Political unrest worldwide is fuelled by high prices, huge debts

Populist movements on left and right spring up, targeting liberal democracy, capitalism

- 

Like a globe-spanning tornado that touches down with little predictability, deep economic anxieties are leaving a trail of political turmoil and violence across poor and rich countries alike.

In Kenya, a nation buckling under debt, protests over a proposed tax increase last week resulted in dozens of deaths, abductions of demonstrators and a partly scorched Parliament.

At the same time in Bolivia, where residents have lined up for gas because of shortages, a military general led a failed coup attempt, saying the president, a former economist, must “stop impoverishing our country,” just before an armored truck rammed into the presidential palace.

And in France, after months of road blockades by farmers angry over low wages and rising costs, the far-right party surged in support in the first round of snap parliamentary elections on Sunday, bringing its long-taboo brand of nationalist and anti-immigrant politics to the threshold of power.

The causes, context and conditions underlying these disruptions vary widely from country to country. But a common thread is clear: rising inequality, diminished purchasing power and growing anxiety that the next generation will be worse off than this one.

The result is that citizens in many countries who face a grim economic outlook have lost faith in the ability of their governments to cope — and are striking back.

The backlash has often targeted liberal democracy and democratic capitalism, with populist movements springing up on both the left and right. “An economic malaise and a political malaise are feeding each other,” said Nouriel Roubini, an economist at New York University.

In recent months, economic fears have set off protests around the world that have sometimes turned violent, including in high-income countries with stable economies like Poland and Belgium, as well as those struggling with out-of-control debt, like Argentina, Pakistan, Tunisia, Angola and Sri Lanka.