Rediscovering Growth
After the Crisis
Business & Finance, Economics, Economic Development, Economic History
| Author: | Andrew Sentance | ISBN: | 9781907994272 |
| Publisher: | London Publishing Partnership | Publication: | November 23, 2013 |
| Imprint: | London Publishing Partnership | Language: | English |
| Author: | Andrew Sentance |
| ISBN: | 9781907994272 |
| Publisher: | London Publishing Partnership |
| Publication: | November 23, 2013 |
| Imprint: | London Publishing Partnership |
| Language: | English |
The difficult economic climate in Europe and the United States since the financial crisis is set to continue as the New Normal, despite frantic efforts to stimulate growth. The long phase of expansion that lasted from the 1980s until 2008 was driven by easy money, cheap imports and confidence – all gone. And the shift of geopolitical power to Asia is permanent. This does not mean that Western economies are inevitably condemned to ‘lost decades’ ahead. They can rediscover productivity and growth – but governments face formidable political obstacles to the reforms this would require.
The difficult economic climate in Europe and the United States since the financial crisis is set to continue as the New Normal, despite frantic efforts to stimulate growth. The long phase of expansion that lasted from the 1980s until 2008 was driven by easy money, cheap imports and confidence – all gone. And the shift of geopolitical power to Asia is permanent. This does not mean that Western economies are inevitably condemned to ‘lost decades’ ahead. They can rediscover productivity and growth – but governments face formidable political obstacles to the reforms this would require.
