Anatole Kaletsky
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A wise continental scholar pointed out to me once that English is the only European language in which three distinct words have evolved from the Greek root politika: politics, policy and polity. French, German, Italian, Spanish and Russian all make do with a single word - politique, politik or politica - to describe the personal rivalries that drive the political process, the effects of political action, and the institutional framework within which politics operates. In English, by contrast, we have a vocabulary that encourages people to distinguish between the ideals and action plans represented by competing parties and the skulduggeries and rivalries of individual politicians. In fact, we are lucky enough in English to have even a fourth word for this: politicking.
I don't know whether this linguistic abundance has been a cause or a consequence of the relative stability of democratic institutions in the Anglo-Saxon world. But I do know that the focus of America's presidential election, which has so far been entirely on politicking and politics, will now shift towards policy and polity.
The ideological differences in this election are quite stark. Just because both parties have managed to select nominees who are intelligent, high-principled and well meaning, it does not follow that a victory for either candidate will be an equally benign outcome for the world and America.
There are at least four policy battles in this election where the rest of the world will have an enormous stake. First and foremost there is national security and the Middle East, specifically the attitude to bombing Iran; secondly, the credit crunch and housing crisis; thirdly, the oil shock, energy independence and climate change; and fourthly, America's role in globalisation and free trade.
Let me begin with the last three economic issues. With regard to housing and the credit crunch, Barack Obama has called for bigger government programmes to buy delinquent mortgages and prevent borrowers from losing their homes through foreclosure. John McCain has stuck firmly to free-market orthodoxy, insisting that irresponsible borrowing should not be underwritten or rewarded by taxpayers and that housing assistance programmes should only be enacted if they are self-financing.
In the short term, Mr McCain's position is likely to prove politically unsustainable and economically misjudged. If housing markets continue to deteriorate, as they almost surely will, more short-term government intervention will be required. This should not be ruled out by a dogmatic faith in market forces that have, in this case, quite obviously failed.
Taking a longer view, however, many voters may be impressed by Mr McCain's fiscal rectitude and will want a free-spending Democratic Congress constrained by a Republican president. If Mr Obama has any sense, he will be very careful not to overdo his rhetoric about recession and the government spending needed to clear up the mess left behind by President Bush.
Trade poses a similar challenge to Mr Obama. The protectionist anti-globalisation rhetoric that he needed for the Democratic nomination may well help to win support in the short term, but it raises some big risks. What the Democratic establishment does not yet seem to have understood is that, as a result of the housing slump and devaluation of the dollar, US growth is now almost entirely export-driven and will continue that way for years to come.
Free trade is now more in the interests of American workers than ever before. Protectionist policies will not just frighten economically sophisticated voters. They will also act against the interests of blue-collar Americans - a point that may not be lost even on the unionised workers at internationally competitive companies such as Caterpillar, Boeing and even, these days, General Motors and US Steel.
On energy and climate change, Mr Obama and Mr McCain do share common objectives, but their contrasting views about government activism and taxes suggest that even in this area, America's future policies will depend critically on who wins the election on November 4.
The biggest issue between the candidates, however, is foreign policy and here the contrast between the candidates is truly stark. So far, most attention has focused on the contrast between their rhetoric about Iraq: at one extreme, Mr McCain's slightly misreported comments about keeping American troops there for 100 years; at the other Mr Obama's hints at unconditional withdrawal within six months. In reality, both candidates would be seriously constrained by events on the ground. The much more serious difference is actually over Iran.
Mr Obama's approach is to try to draw Iran into the community of nations, even if it remains under its present extremist leadership. To try to bring this about, he has expressed his willingness to consider direct negotiations, along the lines of Henry Kissinger's rapprochement with China.
Mr McCain, by contrast, outspokenly supports the Bush Administration's policy of ostracising Iran. He wants, if anything, to tighten both economic sanctions and reinforce the country's pariah status. Mr McCain has endorsed President Bush's accusation that talking to America's enemies is comparable to the prewar policy of appeasing Hitler. More specifically, Mr McCain has pointedly refused to dissociate himself from threats to bomb Iran if it continues with its nuclear programmes and seems as gung-ho about the persuasive power of US military action as President Bush.
Such is the passion of Mr McCain's anti-Iran rhetoric that some informed observers in Washington believe a bombing campaign against Iran could be the “October surprise” that Republican strategists are planning to swing the election in their favour if polling points to a Democrat victory. The idea would be to present the war hero McCain as the best man to lead America at a time of military danger.
Mr Obama, if he was reluctant in his support of a pre-election bombing, could be presented as a muddle-headed peacenik. And what if he denounced military action? Mr Obama could then stand accused of insufficient patriotism or even outright treason. His campaign would then come crashing down to a McGovern-style landslide defeat.
