Political stability was at most a factor in assessing developing countries or Russia. It is now also an issue in Western democracies.

Elections themselves do not necessarily lead to more corporate uncertainty - quite the reverse, stable democracies create a reliable environment. And elections have caused hardly any change in the basic economic framework in the last few decades.

Political stability was at most a factor in assessing developing countries or Russia. It is now also an issue in Western democracies.

Politics has become very unpredictable, making things so very difficult for individuals and also for companies.

Trump can, like every government, trigger a short boom with borrowed money, just like he has announced. He appears to want to adopt the economic policy approach favored by Republicans of putting lots of money into building roads and cutting taxes. Markets like that. But, at the end of the day, someone always has to foot the bill.

Once Brexit has actually been implemented, the world will be a very different place.

The U.S. and, to a certain extent, countries in Europe as well, have experienced growing inequality within their population for decades - a small group of people own the lion's share of the wealth. Populists take advantage of this, and their policies are extremely hard to predict. And this has serious consequences. Companies shy away from risk, postponing their investment decisions in times of uncertainty, the stock markets get nervous and unemployment threatens to increase.