The age of stagnation
Subtitle: why perpetual growth is unattainable and the global economy is in peril
By: Satyajit Das
Publisher: Prometheus Books
Published: 2016
Language: eng
Number of pages: 337
ISBN-13: 9781633881587
Subjects: Economic policy; Stagnation (Economics); Economic development
Description: "The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade. That is the message of this brilliant and controversial summary of our current economic predicament from an internationally respected consultant and commentator on financial markets, who predicted the Global Financial Crisis of 2008. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed. He is particularly critical of the "easy money" approach to dealing with the great recession of 2008, citing the dangers of excessive debt and deep-seated fundamental imbalances. The fallout of these poor policies, he argues, will affect not only the business sector, but also the lifestyles and prosperity of average citizens and future generations. The author concludes with a thought experiment illustrating the large-scale changes that will be necessary to restore economic, financial, and social sustainability. This experiment has already been tried in Iceland, which went bankrupt in the wake of the 2008 crisis, and now, after a painful adjustment, is on the road to recovery. Written for the lay reader and peppered with witty anecdotes, this immensely readable book clearly explains the missteps that created the current dilemma, why a recovery has proved elusive, and the difficult remedies that must eventually be applied to ensure a stable future"--
Notes: Originally published as " A Banquet of Consequences" by Penguin Random House Australia in August 2015.

Includes bibliographical references (pages 298-315) and index.
Table of contents: title: Prologue: Reality bites; title: Great expectations: postwar booms and busts; title: Borrowed times: causes of the global financial crisis and the Great Recession; title: Escape velocity: the power and impotence of economic policies; title: The end of growth: the factors driving secular stagnation and the new mediocre; title: Running on empty: the resource and environmental constraints on growth; title: Circling the wagons: globalization in reverse; title: Bric(es) to bits: the rise and fall of emerging markets; title: Economic apartheid: the impact of rising inequality on growth; title: The end of trust: how a democracy deficit harms economic activity; title: Collateral damage: the fallout for ordinary lives; title: Epilogue: final orders.