The most significant feature of the current globalization, which constitutes its differentia specifica, is the globalization of finance. All governments, therefore, unless they put controls on capital flows, pursue similar economic policies, namely, those demanded by finance, irrespective of which political formation they belong to. Now, if all formations follow similar economic policies, then the people are denied any meaningful choice when they exercise their franchise, which profoundly abridges democracy. But the policies demanded by finance also increase economic inequality and even make State intervention to overcome an economic crisis impossible. But the second trajectory, endorsed by the Financial Times, will face the opposition of financial interests.

Source: The Telegraph May 07, 2020 20:26 UTC