Deep Read: „Wenn Trump diesen Zerstörungskurs nicht beendet, droht eine tiefe Wirtschaftskrise“

In a dire warning, Professor Daron Acemoglu, a renowned economist and Nobel laureate, argues that the current political crisis threatens to tear apart our post-industrial world. In an interview with Handelsblatt, Acemoglu reminds us of the warning by Irish poet William Butler Yeats in 1919: "The political center is no longer holding."

As street battles rage in Paris and Milan, and political extremes dominate the US election campaign, Acemoglu questions whether we are witnessing a new age of extremism reminiscent of the 1920s.

The growing discontent stems from a sense of betrayal towards the establishment, which includes both left and right parties. In Germany, this is evident through the rise of the AfD party, while in the US, President Donald Trump embodies the widespread anger. For many, Trump is not just an individual but a symbol of a global movement.

The root causes of this anger can be traced back to three main grievances: income inequality, lack of essential public services, and the perception that politicians no longer listen to the people.

Acemoglu points to the failure of liberal democracy to address these issues adequately. He argues that political elites have neglected the needs of working-class Americans for decades, leading to a growing chasm between the educated, cosmopolitan elite and the rest of society. This disconnect is evident in surveys where successful academics show little empathy for the struggles of traditional working-class people, unlike their empathy for immigrants or other disadvantaged groups.

Acemoglu's critique extends to the liberal elites themselves, accusing them of a lack of empathy and a meritocratic attitude towards working-class people. He questions why the educated elite, who have had the opportunities of education, cannot demonstrate more understanding for those who have not had the same advantages. A prime example of this disconnect is seen in Hillary Clinton's 2016 presidential campaign, where the lack of empathy for working-class voters contributed to her defeat.

In his book, Acemoglu calls for a renewed liberalism that adapts to the post-industrial world and addresses the needs of working-class Americans. He argues that liberal democracy has failed to fulfill its founding promises and that the institutional framework needs to be strengthened to prevent autocratic populists from undermining democratic institutions. With the upcoming US midterm elections and the potential 2028 presidential election, the stakes could not be higher for the future of liberal democracy.