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This, then, is what the leaders of the new authoritarian populisms have in common: the recognition that none of them can truly control their national economies, which are hostages to foreign investors, global agreements, transnational finance, mobile labour and capital in general. [...]

The new populist leaders recognize that they aspire to national leadership in an era in which national sovereignty is in crisis. The most striking symptom of this crisis of sovereignty is that no modern nation-state controls what could be called its national economy. [...]

New Labour’s greatest intellectual error, on the economy, was to forget the good sense of the labour movement, and presume — showing its fealty to neoclassical economics — that the whirring machine of capitalism would produce the goods which a benevolent government could then seek to redistribute i…