Credibility and liability in the core of the US elections
Like a Hollywood movie, summarised Alexandra Pasternak-Jackson, CEO of the Amcham Finland, the past electoral period: the global pandemic with President Trump’s covid infection, an economic downturn, the Black lives matter movement, and much more. It is really difficult to say how the US will look like, after the elections day.
Most important for the global economy is stability and credibility of the US as a liable trading partner, stated Hanna Laurén, Director of Trade Policy at the Confederation of Finnish Industries. On the other hand, Saska Saarikoski, Op-ed Editor at Helsingin Sanomat, noted that from Finland's point of view, it is quite irrelevant which candidate wins the elections. The result has probably little effect on bilateral trade relations between Finland and the United States.
Many problems ahead regardless of the election result
However, many worrying issues were seen in the future, regardless of the result of the elections, the panelists reminded. The economic battle between China and the US does not fade away after the elections and needs to be resolved somehow, and the climate change as well. There is no way back to the past either; hate speech has become common in the politics, and it can be difficult or even impossible to move back to the previous culture.
There has already been volatility at the stock market prior to the upcoming elections, and there will certainly be even more, on the elections day. According to Gonul Colak, Professor of Finance at Hanken, the possible big stock market crash may occur only two or three months after the elections if there is still uncertainty about the result of the election or the consequences of it.
Differences in political cultures between countries
An interesting comparison was made between the Finnish and the US elections: The US is a big country where people are accustomed to colourful expressions and dramatic confrontations in politics, and also to a somewhat chaotic electoral process. A similar approach could be dangerous for a small democracy like Finland, Saska Saarikoski, an Op-ed Editor at Helsingin Sanomat, said. After all, it is even probable that despite the threat scenarios, everything will end well, he thought.
There have been warnings that it may take weeks, even months to resolve the elections result. In these elections, 40% of the voters are young, and young people’s votes can play a crucial role in the battleground states. Sophia Rahimeh, M.Sc. student at Hanken and a US Citizen explained that for the young generation in the US, climate change and sustainability, and on the other hand internationalisation, are the most important matters that guide their political decisions.
The panel “What is happening? – The impact of the US Presidential elections” was organised at Hanken in Helsinki on 28 October 2020. The members of the panel were Gonul Colak, Professor of Finance at Hanken, Hanna Laurén, Director of Trade Policy at the Confederation of Finnish Industries, Saska Saarikoski, an Op-ed Editor at Helsingin Sanomat, and Sophia Rahimeh, M.Sc. student at Hanken.
Alexandra Pasternak-Jackson, CEO of Amcham in Finland acted as moderator in the discussion, and Camilla Wardi, Head of Corporate Relations and Outreach in Hanken, as host. Greetings by the Rector of Hanken Karen Spens and by the U.S. Ambassador to Finland Robert Pence were also heard.