WHAT IS THE biggest problem facing America? Or Japan? Or
Britain? Or France? Opinions vary, naturally, but some worries crop up
again and again. Those of a materialist bent point to decades of slow
growth in median incomes, which has bred disillusion and anger among
working people. Fiscal hawks decry huge public debts, destined to grow
even vaster as ageing populations rack up ever bigger bills for health
care and pensions. Then there is immigration, which has prompted a
furious populist backlash in the United States and all over Europe. That
hints at what, for many, is the most alarming trend of all: the lack of
any semblance of a political consensus about how to handle these
swelling crises.
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