reality the signs that Trump stood a really good chance to emerge victorious in the US elections were there for those who cared to notice. But they were not confined to developments within the United States. Trump seems to ride the wave of a global trend towards authoritarian right-wing populism expressed in different countries such as Russia, Turkey, the Philippines, Hungary or Poland. But perhaps the “closest-to-home” expression of this tendency was the June 2016 referendum in the UK, in which a majority voted to leave the European Union.
The Brexit vote has also puzzled mainstream commentators, and this is no accident. From the perspective of the elites that have been managing the capitalist world (almost undisputed) in the last 30 years, the result was not only inexplicable but also tremendously destructive. For a large part of the capitalist class and its political representatives Brexit and its prospects (especially in relation to the City of London and its global significance) was nothing short of an economic disaster.
The UK had, after all, always enjoyed a special relation to the European Union, benefiting in many ways from its advantages without however carrying the burden of most of its structural problems. Away from the constraints of the monetary union, selective in its application of work and environmental regulations, the UK enjoyed what many saw an almost ideal relationship to the EU. Nonetheless, a majority opted to break away from this.
A number of questions immediately arise: what was the rationale behind the decision to hold the referendum, especially considering that most capitalists and politicians saw it clearly as a threat to their interests? How was it possible that the Leave vote won, when even those who represented it did not see it as a possibility? Does the overwhelming working class vote for Brexit represent a deepening of racist and anti-immigrant sentiments, or were there other considerations at stake? Finally, what could the future outside the EU look like for the UK, for its Finance sector, for Europe?
The Marxist economist Tony Norfield worked in the City’s dealing rooms for almost 20 years. Recently he published a book on the role of finance in the global economy (“The City: London and the Global Power of Finance, 2016). Since 5 years he has run a blog, Economics of Imperialism.
[The meeting will be held in English]
Tuesday 6th December, 20.00
wildenbuchstr. 86, 12045 Neukölln, Berlin
Read the rest of this entry »