Ruchir Sharma

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The views expressed in his column are strictly his own.</div> </div> </div> </div> </div> <div role="main" id="site-content" data-concept-id="e2b23f3a-aa07-47b5-a348-e7e93783e6ed"> <div class="o-grid-container"> <div class="o-grid-row"> <div class="js-track-scroll-event" id="stream" data-o-grid-colspan="12 L8" > <div data-trackable="stream" class="o-teaser-collection o-teaser-collection--stream"> <ul class="o-teaser-collection__list js-stream-list" data-stream-list aria-busy="false"> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-07T04:00:34.693Z">Monday, 7 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="3958488c-c83b-47a8-83fc-628ce2bc9724" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="3958488c-c83b-47a8-83fc-628ce2bc9724"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-inflation" aria-label="Category: US inflation">US inflation</a></div><div class="o-teaser__heading"><a href="/content/3958488c-c83b-47a8-83fc-628ce2bc9724" data-trackable="heading-link" class="js-teaser-heading-link">The Fed shouldn’t try to save the world from Trump tariffs</a></div><p class="o-teaser__standfirst"><a href="/content/3958488c-c83b-47a8-83fc-628ce2bc9724" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Given its record, the risk is that the US central bank will do just that </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="3958488c-c83b-47a8-83fc-628ce2bc9724" data-myft-ui="saved" action="/myft/save/3958488c-c83b-47a8-83fc-628ce2bc9724" 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</form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/3958488c-c83b-47a8-83fc-628ce2bc9724" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2125%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6faa49c1-1a6b-4add-a364-154142c57925.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="US President Donald Trump holds a signed executive order after delivering remarks on reciprocal tariffs"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-24T05:00:48.032Z">Monday, 24 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="dd751b97-7485-4457-aaae-c632062f0976" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="dd751b97-7485-4457-aaae-c632062f0976"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-equities" aria-label="Category: US equities">US equities</a></div><div class="o-teaser__heading"><a href="/content/dd751b97-7485-4457-aaae-c632062f0976" data-trackable="heading-link" class="js-teaser-heading-link">The end of American exceptionalism goes way beyond Trump</a></div><p class="o-teaser__standfirst"><a href="/content/dd751b97-7485-4457-aaae-c632062f0976" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">It has been building, and is likely to be unravelling, for a long time</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" 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datetime="2025-03-11T20:00:00.000Z">Tuesday, 11 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="bffdef88-b6f7-40f1-ac03-b8d28728eaf9" data-stream-item> <div class="o-teaser o-teaser--audio o-teaser--small o-teaser--has-image js-teaser" data-id="bffdef88-b6f7-40f1-ac03-b8d28728eaf9"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/unhedged-podcast" aria-label="Category: Unhedged Podcast">Unhedged Podcast</a><span class="o-teaser__tag-suffix">22 min listen</span></div><div class="o-teaser__heading"><a href="/content/bffdef88-b6f7-40f1-ac03-b8d28728eaf9" data-trackable="heading-link" class="js-teaser-heading-link" aria-label="Listen to podcast The case for China">The case for China</a></div><p class="o-teaser__standfirst"><a href="/content/bffdef88-b6f7-40f1-ac03-b8d28728eaf9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Are Chinese 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datetime="2025-03-10T05:00:32.832Z">Monday, 10 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="66fcb500-ba7a-4f7c-8ab3-fa4e053cdb59" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="66fcb500-ba7a-4f7c-8ab3-fa4e053cdb59"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-economy" aria-label="Category: Global Economy">Global Economy</a></div><div class="o-teaser__heading"><a href="/content/66fcb500-ba7a-4f7c-8ab3-fa4e053cdb59" data-trackable="heading-link" class="js-teaser-heading-link">The new economic stars born through crisis </a></div><p class="o-teaser__standfirst"><a href="/content/66fcb500-ba7a-4f7c-8ab3-fa4e053cdb59" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Financial stress is forcing reform and recovery in many overlooked countries 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data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-24T05:00:17.567Z">Monday, 24 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="e526fb77-6d94-4968-83fc-ba51d6dcbc3d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="e526fb77-6d94-4968-83fc-ba51d6dcbc3d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/chinese-business-finance" aria-label="Category: Chinese business & finance">Chinese business & finance</a></div><div class="o-teaser__heading"><a href="/content/e526fb77-6d94-4968-83fc-ba51d6dcbc3d" data-trackable="heading-link" class="js-teaser-heading-link">Is China investable again?