In Germany, the far-right AfD won the largest share of the vote in Thuringia’s state elections. That and high support levels for the AfD and the far-left BSW in eastern Germany remind investors that prejudice politics is widespread and persistent. Industrial revolutions create insecurity about jobs, income, and social status. The causes are complex, but people crave simplicity. Blaming a scapegoat (scapegoat economics) offers simplicity, and encourages prejudice politics.
