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Shadow NetworksFinancial Disorder and the System that Caused Crisis$
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Francisco Louçã and Michael Ash

Print publication date: 2018

Print ISBN-13: 9780198828211

Published to Oxford Scholarship Online: October 2018

DOI: 10.1093/oso/9780198828211.001.0001

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A Long Stagnation, or Capitalism without Growth

A Long Stagnation, or Capitalism without Growth

Chapter:
(p.297) 11 A Long Stagnation, or Capitalism without Growth
Source:
Shadow Networks
Author(s):

Louçã Francisco

Ash Michael

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198828211.003.0012

Chapter 11 assesses the growth prospects of the world economy. The history of global economic doomsaying is traced briefly, a frequently reasonable position that has not done well with the facts for the past hundred years. Capitalism has been adept at escaping from the pit and pendulum. A set of global imbalances is then reviewed that are seen as posing a severe threat to global economic stability and certainly to the prospects for sustainable and equitable growth. The Great Recession following the Crash of 2007–8 might be “different this time.” Historical and contemporary fears of “secular stagnation” are discussed but the speculative nature of stagnationist assessments is acknowledged.

Keywords:   stagnation, growth, secular stagnation, underconsumption, Great Moderation, crisis, bubble

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