Jonathan Levy

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Until the Next Crash

Until the Next Crash

The populist revolt is not against the crash, or even its immediate aftermath, but against the nature of the recovery.

This is the economic backdrop of the populist revolt. To the extent that it is driven by economics, it is a revolt not so much against the crash, or even its immediate aftermath—as Tooze seems to suggest—but against the nature of the recovery. This recovery, sustained by historically unprecedented “accommodative” monetary policies, is now nearly the longest on record. But it has proved to be yet another iteration of a now forty-year macroeconomic pattern for which centrist liberals bear much responsibility. It is the economy whose pre-crisis development they happily facilitated and which, during the 2008 crisis, they brought back to life, if moderately reformed. But since 2008, this same old asset-led global capitalism has slowly but steadily worn down the political establishment’s reserves of legitimacy.