</a></div><p class="o-teaser__standfirst"><a href="/content/e526fb77-6d94-4968-83fc-ba51d6dcbc3d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">It always was — at the right price and for those with eyes wide open to the economic downside</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="e526fb77-6d94-4968-83fc-ba51d6dcbc3d" data-myft-ui="saved" action="/myft/save/e526fb77-6d94-4968-83fc-ba51d6dcbc3d" data-js-action="/__myft/api/core/saved/content/e526fb77-6d94-4968-83fc-ba51d6dcbc3d?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Is China investable again? to myFT for later" aria-label="Save Is China investable again? to myFT for later" 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o-teaser--has-image o-teaser--opinion js-teaser" data-id="ec452f8e-f2ad-4c98-a150-9eff84b0c692"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/markets" aria-label="Category: Markets">Markets</a></div><div class="o-teaser__heading"><a href="/content/ec452f8e-f2ad-4c98-a150-9eff84b0c692" data-trackable="heading-link" class="js-teaser-heading-link">Why speculators are still running wild when money is no longer free</a></div><p class="o-teaser__standfirst"><a href="/content/ec452f8e-f2ad-4c98-a150-9eff84b0c692" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Something even bigger than AI and the Trump effect is at work</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="ec452f8e-f2ad-4c98-a150-9eff84b0c692" data-myft-ui="saved" action="/myft/save/ec452f8e-f2ad-4c98-a150-9eff84b0c692" 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data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/ec452f8e-f2ad-4c98-a150-9eff84b0c692" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb4f3e12d-b0b5-458a-8dae-eab83abbd43a.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Customers and bystanders form a line outside a Silicon Valley Bank branch in 2023"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-01-26T05:00:51.431Z">Sunday, 26 January, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="07eac548-6607-4c88-bfe3-4f1d6e3b8cf2" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="07eac548-6607-4c88-bfe3-4f1d6e3b8cf2"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-trade" aria-label="Category: Global trade">Global trade</a></div><div class="o-teaser__heading"><a href="/content/07eac548-6607-4c88-bfe3-4f1d6e3b8cf2" data-trackable="heading-link" class="js-teaser-heading-link">The world is moving on to trade without the US</a></div><p class="o-teaser__standfirst"><a href="/content/07eac548-6607-4c88-bfe3-4f1d6e3b8cf2" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Many nations have been responding to Trump tariffs not by retaliating but by courting other trade partners</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="07eac548-6607-4c88-bfe3-4f1d6e3b8cf2" data-myft-ui="saved" action="/myft/save/07eac548-6607-4c88-bfe3-4f1d6e3b8cf2" data-js-action="/__myft/api/core/saved/content/07eac548-6607-4c88-bfe3-4f1d6e3b8cf2?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The world is moving on to trade without the US to myFT for later" aria-label="Save The world is moving on to trade without the US to myFT for later" data-alternate-label="The world is moving on to trade without the US is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="07eac548-6607-4c88-bfe3-4f1d6e3b8cf2" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/07eac548-6607-4c88-bfe3-4f1d6e3b8cf2" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2710%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F716c836a-e494-40c6-ad51-511b5173004a.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Aerial view of a tiny tugboat helping to guide a shop loaded with freight containers"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-01-13T05:00:07.317Z">Monday, 13 January, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="75ece192-7313-4d0c-879a-3b551f4a5d15" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="75ece192-7313-4d0c-879a-3b551f4a5d15"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/emerging-markets" aria-label="Category: Emerging markets">Emerging markets</a></div><div class="o-teaser__heading"><a href="/content/75ece192-7313-4d0c-879a-3b551f4a5d15" data-trackable="heading-link" class="js-teaser-heading-link">Where voters don’t want to throw the incumbents out — and why</a></div><p class="o-teaser__standfirst"><a href="/content/75ece192-7313-4d0c-879a-3b551f4a5d15" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The global rebellion against those in power does not extend to the developing world</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="75ece192-7313-4d0c-879a-3b551f4a5d15" data-myft-ui="saved" action="/myft/save/75ece192-7313-4d0c-879a-3b551f4a5d15" data-js-action="/__myft/api/core/saved/content/75ece192-7313-4d0c-879a-3b551f4a5d15?