As a result of the decades-long neoliberal assault on the working class of the world, citizens are fighting back. This assault has taken place through institutions such as the IMF, World Bank, the EU and WTO, which demand austerity and “free markets,” a term which in the modern era has come to mean domination by multinational corporate interests. Populations in Ecuador, Chile, France, Lebanon, Hati, Iraq and even the United States have in recent years begun to react accordingly, and have risen up in protest.
These neoliberal reforms have taken place with the stated goal of making the client states more economically competitive in a global marketplace, however what they often do instead is put these states in a debt trap where they can then be bought up by international capital while their population largely remains in poverty. The citizens of these countries, especially members of the working class, see globalization as unsustainable and as exploiting them for profit. Not only are protests ongoing, but left-wing movements have sprung up around the globe, promising to restore the social programs of old and lessen dependency on increasingly unstable international neoliberal institutions.
Socialist president Evo Morales was just recently re-elected in Bolivia, center-left parties have seen victories in Argentina, self-described democratic socialist candidates have seen victories in the U.S. as well and Socialist Jeremy Corbyn saw a surprise victory to become leader of the Labour party in the UK. These victories by the left demonstrate the unpopularity of austerity worldwide and show a trend towards populism. However, the left has not been the only political movement that has seen growth from this reaction to austerity and globalisation.
Right-wing and neofascist movements have seen a resurgence as well. Often these movements describe issues with neoliberalism fairly accurately, and win victories as a result. Despite this, they also tend to focus on restricting immigration and minority rights as the solution while continuing most neoliberal policies they decry. The far-right has seen victories in Brazil and Hungary for example, with the election of JR Bolsonaro and Victor Orban and has mounted many highly successful electoral campaigns in Europe, such as Marine Le Pen of France and Nigel Farage in the U.K.
The historical period the world is in right now has become highly unstable. Many regimes are becoming increasingly authoritarian, and radical political movements are rising in a way that is analogous to the instability of the 1930s. Global economic growth is decreasing, and many economists predict a global recession in the near future. Neoliberal policies have exacerbated this threat, and resulted in stagnating standards of living for the global working class. State leaders should consider this threat, and work to combat the instability it causes before it spirals out of control.