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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 08 March 2021

A Long Stagnation, or Capitalism without Growth

A Long Stagnation, or Capitalism without Growth

(p.297) 11 A Long Stagnation, or Capitalism without Growth
Shadow Networks

Louçã Francisco

Ash Michael

Oxford University Press

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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