Though the world's leading central bankers may have stepped in to save the global economy from Armageddon during the financial crisis by flooding markets with cheap money, politics has had no such saviour since the near-collapse of the entire banking system. The great recession of a decade ago unleashed a populist wave that has seen the British public reject the EU, a rise of authoritarianism best captured by the election of leaders such as Donald Trump and Brazil's Jair Bolsonaro, the latter a populist who promises to punish his political enemies and roll back protection for minority groups. Protectionism, nationalism and trade wars have struck a particular chord with voters in recent years and left the world "unstable", said former UK prime minister David Cameron. The "world we now live in will be a world of bilateral agreements rather than perhaps multilateral ones and that is a pity. What we must try to ensure happens is that we don't slip backwards," he said in an interview wit...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now