an article by Italo Colantone and Piero Stanig (Bocconi University, Milan, Italy) published in Journal of Economic Perspectives Volume 33 Number 4 (Fall 2019)
Abstract
We document the surge of economic nationalist and radical-right parties in western Europe between the early 1990s and 2016. We discuss how economic shocks contribute to explaining this political shift, looking in turn at theory and evidence on the political effects of globalisation, technological change, the financial and sovereign debt crises of 2008–2009 and 2011–2013, and immigration.
The main message that emerges is that failures in addressing the distributional consequences of economic shocks are a key factor behind the success of nationalist and radical-right parties.
We discuss how the economic explanations compete with and complement the “cultural backlash” view.
We reflect on possible future political developments, which depend on the evolving intensities of economic shocks, on the strength and persistence of adjustment costs, and on changes on the supply side of politics.
JEL Classification: D72, F52, G01, H63, J15, O33, Z13,
Full text (PDF 24pp)
Labels:
debt_management, sovereign_debt, economics_of_minorities, political_processes, economic_nationalism, financial_crises, technological_change, economic_sociology,
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