That is the nightmare scenario for what should be a dream election. But maybe my friends in America who speculate along these lines are taking their cynicism too far. Even in the language of Washington there is, after all, a difference between politics, policy and polity. Let us hope that John McCain's self-evident respect for the American polity transcends the Republican Party's desire to win the game of politics at any cost.

Anatole Kaletsky writes for The Times Comment pages on Thursdays. One of the country's leading commentators on economics, he was formerly Economics Editor and is now an Associate Editor of The Times. He has won many awards for his financial and political journalism. Before joining The Times, he worked for 12 years on the Financial Times
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The American people are fed up with military involvements in the Middle East, especially if they lead to increases in the price of oil. The Republicans have cried "Wolf" too many times. There will be a huge popular reaction against it. EAR
Earl A. Reitan, Normal IL, USA
The American people are fed up with military involvements in the Middle East, especially if they lead to an increase in the price of oil, which certainly will be a consequence of attacking Iran. The Republicans have cried "Wolf" once too often. There will be a huge popular backlash against McCain.
Earl A. Reitan, Normal IL, USA
American will lose its economy to a great extent if it fights with Iran and there will be more jobless people in America. Bush fool got nothing from Afghanistan and Iraq, will get nothing from Iran. Wasting America's money.
Irfan, Hyderabad, India
John McCain's previous self-evident respect for the American polity will NOT transcend the Republicans' desire to win the game of politics at any cost. But I'm glad you brought up the notion of an October Surprise, I forgot all about GOP proclivites.
M. Singer, San Francisco, USA
I am intrigued by the notion that war is not economic.
The US cannot afford to bomb Iran regardless of whether this is right or wrong.
Richard Boyce, Haywards Heath, West Sussex
Is'nt Iran all about Israel. The problem with world politics is not about the imbalance of power between US and other so called evil countries. It seems US is unnecessarily dragged into arm twisting exercise of countries having imbalance of power with Israel. Lets not be fooled again into Iran(q).
BM Momin, Phoenix, US
Iran would cease to be a threat if Palestine was simpy re-created as a true nation. All faiths who have a claim to the holy land can then live and work there as Palestinians, ran by a secular government that favours no faith over another. Iran would no longer have Isreal as an excuse. Simple.
Neil, Newcastle Upon Tyne, UK
in 2000, some of us saw GW Bush as a dangerous man, who lacked integrity and competence to do the job. We voted for Gore. This election we will vote for Obama. Really now, you who voted for Bush - do you really think Obama is as clueless as GWB? The harm is done - we've had the worst president.
Kona Bree Smith, Kihei, USA
Iran is the evil enemy the U.S. has to promote to justfy its policies in the region, which in turn pushes Iran towards the Bomb which then justifies a bombing campaign against Iran The other beneficiery of ths policy is Irans president who diverts attention from the economy
Anton Gray, Christchurch , New Zealand
Obama born is Hawaii in 1961, early schooling in Jakarta, then Punahoe in Hawaii, then Columbia, and Harvard Law School, where I think he graduated honors.Where did he get the money to do this? And now I guess he has the support of Oprah Winfrey's billions and probably many successful sports stars.
JD, Honolulu,
Iran is a major threat on the Middle East stability. it will continue to be that until an international force prevents its nuclearisiation. Their leaders are openly discussing a war with the US and the annihilation of Israel.
I believe NOT invading Iran is a political decision, against common sense
Irad, Israel,
Hank I'd rather have 4 more years of McCain (he's not Bush) than 8 years of Carter. Because if Obama fools these people into voting for him in November, he can probably do it again.
Raine, save the drama.
Yolanda, Conover, USA
The title is wrong.It's not "World problems for the White House". It's "The White House is a problem for the world".
Oleg, Toronto, Canada
"America the Evil" Who is the first to send economic aid to any country that needs it. Who sends the most food to starving countries. Who is the first to to be criticized, even though the rest of the world lags behind in commitments to help. Do a little research before you complain.
mark, Boynton Bch., Fl, USA
Nice summary of issues and interesting ending. A technical point on trade and factory closings. Econ 101 books all mkae clear the relationship between government deficits (borrowing money) and trade deficits (weak exports). US trade deficits began with Reagan's tax cuts-- these are real issue.
john henry, new york, usa
What a mess the US / world is in - the blacks vote for the black the women vote for the women and those who don't like either vote for the old man - good bye America hello Europe.
Marty, London,
If Obama really does embrace protectionist policies, it will be a real tragedy. Protectionism only protects the least efficient domestic producers in any industry, thus reducing an economy's overall productivity, but it damages the low-cost overseas producers who can afford it least.
jon livesey, Sunnyvale, CA/USA
This November we have 2 choices, 4 more years of Bush or 4 more years of Jimmy Carter.
