Fareed Zakaria: From China to Turkey to the United States, politics is trumping economics. He says the conquest of inflation is one of the most far-reaching changes of our times. As recently as the 1980s, inflation was rampant across much of the world, he says. Zakaria wonders if it is the same people who will have to pay the price of a long-term price hike in the long run, but one wonders if these ordinary people will pay the same price for the same long run of a crisis. He writes: The old obsession with politics over economics was overdoneone one day, and it seems more dangerous to engage in patronage policies, short-term gimmicks and short-run policies than economics. . . .
Read more at www.washingtonpost.com
