Issue link: https://maltatoday.uberflip.com/i/1544987
WITH Malta's general election campaign in full swing, the coun- try finds itself at a moment that is politically familiar yet strategically unprecedented. Familiar because the rhythms of the campaign are already recognisable. Within days of the election being called, the public space filled with pro- posals, tax measures, subsidies, grants, social incentives, and tar- geted pledges aimed at different voter segments. Familiar because the two dominant political par- ties once again moved quickly into campaign mode, sharpening contrasts and mobilising their machinery.But unprecedented because this election is unfolding in a world that looks very different from the one Malta became eco- nomically comfortable operating in over the past decade. War in the Middle East is affecting energy markets. Europe is facing increas- ing concerns around fuel supply, logistics, and strategic resilience. Supply chains are becoming more regionalised. Inflation, while low- er than its peak, remains struc- turally embedded in parts of the global economy. Interest rates are no longer near zero. Economic shocks, which once felt exception- al, are becoming part of the oper- ating environment. Economic realities For a small island economy like Malta, deeply dependent on im- ported energy, imported labour, tourism connectivity, and external market confidence, these develop- ments are not abstract geopoliti- cal events. They are strategic eco- nomic realities. Yet if one listens to the tone of the campaign so far, one could easily believe that Malta exists in a far more insulated en- vironment. Much of the political conversation has quickly shifted toward immediate benefits, pur- chasing power, sectoral measures, and what one commentator right- ly described as a spending con- test. That observation should not be dismissed as routine election criticism. It should invite a deeper question about the political sys- tem itself. Why do our elections often drift toward short-term transactional politics even when the world around us is becoming structurally more fragile? To answer that question, it is useful to step away from ideol- ogy and look instead at politics through the lens of strategic anal- ysis. Porter's Five Forces Michael Porter, the Harvard economist and one of the world's leading thinkers on competitive strategy, transformed how or- ganisations understand industries through his Five Forces frame- work. Porter's insight was simple but powerful. Industries do not simply produce outcomes be- cause of the talent or intentions of individual players. They produce outcomes because of the structure of the system itself. Competitive rivalry, barriers to entry, supplier power, customer behaviour, sub- stitutes, and external pressures all shape how industries evolve over time. Years later, Katherine Gehl took Porter's framework and applied it to democratic systems. Her argu- ment was equally provocative. If political systems repeatedly pro- duce polarisation, short-termism, declining trust, weak accountabil- ity, and poor policy outcomes, the problem may not lie solely with individual politicians or parties. The problem may lie in the incen- tives embedded within the politi- cal industry itself. This framework becomes particularly relevant when applied to Malta. The following analysis argues that Malta's political system be- haves very much like a concen- trated industry. It is shaped by powerful incumbents, high barri- ers to entry, tightly controlled or- ganisational structures, inherited loyalties, financial dependencies, and overlapping social, econom- ic, and political networks. It also introduces a particularly impor- tant concept, one that perhaps ex- plains more about Maltese politics than any campaign slogan ever could—Malta's political industry operates with two currencies. The first currency is votes. Votes are the visible currency of democracy. They are what citizens exchange for representation, legitimacy, and political power. They are what de- termine who governs, who shapes institutions, and who controls the direction of public policy. But beneath that visible dem- ocratic currency lies another, quieter currency—money. Cam- paigns are expensive. Political or- ganisation is expensive. Candidate branding, media campaigns, digi- tal outreach, district mobilisation, events, logistics, and internal par- ty operations all require financial resources. This creates a reality that is often under-discussed in public life. Political competition is not simply about ideas. It is also 16 maltatoday | SUNDAY • 17 MAY 2026 FEATURE ELECTION 2026 Votes, money, and the election JP FABRI