La economía del enojo: Entrevista a Mark Blyth

Understanding Collective Anger and Its Economic Roots

The Context of Collective Anger

• People are experiencing widespread anger and irritability due to various factors such as political instability, economic inequality, climate change, pandemics, and dissatisfaction with politicians.

• Mark White, director of the Rhodes Center for International Economics and Finance at Brown University, has researched why people cling to incorrect economic ideas despite overwhelming evidence against them.

Insights from Mark White's Research

• Mark White co-authored a book titled "And Green No Mix" that explores the economic origins of collective anger and how populism exploits this sentiment.

• In discussing the current state of wealth versus rising stress indicators like anxiety and anger, he emphasizes the paradox of increased wealth alongside heightened polarization.

The Concept of Tribal Anger

• White introduces the idea of "tribal anger," which he connects to experiences at a football match where fans express their emotions intensely.

• He suggests that this tribal response can be manipulated by politicians to incite anger among communities with legitimate grievances.

Historical Economic Changes Leading to Populism

• The rise in populism is linked not only to the 2008 financial crisis but also to significant economic shifts since the 1980s under leaders like Ronald Reagan and Margaret Thatcher.

• These changes included deregulation, globalization, and an increase in income inequality due to systemic errors introduced during these reforms.

Consequences of Economic Policies

• Following the 2008 crisis, governments froze while central banks rescued systems without addressing fundamental issues; costs were disproportionately borne by those without assets.

• This led to various reactions globally—from movements like Spain's Indignados to far-right parties emerging in response to perceived injustices.

Proposed Solutions: National Wealth Fund

• One solution proposed by White is a national wealth fund similar to Norway’s pension fund that invests surplus revenues into global stocks for long-term growth.

• By allocating 20% of GDP during financial crises for purchasing undervalued stocks, such a fund could generate wealth for lower socioeconomic groups without raising taxes.