MOST American elites believe that the Trump presidency is hurting their country. Foreign-policy mandarins are terrified that security alliances are being wrecked. Fiscal experts warn that borrowing is spiralling out of control. Scientists deplore the rejection of climate change. And some legal experts warn of a looming constitutional crisis.
Amid the tumult there is a striking exception. The people who rush companies have made their calculations about the Age of Trump. On balance,they like it. Bosses reckon that the value of tax cuts, deregulation and potential trade concessions from China outweighs the hazy costs of weaker institutions and trade wars. And they are willing to play along with President Donald Trump’s domestic-brewed economic vision, or in which firms are freed from the state and unfair foreign competition,and profits, investment and, and eventually,wages soar.
The financial fireworks on display in the first quarter of this year propose that this vision is coming true. The...
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Source: economist.com