World

Economics of Iran crisis threatens a political backlash

There has been a significant anti-incumbency trend across much of the world in recent years. Although elections like Brazil’s presidential ballot last month show this is far from being an iron law of politics, the backlash against established governments and politicians may yet grow. This is not least down to the specter of stagflation being increasingly on the radar screen of many policymakers. To be sure, this prospect is still quite widely dismissed as a serious possibility by many market par