“London’s riots prompted commentators on the right to blame hooliganism, while those on the left cited frustrations with the UK’s faltering economy and fiscal austerity. But the causes run deeper and are linked fundamentally to the changing structure of the world’s economy. They are problems many of our global cities will soon face.
Globalization has made our great cities incalculably richer but also increasingly divided and unequal. More than youth, ethnicity or even race, London’s riots are about class and the growing divide between the classes. This dynamic is not unique to London but is at work in many of the world’s great capitals. Instead of reducing and flattening economic distinctions, globalisation has made them sharper.”
To read more, check out Richard’s recent column in the Financial Times.