Hi there, I'm Ed Butler and welcome to Business Daily from the BBC. Today, a leading political

philosopher comes on the show explaining why he thinks modern liberal economics has failed us all.

The promise was, yes, globalization will produce gains to the winners and losses to the losers,

but the gains to the winners can be used to compensate the losers.

That compensation never really happened,

and the belief that the winners were the deserving ones.

This, I think, eroded the social esteem of a great many working people.

Our claims of meritocracy merely a modern fallacy, business daily from the BBC.

You know, when they talk about the elite, the elite. Do you ever see the elite?

They're not elite. You're the elite. You are the elite. It has become a feature of Western

politics, politics everywhere to some extent. Rage, anger, talk of conspiracies, the top 1%

metropolitan elites, those inside the Beltway. Taking back control of our immigration policy.

You look at some of these fat cats who go into downshould, lobby the government.

What do they know?

What do they know of the impact of immigration on school places?

From Donald Trump to Victor Orban, Boris Johnson to Narendra Modi.

Elected politicians have hitched their political wagons to an idea of a new radical and yet basically conservative idea.

It's premised largely on hidden threats of a new world order that is excluding ordinary hardworking people.

A case of us versus them.

It isn't new in politics this, but it does seem to be a lot more prevalent these days, doesn't it?

Fueled by social media, creating cultural divides between different social groups,

ones that don't always correspond to the traditional economic divisions of rich versus poor.

...