August 7, 2012

A Global Backlash Against the Rich

Gideon Rachman, Financial Times

AP Photo

France is clearly taking a big risk by raising its tax rates so much higher than those of its neighbours. But it is a mistake to portray Francois Hollande's administration as socialist dinosaurs. The truth is that the new French government is at the extreme end of a new global trend: an international backlash against the wealthy that is reshaping politics from Europe to the U.S. to China.

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TAGGED: Barack Obama, David Cameron, UK, Europe, Eurozone, Francois Hollande, France, United States, China

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