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Where voters don’t want to throw the incumbents out — and why to myFT for later" aria-label="Save Where voters don’t want to throw the incumbents out — and why to myFT for later" data-alternate-label="Where voters don’t want to throw the incumbents out — and why is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="75ece192-7313-4d0c-879a-3b551f4a5d15" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/75ece192-7313-4d0c-879a-3b551f4a5d15" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2384%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F09244f9f-0279-4b21-b4d4-263fe620e127.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="India’s Prime Minister Narendra Modi"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-01-06T05:00:06.846Z">Monday, 6 January, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="ff169e88-c415-400f-8a58-5ebdd5d2a643" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="ff169e88-c415-400f-8a58-5ebdd5d2a643"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/the-big-read" aria-label="Category: The Big Read">The Big Read</a></div><div class="o-teaser__heading"><a href="/content/ff169e88-c415-400f-8a58-5ebdd5d2a643" data-trackable="heading-link" class="js-teaser-heading-link">Ruchir Sharma: top 10 trends for 2025 </a></div><p class="o-teaser__standfirst"><a href="/content/ff169e88-c415-400f-8a58-5ebdd5d2a643" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Projections about the coming year assume market shifts will be dictated by Donald Trump. But the global economy is unlikely to revolve around the US</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="ff169e88-c415-400f-8a58-5ebdd5d2a643" data-myft-ui="saved" action="/myft/save/ff169e88-c415-400f-8a58-5ebdd5d2a643" data-js-action="/__myft/api/core/saved/content/ff169e88-c415-400f-8a58-5ebdd5d2a643?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Ruchir Sharma: top 10 trends for 2025 to myFT for later" aria-label="Save Ruchir Sharma: top 10 trends for 2025 to myFT for later" data-alternate-label="Ruchir Sharma: top 10 trends for 2025 is Saved to myFT" 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data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-teaser o-teaser--native-ad o-teaser--small o-teaser--stream-card" data-o-ads-name="PartnerContent--horizontal" data-o-ads-targeting="pos=native;format=horizontal" data-o-ads-formats="PartnerContent" data-o-ads-component="slot" ></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-12-16T05:00:08.960Z">Monday, 16 December, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="9a0da0d6-92b4-4034-ac25-7b4abcbb0bbe" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="9a0da0d6-92b4-4034-ac25-7b4abcbb0bbe"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/global-economy" aria-label="Category: Global Economy">Global Economy</a></div><div class="o-teaser__heading"><a href="/content/9a0da0d6-92b4-4034-ac25-7b4abcbb0bbe" data-trackable="heading-link" class="js-teaser-heading-link">How ‘the mother of all bubbles’ will pop</a></div><p class="o-teaser__standfirst"><a href="/content/9a0da0d6-92b4-4034-ac25-7b4abcbb0bbe" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">It’s time to bet against American exceptionalism</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="9a0da0d6-92b4-4034-ac25-7b4abcbb0bbe" data-myft-ui="saved" action="/myft/save/9a0da0d6-92b4-4034-ac25-7b4abcbb0bbe" data-js-action="/__myft/api/core/saved/content/9a0da0d6-92b4-4034-ac25-7b4abcbb0bbe?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div 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style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2e60a80a-a555-4ccc-b6ac-6af6cc642844.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The ‘Fearless Girl’ sculpture stands in front of the New York Stock Exchange"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-12-02T05:00:05.407Z">Monday, 2 December, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="49cca8d7-7b6e-47e3-a50c-9557d7c85fc0" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="49cca8d7-7b6e-47e3-a50c-9557d7c85fc0"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-economy" aria-label="Category: US economy">US economy</a></div><div class="o-teaser__heading"><a href="/content/49cca8d7-7b6e-47e3-a50c-9557d7c85fc0" data-trackable="heading-link" class="js-teaser-heading-link">The mother of all bubbles</a></div><p class="o-teaser__standfirst"><a href="/content/49cca8d7-7b6e-47e3-a50c-9557d7c85fc0" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The US has never been so overhyped, relative to the rest of the world</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="49cca8d7-7b6e-47e3-a50c-9557d7c85fc0" data-myft-ui="saved" action="/myft/save/49cca8d7-7b6e-47e3-a50c-9557d7c85fc0" data-js-action="/__myft/api/core/saved/content/49cca8d7-7b6e-47e3-a50c-9557d7c85fc0?