The Third Great Economic Collapse

The greatest economic crisis since the Great Depression might have been expected to produce revolutions in politics and the world of ideas alike. Outside of the Arab world, however, revolutions are hard to find. Mass unemployment and austerity policies have caused riots in Greece and Spain, but most developed nations are remarkably sedate. Scandal and sputtering economic growth appear unlikely to prevent another peaceful transition of power within the Communist party of China. And in the US, the re-election of President Obama and the strengthening of his Democratic party in the US Senate reflect long-term demographic changes in an increasingly non-white and secular American electorate, not the endorsement of a bold agenda for the future by the Democrats. They don’t have one.