If you have been paying attention to the news this morning the biggest one is that UK has voted to break away from European Union. This event termed #Brexit has been in the news for the last few weeks and most politicians and business leaders around the world projected this as a huge disaster and destabilizing force for the global economy. The markets and currencies around the world have taken a major tumble and the fear is that this referendum may trigger an EU wide domino effect that may redraw the map of Europe and UK itself may disintegrate.
So, if the effects are so disastrous, why did people in UK vote for it? Or for that matter why, to the horror of the people around the world, American republicans have #Trump as their nominee.
I think there are two key reasons for it. They may seem a bit paradoxical and conflicting, but see for yourself if they make sense:
1. After many decades of stability, lack of major wars, famine, major life affecting political, economic or military interventions and abject poverty people in developed countries especially US and UK people in the street have forgotten how good they have it compared to rest of the world. So, after many generations of stable (read boring) life, people are hungry for drama and excitement. Strong anti-establishment sentiment (towards all politicians, not just the ones in power right now) is pushing people to look for alternatives, however bad they are. This shows up in the form of Trump in US and Brexit in UK.
2. Increasing wealth gap: People in the street are frustrated as the fruits of economic prosperity resulting from world wide stability, globalization and economic growth have flowed disproportionately to the top 1%. Bottom 99% in US and UK do not see the suffering and abject poverty in other parts of the world on a day-to-day basis. Instead, their point of comparison is their their own life and that of their neighbors and friends to that of the rich and powerful people in business and politics. Given this awning wealth-gap they are clamoring to upset the apple-cart for corrupt politicians and business elite.
While the problems are legitimate, I am forced to wonder if the solutions that the populace of US and UK chosen are a little too driven by populist sentiments presented by #Trump and Nigel Farage may prove disastrous in the long run.