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div 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class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fe1dc6513-0890-4908-9656-59e1e4e65335.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Pedestrians walk past the Charging Bull statue on Wall Street in New York"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-18T05:00:50.212Z">Monday, 18 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="738cced3-35ee-45ef-b751-03d52bbaf35a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="738cced3-35ee-45ef-b751-03d52bbaf35a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-politics-policy" aria-label="Category: US politics & policy">US politics & policy</a></div><div class="o-teaser__heading"><a href="/content/738cced3-35ee-45ef-b751-03d52bbaf35a" data-trackable="heading-link" class="js-teaser-heading-link">Trump’s victory represents a historic protest vote, no more and no less</a></div><p class="o-teaser__standfirst"><a href="/content/738cced3-35ee-45ef-b751-03d52bbaf35a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Antipathy to big government and big business has helped spur the rise of a third force in US politics </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="738cced3-35ee-45ef-b751-03d52bbaf35a" data-myft-ui="saved" action="/myft/save/738cced3-35ee-45ef-b751-03d52bbaf35a" data-js-action="/__myft/api/core/saved/content/738cced3-35ee-45ef-b751-03d52bbaf35a?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Trump’s victory represents a historic protest vote, no more and no less to myFT for later" aria-label="Save Trump’s victory represents a historic protest vote, no more and no less to myFT for later" data-alternate-label="Trump’s victory represents a historic protest vote, no more and no less is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="738cced3-35ee-45ef-b751-03d52bbaf35a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/738cced3-35ee-45ef-b751-03d52bbaf35a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2669%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fee393eb6-68e2-4266-b5c8-793c73a37d01.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="President-elect Donald Trump arrives to speak at a meeting of the House GOP conference"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-11-04T05:00:01.998Z">Monday, 4 November, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="8af2ad3b-dca0-4add-bbc8-55fc28184f34" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="8af2ad3b-dca0-4add-bbc8-55fc28184f34"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-presidential-election-2024" aria-label="Category: US presidential election 2024">US presidential election 2024</a></div><div class="o-teaser__heading"><a href="/content/8af2ad3b-dca0-4add-bbc8-55fc28184f34" data-trackable="heading-link" class="js-teaser-heading-link">The US economic boom is a mirage</a></div><p class="o-teaser__standfirst"><a href="/content/8af2ad3b-dca0-4add-bbc8-55fc28184f34" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Its lopsided, brittle quality helps explain why so many Americans will cast votes in anger</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="8af2ad3b-dca0-4add-bbc8-55fc28184f34" data-myft-ui="saved" action="/myft/save/8af2ad3b-dca0-4add-bbc8-55fc28184f34" data-js-action="/__myft/api/core/saved/content/8af2ad3b-dca0-4add-bbc8-55fc28184f34?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The US economic boom is a mirage to myFT for later" aria-label="Save The US economic boom is a mirage to myFT for later" data-alternate-label="The US economic boom is a mirage is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="8af2ad3b-dca0-4add-bbc8-55fc28184f34" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/8af2ad3b-dca0-4add-bbc8-55fc28184f34" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F77261d30-4ebc-4552-9a1c-d6aa59dd6408.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="New York City’s Times Square photographed in the early evening."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-10-21T04:00:20.377Z">Monday, 21 October, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="0c5a717f-4f2e-461f-a2e8-25498febf682" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="0c5a717f-4f2e-461f-a2e8-25498febf682"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/americas-economy" aria-label="Category: Americas economy">Americas economy</a></div><div class="o-teaser__heading"><a href="/content/0c5a717f-4f2e-461f-a2e8-25498febf682" data-trackable="heading-link" class="js-teaser-heading-link">The populist left is holding back Latin America</a></div><p class="o-teaser__standfirst"><a href="/content/0c5a717f-4f2e-461f-a2e8-25498febf682" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Economies are facing another ‘lost decade’</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="0c5a717f-4f2e-461f-a2e8-25498febf682" data-myft-ui="saved" action="/myft/save/0c5a717f-4f2e-461f-a2e8-25498febf682" data-js-action="/__myft/api/core/saved/content/0c5a717f-4f2e-461f-a2e8-25498febf682?