If I hear the phrase “It’s the economy, stupid” one more time, I think I’ll need a drink. Ever since Democratic strategist James Carville uttered those infamous words in 1992, it’s been accepted wisdom that voters pick their politicians with their pocketbook. Parties focus on exploiting the economic weakness of their opponents, especially if times are bad: here in Canada, the term “Justinflation” has become a noun, in reference to our current Prime Minister.
But the economy doesn’t exist in isolation. It is shaped by a host of external factors, and in this century, we’ve had a slew of them. Disease, natural disasters, and war have wreaked havoc on production and supply chains. Climate change threatens to do the same in the coming decades. Aging populations, a lack of workers, and immigration patterns all affect the bottom line.
But the biggest factor affecting economics today is geopolitics.