World Monitor Magazine April 2017 - Page 106

books The Devil We Sort of Know Over the last several years, it has often seemed as if the financial world has been turned upside down, what with negative interest rates, bailouts of huge banks, and a widespread shift from optimism to pessimism. Just as Robert Gordon wants to upend the conventional wisdom about growth, Adair Turner wants us t Y\[[˜X]X N YܙY\ˈ\XYوHKˈ[[X[\X\]]ܚ]K\\YH۝ \X]]B \ܙX]ؘ[; [[X[ܚ\\وH \[\K[]Y[X[H][\]]ܙK[\[Y[]HXH[XۛZ\YH۝ \X]]HܙX]\ؘ[; [[HX[ܚ\\وH [\KZ[HYHHX^[\^[\\\[YX\Y\]H\H\X[HYHوH8']][\XBوH[Y\'H]\\YX[[H\ Hܛ\܈[Y XۛZXܛ\\[Y [H\][\]Z\[Y[و[\\H\HY[Y]Hܛ\[Z[[Hܝو][ˈ\H\[ Y]H[]H[[ۈو[\\H\]Z\Y[ܙH[HYHXHX܋[ۛYK]KXK[H[[ۙ\^\B[Y[[X\\ˈ]]H\][][\\H[ܙYY[[ܛ Y]H[YYY[XHH[\\Hۜ[YH\\\[^Hۜ[\[ۈ[\HZ\\][ \B[\HKHZ]Y[وۙx&\\[\\[\[[\\H[[X[HX[H]\[ۙB[]H[\H[Y\ٙH\ۜHۙ˜[X]\HYHܙ\و[YKۈH\YK\ܛHوXۛZXܙ[^][ۈY[XH[H›[ؚ[^H][[\\\܈H[܋H[\\][[\Y[YYY܈XۛZXܛ ۈHZ[\œYK\ܛHوXۛZXܙ[^][ۈ[[]]XBXY\\\[XXX\]Y\]YY[Y[H[Y]YHYH\Y]H8%[\H[[ۙH[وHY\˂[X[HX[]\\[KHۙH\YY˜]YY[X[]]Z[ۈ\[H ۛ\H[ [YY \H\ HX\]HX]BY\H[[ۙ\ HۙHۜ[\[ۈ[[X[HX[]\\\][H]\H\; [[X[X\]™ܙX\ \و[H MYHT L[[ۈ[ۙ˜\[Hܛ\H\Z[Y]]H[\\]\˂\]HوYZ\\Y]\ܚX[H[[ٙB[Y\˂\\&\[Y\][X[[\ۛY[ X›ۙ\\HHX]HH^K[Y]][\Y\š][\ˈ[]8&\[YK\\\Y\X]X\HܛHوXۛZX][ۈ[^] X܈[[˜[ۛYH[HX\[Y]Y\[[\Y\ˈXH[HX\[Y]X[Y\˜[X[[Y\ˈ]H[[[ۙ\^\[Y[[HX\[Y] ][[ۜˈ[B[ H[ۙ\X\\[HX\[Y]\KBZ]H]\ˈ] [\\&\Y]H\H[XX\[H[[YۛHۈY܈[ܙX\[›]\YH\ݙ\8%Y]]\[H^\Y \Œ Mۛ^B]\H\H[[YHو]\H[[Y\HܛY\X\\HXܙ]\H[\\[]\]B\Y[ [X[\Yۘ][ۋ[Xܛ [\\]\[X܂[ݘ][ۈXZH][]X]H܈[H\H\][ X]\H]X\\\[]ܝ[]Y\HY\H[[ۙ\ۙHۋH[\[ۈۙ\L ܛ[ۚ]܂\\ۘY\]HYY]\HXۛZXXB[XۛZXX[XZ[[[\ܝ[\X[ۜ˂\ H]\Xۚ^H]H[]\HXH] BZ[H\XYXۛZX\[KH[[^\XBHXHو[]][ۘ[[\\X[ۜˈHYY]XY\\][\]Z\[Y[[]Xۙ\[[œ[\[HYYZ[H]X[Xۛ^H][\\HوH[]\YH\ Xۙ HYYX[ۈH[YY]XXXB[HYXY[\H[XH[\ˈHYXH]][H\\\\Y\\]XH][ۘZ]\B]]Y[YY][[[[[H؋HX[HقYX]\BHZY[ۈݙ\Y[ۙ{ XHY][قZ][H[[ۚ[وHݙ\Y[HܙY]X[K[Y] \]X[Y[\X؈ˈX\[][Y\ۈܚ]H[[Y\X[[[\XK]Z]X^HHZ\XY [Y\X[[[\XH\H\\[\˜وHYX\ۈHXۛ^K[\]\^H]ܚ]BX]\H]\\[^XH\H[[H\\ق^Hۈ]ܚ][]\[ˈ[ۘܙ]BXۛZXΈH[Z[ۈ\XXۛZXܛ