The Great Recession of 2009–11 was not simply a severe
business cycle slowdown or even a combined credit, housing, and asset
market collapse. It left permanent scars, especially on the advanced
economies. In its wake, policy makers must navigate uncharted economic
territory where “business as usual” no longer applies and
deep structural changes mark the global economic landscape.
Fundamental questions about the daunting task of “regrowing
growth” have now taken center stage for economists, politicians,
and policy makers alike: Will international capital flows be encouraged
or discouraged? How open will export markets be, given the structural
changes and their implications for employment? How much reliance will
there be on market solutions when governments—now overly indebted
and wary of additional relief expenditures—are expected to
deliver on the promise of economic growth?
Without a resurrection of strong economic growth in major economies,
the likelihood of rapid economic development in poor developing
countries is dampened. The nature of that ascent is the subject of this
volume.
In Ascent after Decline, more than a dozen distinguished
contributors scan the economic horizon, spell out the new fiscal
reality, and highlight the policy choices on which economic regrowth
will depend. If the Great Recession has taught one lesson, it is that
when fundamental shifts occur, the outcomes will entail new elements
that shape future directions and affect policy. How these pressing
policy questions are answered will, in large measure, determine the
future face of globalization.
'Can emerging market countries continue to follow an
export-led strategy? Can advanced economies achieve fiscal
consolidation while maintaining growth? How can states avoid and treat
the human scars from high and persistent unemployment? Can governments
repair the holes in the social contract created by the crisis? These
are some of the fundamental questions triggered by the crisis, and the
questions taken up in this book. An important contribution to a much
needed intellectual and policy reconstruction.'
— OLIVIER BLANCHARD, Robert Solow
Professor of Economics, Massachusetts Institute of Technology, and
Economic Counsellor, International Monetary Fund
'A timely collection of essays by leading experts in the
field, Ascent after Decline depicts the crucial role of smart
government policies to recover growth in the world economy after the
Great Recession.'
— EDMAR BACHA, Director of the Casa Das
Garcas Institute for Economic Policy Studies, Rio de Janeiro, and
Member, Commission on Growth and Development
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