In the good old days before Brexit and the global financial crisis, politics was all so simple. The western liberal democracies had reached the “End of History”. So far as old conundrums such as ideology and identity were concerned, nobody really cared much any more. All that mattered now was to ramp up material prosperity. “It’s the economy, stupid”, as Bill Clinton apocryphally said.
It all sounds rather naive now, of course. Two and a half decades on from President Clinton’s bons mots, the world’s developed economies are wealthier than ever — indeed, more than 70 per cent larger in real terms than they were in 1992. Yet far from having achieved a nirvana of political stability, they are racked by a social strife and ideological conflict unseen in many decades.
Where did Clinton’s confident verdict go wrong? It is the Ur-question of our era, and the political convulsions of the past decade have ushered in a golden age of popular social and economic analysis intended to explain why an expanding economy is not by itself enough.
The Growth Delusion, a new book by the FT’s Africa editor David Pilling, offers a new and intriguing entry-point to this momentous debate. You can read my review of it for the Financial Times here.