After the North Atlantic Financial Crisis, Dr. Posen argues that we are returning to a world much more like the late 19th than the 20th century, at least in economic terms. In his view, this is a world where globalization continues but is less rules-based than it was under clearer US hegemony.
This is a world in which the poor countries are likely to continue to catch up with the rich, and probably do so even faster, but the richer countries are likely to grow more slowly. This is a world in which macroeconomic conditions are bumpier in real terms, sustained inflation is rare, and multiple reserve currencies will emerge.
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S.T. Lee Distinguished Lecture
The Old Normal for The World Economy
Date:
Wednesday, 06 August 2014
Speaker:
Dr Adam S. Posen, President of the Peterson Institute for International Economics
