The World Economy Is Swerving, and the Destination Is Unknown
3 Articles
3 Articles
Project Syndicate
interest.co.nzThe World Economy Is Swerving, and the Destination Is Unknown
The days of unfettered globalization, multilateral rule of law, commonly accepted limits on economic statecraft, and widely shared macroeconomic objectives are now long gone. A perpetual, directionless transition is our new reality, and corporate executives, investors, and policymakers must adapt accordingly.
For decades, companies, investors and policymakers acted on the comforting premise that the global economy was underpinned by a relatively stable balance. Macroeconomic and financial crises were considered primarily to be cyclical shocks that could be managed to redirect the situation to a predictable destination – per capita GDP growth within the framework of an ever-globalizing economic and financial order. However, this paradigm is now challe…
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