Hillary Clinton, described as one of the most qualified and best prepared presidential candidates the US has had, has been defeated by Donald Trump, one of the least qualified and least prepared for high office. How did this happen, and what consequences does it have for South Africa? There have been several influential thinkers, such as US economist Joseph Stiglitz, who have warned for a long time that the benefits of the globalisation of goods, services and financial markets have accrued to too few. According to Stiglitz, US economic output has increased sixfold over the past 60 years. Over the same period, inflation-adjusted wages of the bottom income distribution are unchanged. Median wages have been stagnant for the past four decades, and employment opportunities that offer decent pay for those with limited education are scarce. In sum, some groups have experienced famine in a time of relative abundance. While globalisation has had a positive impact on global growth, the distri...

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 helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now