The global economy appears to be stuck in a pattern of low growth, low inflation and unresolved debt burdens. Is this a result of policy mistakes, or have the fundamental dynamics of the economy shifted into an era of little or no growth known as secular stagnation?
The famed short-seller offers a mid-2017 reality check for “fake fiscal news,” and economic pipe dreams, and sees “portents of even worse things”
Smick argues that distortions of capitalism have fed populist rebellion, and that reviving a capitalism that offers opportunity for average people to increase their earnings is an urgent priority if America’s political economy is to be stabilized.
Donald Trump’s presidency is a symptom of an interregnum between economic orders – a period that will result in a new balance between state and market. While his administration’s economic policies are unlikely to provide the right answer, they may at least show the world what not to do.