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" 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class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6f1b6131-799b-48bf-8050-e23a6b12007d.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A man rides through a procession at a political rally"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-10-07T04:00:36.816Z">Monday, 7 October, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="9d5587a4-ffa6-4958-b984-a9d49c647013" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="9d5587a4-ffa6-4958-b984-a9d49c647013"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/29e67a92-a3b8-410c-9139-15abe9b47e12" aria-label="Category: Global Economy">Global Economy</a></div><div class="o-teaser__heading"><a href="/content/9d5587a4-ffa6-4958-b984-a9d49c647013" data-trackable="heading-link" class="js-teaser-heading-link">‘No more bailouts’: the missing US campaign slogan</a></div><p class="o-teaser__standfirst"><a href="/content/9d5587a4-ffa6-4958-b984-a9d49c647013" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">There is a populist idea that would be both good economics and good politics</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="9d5587a4-ffa6-4958-b984-a9d49c647013" data-myft-ui="saved" action="/myft/save/9d5587a4-ffa6-4958-b984-a9d49c647013" data-js-action="/__myft/api/core/saved/content/9d5587a4-ffa6-4958-b984-a9d49c647013?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" 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aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2827%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0749086b-3f23-4013-a5b6-1335a3f59410.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Silicon Valley Bank customers wait in line at SVBs headquarters in Santa Clara, California"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-09-23T04:00:08.132Z">Monday, 23 September, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="0675c56b-5c4b-4f99-869d-6af6a0588bf5" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="0675c56b-5c4b-4f99-869d-6af6a0588bf5"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/chinese-business-finance" aria-label="Category: Chinese business & finance">Chinese business & finance</a></div><div class="o-teaser__heading"><a href="/content/0675c56b-5c4b-4f99-869d-6af6a0588bf5" data-trackable="heading-link" class="js-teaser-heading-link">It’s no longer glorious to get rich in China — it’s dangerous</a></div><p class="o-teaser__standfirst"><a href="/content/0675c56b-5c4b-4f99-869d-6af6a0588bf5" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Why no one wants to be the nation’s top tycoon any more</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="0675c56b-5c4b-4f99-869d-6af6a0588bf5" data-myft-ui="saved" action="/myft/save/0675c56b-5c4b-4f99-869d-6af6a0588bf5" 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</button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/0675c56b-5c4b-4f99-869d-6af6a0588bf5" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2647%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F55df3891-e201-4ec4-85b6-d3d04b1111bb.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Jack Ma, CEO of Chinese ecommerce giant Alibaba"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid1;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-09-09T04:00:24.338Z">Monday, 9 September, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="babc4862-504d-4143-a89d-714336004e01" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="babc4862-504d-4143-a89d-714336004e01"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-economy" aria-label="Category: US economy">US economy</a></div><div class="o-teaser__heading"><a href="/content/babc4862-504d-4143-a89d-714336004e01" data-trackable="heading-link" class="js-teaser-heading-link">Make homes affordable again</a></div><p class="o-teaser__standfirst"><a href="/content/babc4862-504d-4143-a89d-714336004e01" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The unreachable American dream of ownership could be a decisive issue in the presidential contest</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="babc4862-504d-4143-a89d-714336004e01" data-myft-ui="saved" action="/myft/save/babc4862-504d-4143-a89d-714336004e01" data-js-action="/__myft/api/core/saved/content/babc4862-504d-4143-a89d-714336004e01?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Make homes affordable again to myFT for later" aria-label="Save Make homes affordable again to myFT for later" data-alternate-label="Make homes affordable again is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="babc4862-504d-4143-a89d-714336004e01" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/babc4862-504d-4143-a89d-714336004e01" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2391%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5c100963-cb56-444d-b22e-56b2e2df1efb.