Financial crises and the far right

Simon Oxenham writing for the New Scientist:

To many, the rise of Donald Trump in the US and the UK’s vote to leave the European Union have come as a shock. It is feared that right-wing movements may now rise across Europe, including Marine Le Pen’s Front National in France. Why is the face of global politics changing so quickly, and could we have predicted this rightwards shift?

Some studies suggest so. Over a period of nearly 150 years, we have seen that every financial crisis was followed by a 10-year surge in support for far right populist parties, as shown by a recent analysis of more than 800 elections by German economists. Interestingly, they did not see the same right-shift reaction in response to recessions or macroeconomic shocks that formed part of the normal cycle of economic rises and falls and weren’t explicitly sparked by a financial crash. The UK is now eight years on since its last financial crisis – although it should be returning to pre-2008 levels of far-right support around about now.

Fascinating.

The full study can be found here.

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