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Published in:
2018 | OriginalPaper | Chapter
We are Not in Kansas Anymore: Economic and Political Shocks
Author : Helen Thompson
Published in: The Coming Crisis
Publisher: Springer International Publishing
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Abstract
2016 was a year of apparent political shocks from Britain’s vote to leave the European Union to the election of Donald Trump. Yet whilst most analysis failed to predict these events, they were the clear product of the breakdown of the economic and political world that was in place before 2008. The breakdown of that order has produced two differing sets of consequences in relation to economic and political probability. It has, in conjunction with high-frequency trading, transformed the monetary and financial world making the financial markets the site of black swan events in terms of existing models of financial markets, leaving us in an unknown economic world. By contrast, in politics, there are historical antecedents in past crises to the kind of events that unfolded in 2016.