The global economy The turning point Economist.com:
Sep 20th 2007 From The Economist print edition
Does the latest financial crisis signal the end of a golden age of stable growth? Illustration by James Fryer IF ECONOMICS were a children's tale, a long period of rising incomes and improving living standards would always be followed by a big, bad recession. Rising unemployment, falling spending and contracting output—such is the inevitable reckoning for the good times of plentiful jobs and abundant earnings that went before. The hangover needs to be commensurate with the party.
Sep 20th 2007 From The Economist print edition
Does the latest financial crisis signal the end of a golden age of stable growth? Illustration by James Fryer IF ECONOMICS were a children's tale, a long period of rising incomes and improving living standards would always be followed by a big, bad recession. Rising unemployment, falling spending and contracting output—such is the inevitable reckoning for the good times of plentiful jobs and abundant earnings that went before. The hangover needs to be commensurate with the party.
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