First published: Financial Times, 12/09/2011
Financial markets have had a torrid summer of breaking news about slowing global growth, fears over a new western economic contraction and the unresolved bond market and banking crisis in the eurozone.
But these sources of angst have triggered turbulence before, and will continue to do so. Our economic predicament is not a temporary or traditional condition.
Put simply, the economic model that drove the long boom from the 1980s to 2008, has broken down….more