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“Global markets were seized by fear last week that trade wars were slowing growth in Germany, China and the United States. But the story here is bigger than President Trump and his tariffs.
The postwar miracle is over. Since the financial crisis of 2008, the world economy has been struggling against four headwinds: deglobalization of trade, depopulation as labor forces shrink, declining productivity and a debt burden as high now as it was right before the crisis.
No major economy is growing as fast as it was before 2008. Not one is growing faster than 10 percent, the rate experienced by the Asian “miracle economies” before the crisis. In almost every country, the national discussion focuses on what must be done to revive growth and ignores the fact that the slowdown is driven by forces beyond any one government’s control. Instead of dooming ourselves to serial disappointment and fruitless stimulus campaigns, we need to redefine economic success and failure.
Germany is one of at least five major economies on the verge of a recession, which is typically defined as two consecutive quarters of negative growth. But the real issue is whether that definition still makes sense in a country with a shrinking labor force like Germany’s.”
JJ Editor's Picks
"U.S. President Donald Trump thinks he’s suffered more injustice than the alleged witches of Salem, but it could be worse. Pakistan’s former president Pervez Musharaff faced possible impeachment in 2008, leading to his resignation. In the end..."
"The 2000s felt like a decade of looking forward. Wi-Fi went mainstream, phones got smarter, social media connected us, digital tools let us rely less on physical ones. But the 2010s brought a shift. There was still tons of new technology, but..."
"While some women experience pregnancy and childbirth as joyful, natural and fulfilling, others find themselves recoiling in horror at the physical demands of carrying and sustaining a child in their womb, and even more so at the potential..."
"A few months ago, the New York Post’s Steve Cuozzo bemoaned the death of the Manhattan power lunch. Gone were the long, decadent afternoons filled with networking and Negronis: “Suit-and-tie-wearing machers in media and Wall Street gave way to..."
"Economic inequality has moved to the top of the political agenda in many countries, including free-market poster children like the US and the UK. The issue is mobilizing the left and causing headaches on the right, where wealth has long been..."
"If you’re not familiar with the Andrew Lloyd Webber musical Cats — or even if you are — then you probably have many, many questions going into the film adaptation this weekend, especially if you’ve witnessed the widespread bafflement the trailer..."
"Despite his precisely targeted campaign and some unexpected support, the chances of Gideon Saar engineering a surprise defeat of Prime Minister Benjamin Netanyahu in the Dec. 26 primaries for the Likud party leadership are still considered modest.."
"Peter Thiel is Big Tech’s most prominent Trump supporter. He is an unabashed enemy of the free press, having covertly funded a lawsuit that bankrupted Gawker three years ago. He has become one of the most vocal pro-monopoly advocates, taking a..."