Louis Goss is a MarketWatch reporter based in London.
Former U.S. Treasury Secretary, Larry Summers, has said markets may be underestimating the risks posed by an upsurge in political turmoil that threatens to undermine the basic order and stability that has underpinned America’s economic growth in recent decades.
“The world is potentially headed into a period where there is a less of a sense of what the order is going to be, and therefore more risk of disorder, chaos, and the associated suffering, and I’m not sure that kind of risk is fully priced in to markets,” Summers told the FII Priority Summit. The economist instead argued markets have “insufficiently” priced-in risks associated with the rise of “populist, nationalist politics” that could see a breakdown in the rule of law in the U.S., ahead of the upcoming 2024 elections, and increased trade protectionism abroad.
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