The Financial Times article highlights the unprecedented defeat of incumbent parties in the 2024 elections, with the Democrats among those experiencing significant losses. Voters across ten major countries punished leaders for economic hardships, including inflation and rising living costs, regardless of the specific policies or rhetoric used. This marks the first time in over 120 years that all ten tracked nations saw their incumbent governments defeated.
The article suggests that a combination of economic challenges such as inflation and high living costs have been central to the voter backlash. The United States, the United Kingdom, France, Japan, and India are among the countries where ruling parties faced significant reversals. The report attributes these outcomes to the broader economic and geopolitical conditions that have created an inhospitable environment for governing parties and leaders.
Voters seem to be less concerned with the direct control that their leaders have over certain issues, and more focused on the broader economic and societal challenges. The article mentions that the “misery index,” which traditionally combines inflation and unemployment, may now incorporate factors like immigration, indicating a shift in the economic landscape. This has led to greater societal and economic upheaval in many countries over the past couple of years, according to the report.
Despite the wide variety of countries and political figures involved in the shift towards candidates like Trump, the report suggests that the outcome was more inevitable than contingent. This implies that the broader economic and geopolitical factors have had a significant impact on the electoral results, leading to a historic reversal of power for incumbent parties.