“Even an ordinary recession makes any government less popular; but it increasingly looks as if the world is experiencing a full-blown depression, comparable in scale, if not in precise timing, with what the economist Joseph Schumpeter called a Kondratiev. This is, at any rate, a big depression of a kind that appears only once or twice a century. These are historically associated with large- scale industrial innovation, such as the introduction of railways, the automobile, or, in our age, the internet. They have also been associated with political change that has sometimes been revolutionary. We are moving through a critical period in global politics as well as in global economics.”
Posted by: João | February 23, 2009
This slump is stirring a political storm
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