You hear it all the time: we need to defend our liberal, multilateral economic order. If you want to get a roomful of people in places like Davos to keep nodding their heads to exhaustion, this is what you say. I disagree vehemently with that statement. I believe that we are facing a fundamental choice between solving the problem and solving the crime — between addressing the issues or playing a blame game. The Group of 20 (G20) Eminent Persons Group on Global Financial Governance argues that our multilateral institutions need repair. This is no doubt true but I would go further than proposed suggestions for greater efficiency and more inclusiveness. Politicians like Donald Trump, Viktor Orban and Matteo Salvini have risen to power because of the deep malfunctioning of our systems of global capitalism. Brexit is not the result of Russian meddling or an alleged reporting bias of the BBC, but of a long series of unresolved political conflicts and the rentier business model the UK chos...

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