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="An aerial view of a suburban American town"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-08-26T04:00:12.566Z">Monday, 26 August, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="18cd1c87-1662-4655-863c-b1cbd378f117" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="18cd1c87-1662-4655-863c-b1cbd378f117"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/emerging-markets" aria-label="Category: Emerging markets">Emerging markets</a></div><div class="o-teaser__heading"><a href="/content/18cd1c87-1662-4655-863c-b1cbd378f117" data-trackable="heading-link" class="js-teaser-heading-link">The world should take notice — the rest are rising again</a></div><p class="o-teaser__standfirst"><a href="/content/18cd1c87-1662-4655-863c-b1cbd378f117" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">An emerging market revival has begun, with dramatic global implications</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="18cd1c87-1662-4655-863c-b1cbd378f117" data-myft-ui="saved" action="/myft/save/18cd1c87-1662-4655-863c-b1cbd378f117" data-js-action="/__myft/api/core/saved/content/18cd1c87-1662-4655-863c-b1cbd378f117?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement 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class="o-teaser__image-placeholder" style="padding-bottom:56.2550%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fe8acb1c8-317c-4c4a-8d8c-b5d84d6e819f.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Ann Kiernan illustration of a Wren in flight off the back of a Bald Eagl."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-07-29T04:00:34.264Z">Monday, 29 July, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="41b45215-87e6-44ee-9f1c-a03d1a9d4c4c" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="41b45215-87e6-44ee-9f1c-a03d1a9d4c4c"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-politics-policy" aria-label="Category: US politics & policy">US politics & policy</a></div><div class="o-teaser__heading"><a href="/content/41b45215-87e6-44ee-9f1c-a03d1a9d4c4c" data-trackable="heading-link" class="js-teaser-heading-link">Is Trump the king of deregulation?</a></div><p class="o-teaser__standfirst"><a href="/content/41b45215-87e6-44ee-9f1c-a03d1a9d4c4c" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">No, but he was a less costly regulator than his rivals</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="41b45215-87e6-44ee-9f1c-a03d1a9d4c4c" data-myft-ui="saved" action="/myft/save/41b45215-87e6-44ee-9f1c-a03d1a9d4c4c" data-js-action="/__myft/api/core/saved/content/41b45215-87e6-44ee-9f1c-a03d1a9d4c4c?method=put" data-myft-ui-save-config=""> <input 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aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2375%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fe5613344-bc6e-4ec7-942f-2868ca8c73d3.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Matt Kenyon illustration of Donald Trump pulling his red tie around him from both directions towards his head."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-07-01T04:00:27.012Z">Monday, 1 July, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="5d12c8ed-c184-4d15-af6d-6523f7f875c8" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="5d12c8ed-c184-4d15-af6d-6523f7f875c8"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/world" aria-label="Category: World">World</a></div><div class="o-teaser__heading"><a href="/content/5d12c8ed-c184-4d15-af6d-6523f7f875c8" data-trackable="heading-link" class="js-teaser-heading-link">Capitalism is in worse shape in Europe</a></div><p class="o-teaser__standfirst"><a href="/content/5d12c8ed-c184-4d15-af6d-6523f7f875c8" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The UK and EU are falling behind the US for a reason: overprotective government</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="5d12c8ed-c184-4d15-af6d-6523f7f875c8" data-myft-ui="saved" action="/myft/save/5d12c8ed-c184-4d15-af6d-6523f7f875c8" data-js-action="/__myft/api/core/saved/content/5d12c8ed-c184-4d15-af6d-6523f7f875c8?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Capitalism is in worse shape in Europe to myFT for later" aria-label="Save Capitalism is in worse shape in Europe to myFT for later" data-alternate-label="Capitalism is in worse shape in Europe is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="5d12c8ed-c184-4d15-af6d-6523f7f875c8" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/5d12c8ed-c184-4d15-af6d-6523f7f875c8" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2390%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd4103cc1-7fe0-4a2f-aeb7-d49a12765125.