By Karl Ayling, Nov 10 2016 10:50AM
One of the stand-out positive memories that I have from my school days was the day we learned about the word, antidisestablishmentarianism. One of the longest non-scientific words in the English language.
I am using it here to draw a picture of the emerging popular movement in both the UK (Brexit) and the USA (electing President Trump) where established and predictable voter allegiances have been turned on their head.
The reason for this, I believe, is a general sense of loathing for Globalisation by these populations. Where America leads, more may follow. I for one will be watching other G20 and EU economies closely over the coming years.
The actual meaning of this word refers to the reduction of influence of the Church of England into State affairs, and has, over time come by way of analogy to correspond to opposition to those who oppose the existing establishment.
When Donald Trump exclaimed that he wanted to 'drain the swamp' he was referring to the long-established and jealously protected power networks in Washington DC. In Europe, the draining of the swamp also refers, to these eyes, to challenging the corruption of the UK establishment and the way that it has cosied up to the EU, to the detriment of almost all other economic relationships built up over thousands of years as a trading nation. The public are, in effect revolting.
Between 1946 and 1973 the economy in the USA grew by an average of 3.8% per annum.
Real time average household income between these years surged by 74% or around 2.1% per year.
However, since 1973 the US economy has enjoyed (suffered) slower economic growth, averaging around 2.7% - moreover, there has been over 40 years of stagnant living standards, with household incomes increasing by just 0.2% annually.
The top 10 industries in the USA are;
10 – Information
9 – Manufacturing of non-durable goods
8 – Retail Trade
7 – Wholesale Trade
6 – Manufacturing of durable goods
5 – Healthcare and Social Assistance
4 – Financial and Insurance services
3 – State and Local Government
2 – Professional and Business Services
1 – Real Estate Rental and Leasing
Stats by Insider Monkey
The re-emergence of loosely called Eastern Economies (touched upon in my blog of August 4th 2016) and the advent of Globalisation has given the US and other western economies a real time shock.
Labour rates are so much cheaper in emerging economies that, for example, it is cheaper AND MORE PROFITABLE for the UK fishing industry to take UK caught prawns over to Malaysia for shelling and shipping back to the UK for sale – than it is to shell them in the UK!
The staggering use of resources to actually act like this boggles my mind. Western consumers want cheap food and goods and don't care about how they arrive, just that the goods do arrive.
A determined sizeable shift appears to be taking shape. The leaders of the 'free world' the USA and the UK have explicitly opted to examine, slow, stop and redesign, the status-quo. If momentum leads to real change and if this leads to and includes a re-distribution of wealth away from the 1% of the world's population who own/control 99% of its wealth then I applaud it loudly.
For me, I believe that there needs to be a major swing away from the apathy that accepts corruption as right and normal. Holding our leaders to account in the way the UK and US voters have shown is a start. It would be good to see other nation states also tackling institutionalised corruption for the betterment of the people. Drain the swamp?
Bye for now