In a world racked by radical change, we need a new philosophy of common identity
Andrew Sheng says globalisation is receding amid toxic politics, rising mistrust and conflict, and a new narrative is the only way to restore a sense of balance and counter the insecurity
Last month, I depicted human society as a three-legged stool with its stability founded on each leg – economics being the income and wealth-generation part; politics framed the bargaining between different groups; and the social or philosophical leg relating to individual identity, beliefs and values that hold society together.
These three subjects are exactly those offered by Oxford University’s degree course in philosophy, politics and economics that has prepared many civil servants, politicians and leaders of the world. Policymakers trained in specialist disciplines tend to have tunnel vision on how to address social problems.
There is panic that Trump will actually become president
The US presidential debates showed how the world is in an existential crisis. We do not know who to believe, who to trust and what information is reliable. Can we trust Hillary Clinton – she who can talk about human rights in the same breath as “we came, we saw, he [Muammar Gaddafi] died?” Gaddafi may have been a tyrant, but after he was deposed, Libya has become a mess. Can we trust Donald Trump, who seems to think everything is a business deal or everyone is to be groped? Everywhere, politics has become toxic, with bitter infighting and even armed conflict.
The mood at the recent World Bank/IMF annual meetings in Washington was strange, to say the least. The US economy seems to be recovering, but the buzz was all about the presidential election. It used to be said that if America sneezes, the rest of the world catches pneumonia. Currently, America is the only advanced economy that seems to be on the road to recovery, but there is panic that Trump will actually become president.
US accuses EU of grabbing tax revenues with Apple decision
Europe is still in anguish over immigration, while Germany worries whether Deutsche Bank will actually have to pay a US$14 billion fine from US financial regulators, roughly the value of the bank’s market capitalisation. It is no coincidence that European tax authorities are imposing a US$14 billion tax bill on Apple.