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Attendees queue to enter the Job Messe career fair at the entrance of the Olympiastadion in Berlin"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-06-17T04:00:13.400Z">Monday, 17 June, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="8bb802d4-b380-4f5d-ad2e-946d91fbadaa" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="8bb802d4-b380-4f5d-ad2e-946d91fbadaa"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/markets" aria-label="Category: Markets">Markets</a></div><div class="o-teaser__heading"><a href="/content/8bb802d4-b380-4f5d-ad2e-946d91fbadaa" data-trackable="heading-link" class="js-teaser-heading-link">Why markets like to see new political faces</a></div><p class="o-teaser__standfirst"><a href="/content/8bb802d4-b380-4f5d-ad2e-946d91fbadaa" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Amid the confusion of recent elections, here is one factor with real economic impact</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="8bb802d4-b380-4f5d-ad2e-946d91fbadaa" data-myft-ui="saved" action="/myft/save/8bb802d4-b380-4f5d-ad2e-946d91fbadaa" 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class="o-teaser__image-container js-teaser-image-container"><a href="/content/8bb802d4-b380-4f5d-ad2e-946d91fbadaa" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fd2831571-eca5-4982-8819-352b2094965d.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Montage of photos of Narendra Modi, Claudia Sheinbaum and Cyril Ramaphosa"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-06-02T11:00:51.556Z">Sunday, 2 June, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="69092724-4bc3-4f60-91cb-1a224fa95ff8" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="69092724-4bc3-4f60-91cb-1a224fa95ff8"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-economy" aria-label="Category: US economy">US economy</a></div><div class="o-teaser__heading"><a href="/content/69092724-4bc3-4f60-91cb-1a224fa95ff8" data-trackable="heading-link" class="js-teaser-heading-link">Biden’s challenge runs deeper than ‘bad vibes’</a></div><p class="o-teaser__standfirst"><a href="/content/69092724-4bc3-4f60-91cb-1a224fa95ff8" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The flaws in the economic system are real, and better ‘messaging’ won’t fix them</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" 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data-content-id="69092724-4bc3-4f60-91cb-1a224fa95ff8" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/69092724-4bc3-4f60-91cb-1a224fa95ff8" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb5035f9d-696b-4a13-aa81-a097770b5c55.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Joe Biden on stage"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2024-05-25T04:00:24.886Z">Saturday, 25 May, 2024</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7650d057-be19-45ce-9a4e-b5ac0418d5c4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="7650d057-be19-45ce-9a4e-b5ac0418d5c4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/the-weekend-essay" aria-label="Category: The Weekend Essay">The Weekend Essay</a></div><div class="o-teaser__heading"><a href="/content/7650d057-be19-45ce-9a4e-b5ac0418d5c4" data-trackable="heading-link" class="js-teaser-heading-link">What went wrong with capitalism</a></div><p class="o-teaser__standfirst"><a href="/content/7650d057-be19-45ce-9a4e-b5ac0418d5c4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">America has become unhealthily dependent on loose money and big government, argues Ruchir Sharma</a></p><div class="o-teaser__action"><span> <form 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<div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="c832e0cf-9fbd-43b5-a8b7-2685634f1454" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="c832e0cf-9fbd-43b5-a8b7-2685634f1454"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/indian-election" aria-label="Category: Indian election">Indian election</a></div><div class="o-teaser__heading"><a href="/content/c832e0cf-9fbd-43b5-a8b7-2685634f1454" data-trackable="heading-link" class="js-teaser-heading-link">Missing: India’s third Modi wave</a></div><p class="o-teaser__standfirst"><a href="/content/c832e0cf-9fbd-43b5-a8b7-2685634f1454" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">On the campaign trail doubts are raised over whether the prime minister and his BJP are set for another overwhelming win </a></p><div class="o-teaser__action"><span> 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o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a 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o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link 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o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button 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o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a 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data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li 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