Chapter 1: Crisis, structural change and new conditions for growth
Since the financial meltdown in the US a few years ago, the steep business cycle decline has turned into a more critical situation. Structural imbalances have appeared, at both a global and a European level. Globally, rapidly rising peripheral economies have strengthened their position in relation to Europe and US; at the same time, within Europe, debt crises haunt a number of peripheral economies that have strong growth records over the last two decades. Evidently, the crisis has developed from a financial phenomenon into a wider structural crisis, comparable to the crises of the early 1930s and the mid-1970s. At those earlier crises, institutional and structural changes of the economies followed at national and international levels, with new trajectories for economic growth. The present global economic and political situation opens up for such change. The crisis raises a number of challenges to the global economy of both an economic and a political nature and it might pave the way for new and more sustainable trends in economic growth from the 2010s onwards.
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