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Europe’s socialist collapse

Bloomberg Equality
Bloomberg

In 2019, economic inequality and xenophobic fury managed to splinter the old-guard of European socialism.

As the year ends, the U.K.'s Labour Party and Germany's Social Democrats have been laid low. The former prime minister of France declared that nation's socialist party "dead and gone." Italy and Spain are led by center-left governments in name only—propped up by alliances with anti-establishment groups fueled by the 2008 financial crisis and its fallout.

Even in stalwart Scandinavia, the old left is crumbling. The anti-immigrant Sweden Democrats are now more popular than the ruling leftists. In Denmark, the Social Democrats prevailed in elections only by incorporating anti-immigrant policies.

But as Europe shows more signs of retreat toward the lesser angels of its nature, there remains some hope for progressives. Finland has managed to tackle inequality with economic growth and technology. —Philip Gray

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The Human Rights Foundation says that Bitcoin is crucial in fighting for human rights around the world.

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The U.S. economy isn't about making stuff anymore. The information economy—including publishing, technology and entertainment—is concentrated in a few urban areas. Its growth is further widening geographic inequality.

The hostage market

In the first nine months of 2019, more than 100 ships worldwide were attacked by pirates. Off the coasts of Nigeria, Ivory Coast, Ghana, Benin, Togo and Cameroon, cargo of untold wealth passes within miles of some of the world's poorest populations. But lately, brigands there have learned that a tanker full of oil isn't the greatest leverage they can obtain. In the Gulf of Guinea, the big business now is taking crew members hostage.

 

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