It is clear that Donald Trump's broad victory in the US elections will have – and already has, in fact – important economic, social and political consequences, both in the United States and on a global scale. And, of course, it also affects Europe.

In his latest analysis of the European political and economic scene, Fernando Luengo argues that the ascent of the far right in the run-up to the 2024 European parliamentary elections cannot be separated from the ongoing problem of rising inequality and the fundamental influence of private capital in the public sector.

In his latest column, economist Fernando Luengo writes ot the warlike climate that is growing in Europe and how it directly shapes a range of problems facing people across the continent and beyond.

From June 6-9, elections for the European Parliament, the only genuinely democratic institution in the community’s institutional framework - its members are directly chosen by the citizenry, whereas the rest are intergovernmental in nature - will be held. It is a good moment to think about the challenges facing the European Union (EU) and, I would say, the entire planet.

It’s very necessary to focus on the terms that are habitually used in economics - and the so-called social sciences in general - and that are often taken for granted. Because these terms almost always have a purpose, which can be difficult or even annoying to uncover. In other words, language, seemingly innocuous, defines a playing field and also, in a way, the rules of the game as well as the possible explanations and alternatives. And this is no small thing.

I headline this article with a question that, given the economic, political, and also military divisions that are shaking the international scene, might appear to have an obvious answer: in effect, globalization is behind us. But there is another, earlier question that turns out to be quite revealing and, in my opinion, is necessary to pose: which globalization are we talking about?

In the capitalist system, writes Fernando Luengo, “Workers offer their labor power to the owners of the means of production, who buy it in exchange for a wage. This is the essence of capitalism; far from being a peripheral or irrelevant issue, I would say that it constitutes one of the keys that explain the operation and reproduction of the system.”