Social tolerance is the willingness of a population to accept poor economic conditions, unemployment and poverty, under Capitalism: “A key issue is the social tolerance of the population,” Mr. El-Erian said. The rally in euro zone bond markets might be good for investors, “but that doesn’t translate into food on the table." As capitalism fails the population becomes more willing to consider alternatives: socialism on one hand, and fascism on the other.
Notes and references
- "Banks Take On European Debt, Despite Underlying Problems" article by Liz Alderman in The New York Times January 21, 2014