The political class is in a panic, and not just in this country. From the hollowed out cities of the Rust Belt to the vineyards of France and Italy, a new nationalism is on the rise, threatening not only the perks and privileges of the managerial elites but also challenging the parameters of the post-World War II international order. Trump's revolution in the US is but the latest and most dramatic example of an international trend that we saw manifested in the victory of the Brexit campaign, and now in the stunning transformation of the political landscape in France and Italy.

In France, the political parties of the left are in disarray, as the triumph of Francois Fillon – a populist figure who rejects the traditional statism and internationalism of the sclerotic Socialists and their conservative doppelgangers – in France's Republican party primary dramatically illustrates.