Does the growing support for the leftist Podemos in Spain, the nationalist leader Marine Le Pen in France or the United Kingdom Independence Party in Britain mean that European voters are unhappy and turning their backs on mainstream parties?
The current situation is largely due to the slowdown in the developed countries of growth rates, which lasted for decades, writes The Economist. In addition, the changes in voter sentiment are to a certain extent explained by the protest against globalization.
What can be observed today can be described as a toxic combination of growing social inequality, actual wage declines and a sense of injustice that the financial elite that created the crisis still manages to evade responsibility, the newspaper notes. Globalization and technology have eliminated many well-paid factory jobs that ensured a decent standard of living for the working class.
For many people, the prospect of a stable career with one employer has become a pipe dream. Instead, a life of endless internships and occasional short-term employment awaits them. As a result, the biggest concerns of voters were stagnant middle class incomes and job losses.
It is obvious that a poorly performing economy needs reforms. However, the dramatic nature of the situation lies in the fact that without reforms the economy cannot grow, and without economic growth, politicians lose their popularity, without which the implementation of reforms becomes very problematic.
