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Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newspaper.
(adjective and noun) current office holder or position
For more than a century, one of the basic concepts of political science has been the the benefit of the one who holds the job. You can call it electoral gravity, the force that pulls everything to the person or party running the show. Many reasons. Being in power offers the benefits of strong name recognition, established fundraising networks, media relations and a track record.
But it is no longer clear that this is going on, and many of the things that were encouraging at the ballot box can now create confusion. In 2024, no more half of the world’s population was eligible to vote in the election, the incumbents were moved from the US to the UK and beyond.
When the long-term trend across the democratic world was one of strong economic growth and development broadly defined, having a strong record was a good thing. In the absence of a negative economic crisis or a wrong move, parties can have successful campaigns based on the clear improvements they have made during their tenure.
With the current wavering is a habit, this has been changed in the head. “Vote for us if you want four more years of flat living standards and other things getting worse” is not a clear winner.
Likewise, in an increasingly fragmented media where senior politicians can speak directly to voters, being recognized by major news organizations is no longer a major incentive. If Elon Musk has his wayeven the incumbent’s fundraising potential may soon be a thing of the past.
If this trend continues, it seems dangerous for rational centrists, for moderated discourse and for increasing political success. We seem to be entering a new era where all candidates, insiders and outsiders alike, have a strong incentive to run as elites, promising quick wins and radical changes.
