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"As for financial markets, we have come full circle to the concept of financial fragility in economies with massive indebtedness. All too often, periods of heavy borrowing can take place in a bubble and last for a surprisingly long time. But highly leveraged economies, particularly those in which continual rollover of short-term debt is sustained only by confidence in relatively illiquid underlying assets, seldom survive forever, particularly if leverage continues to grow unchecked.
W hen do we declare the recession over? Everyone has his own yardstick. Mine is simple: when we have started creating jobs and have restored discipline in the financial sector. Only then, when we have cut unemployment, can we say the crisis is finished. Today, despite talk of green shoots, this is not the case.
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W hen do we declare the recession over? Everyone has his own yardstick. Mine is simple: when we have started creating jobs and have restored discipline in the financial sector. Only then, when we have cut unemployment, can we say the crisis is finished. Today, despite talk of green shoots, this is not the case.
First, how far will the balance shift from markets to governments? Industrial nations’ governments are getting more involved in modes of production, exchange and distribution – see the US, long committed to minimum state involvement. The drivers of more government involvement in markets are primarily non-commercial. Entry is dictated by a desire to offset market failures; and exit is often delayed by the lobbying of those favourably impacted by such interventions.
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First, how far will the balance shift from markets to governments? Industrial nations’ governments are getting more involved in modes of production, exchange and distribution – see the US, long committed to minimum state involvement. The drivers of more government involvement in markets are primarily non-commercial. Entry is dictated by a desire to offset market failures; and exit is often delayed by the lobbying of those favourably impacted by such interventions.
As analysts and media hailed the tentative emergence of green shoots last week, Nobel Prize-winning economist Paul Krugman caused international shock with a prediction that the world economy would stagnate just as badly, and for just as long, as Japan's did in the 1990s. In an exclusive interview, he talks to Will Hutton about his anxiety for the future - and how Gordon Brown might have saved Britain from the blight that hangs over the West
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