Jim Chalmers identifies cumulative rolling shocks as the primary cause of profound public disillusionment with the conventional order.
Australian Treasurer Jim Chalmers stated that rolling shocks over the last 20 years have been cumulative, affecting the economic, social, political, and cultural realms. These shocks include the global financial crisis, the COVID-19 pandemic, and the emergence of artificial intelligence.
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These events have contributed to a widespread sense of crisis and a breakdown in the belief in progress. While many people view the conventional order as failing to deliver on its promises, the underlying cause is a shift in the relationship with liberalism. Liberalism, which defined the western social and political order since the end of the second world war, is now facing significant challenges from both conservative and progressive movements. The current era of upheaval is characterized by a sense of terminal decline rather than a temporary rough patch. This shift is reflected in the rise of populist movements that seek to break the system rather than simply reform it. These movements are reacting to the perceived failure of the conventional order to provide a constant improvement in life.