The next 4 yrs will be horrible, it will get worse before it get better. We have 2 candidates that havme little clue about this nation issues. Economicly they are also clueless.
Thank you America, thank you
Hank, Fairfax, Virginia, USA
What Mr. Kaletsky seemingly fails to understand is that Mr. Obama's position correctly represents the growing sentiment that while international trade is desirable, the current "free trade" regime solely benefits the investing class because it permits international mobility of capital but not labor.
Nicholas, Portland, Oregon, USA
Being an American citizen and a patriot I am in fear of another Republican Regime. Unfortunately as with the last election it will come down to choosing between the lesser of two evils. The war in Iraq is in esence another Vietnam like police action that will not end well for the American people.
John, Phoenix, AZ, USA
I agree with Steve about both Europe and the USA moving towards protectionism. Globalization only works if modern countries innovation can outpace the shipping of industrial jobs to developing nations. Education in America can't support it currently, creating more poverty and unemployment.
Kevin, Fresno, USA
If you must peddle the "in Iraq for 100 years" line, please quote it in full. It is deliberately misquoted by Democrat bigots, journalists have no excuse. He said it is fine to stay in Iraq for 100 years, so long as Americans are not being killed or wounded: just like the situation in South Korea.
Nick, Rotherham, UK
Mr. Kaletsky's "American friends" are not cynical, they are paranoid conspiracy theorists. Even assuming America could pull it off, its consequences would be too unpredicatble for the Administration to risk it. As to the comments on America the evil empire? Go to school and go learn something.
James Geoffrey, F, Virginia, USA
Anatole, I agree with your concerns about protectionism. However, both Europe & the USA will move towards protectionism to maintain worker salaries in our own economies. Without it our economies will be further weakenned as manufacturing and other technology are transfered to developing nations.
Steve Marchant, Broadhempston, Uk
Iran is going to start a war with the USA (and Israel) regardless
of who becomes President. We know this because Ahmadinejad has told us he will - and he keeps his word.
If we strike first, it'll be AFTER the elections but before the
new President takes office. Two months is enough.
Dave M, Tonopah / London, USA / UK
Another insightful article - many thanks. For information, the French also have an expression for politicking - la politique politicienne
Nigel, Paris,
Change in foreign policy I thought was to reduce military action and threat to the Middle East. If not Mr Obama will hugely disappoint many people.
America is now the Evil villains.
He could develop better relations with Latin America.
Helping African countries to be more democratic.
Peter, Southampton, Southampton,
Iran doesn't have troops in over one hundred and fifty nine countries. America is now the "Evil Empire."
Its democracy is a window dressing. It has profited from and had a hand in nearly every war. Fortunately end stage capitalism just becomes obvious in the blatant theft of other nations assets .
Keith Bentham, Wigan, uk
I assume this column was written before Obama's remarks to Jewish leaders on Wednesday, in which Obama staked out a hawkish position on denying Iran nuclear weapons that could just have easily been made by Bush or McCain. It is Obama's unsteadiness in this area that may well prove his undoing.
Tom Key, Wichita Falls, Texas, USA
Once again, Mr. Kaletsky, I am impressed with your muscular ideas. Provoking they are. English journalists are miles ahead of their French counterparts.
Samuel Young, Paris, France
To Raine:
<br/>If you believe that Sen. Obama will save you from the evil
<br/>republicans, sorry, but He and you becoming what you fear
<br/>the most. If he is elected you'll want to start constructing a
<br/>bunker and fast.
Steve, Bakersfield, USA
don't forget teknos -technology, technique and techno -which in broad terms is the understanding of the world as a machine. of bacon it was said "he preached the gospel of getting on, yet he never quite did get on" give us luck!
glenn schaefer, holbrook, usa
We don't have the miliary to start any other war. This is pure bravado The Republicans cannot win on actual policies - and Bush has doubled the deficit in 8 years. So much for the Republicans "fiscal" responsibiliity . The question is do we spend 3 billion a week on Iraq or help our own.
Jenny , Maryland , USA
China needed to end its pariah status, thence Messrs. Mao, Nixon and Kissinger success. In the shadow of the USSR Chinese marxism was a national matter. Not so with the Iranians whith their non-mitigated Islamic drive. That's why Sen.Obama's position is no more beneficial than Sen. Mccain's.
Felix, Mountain View,
We won't vote for another Republican. We nor the world can afford a McBush, which is what McCain is. Our military is in danger of breaking, we're going under financially, & our reputation is ruined. The next President will have to try to clean up the huge mess left by this horrible administration.
Raine, Winston-Salem, NC, USA