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The age of stagnation : why perpetual growth is unattainable and the global economy is in peril / Satyajit Das.

by Das, Satyajit.

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Prometheus Books, 2016.

Economic development.

Economic policy.

Stagnation (Economics)

Government spending policy.

Debts, Public -- Economic aspects.

9781633881587 (hc.)

163388158X (hc.)

Alternate title:

Stagnation : why perpetual growth is unattainable and the global economy is in peril

x, 337 pages ; 24 cm.

Originally published as " A Banquet of Consequences" by Penguin Random House Australia in August 2015.

Includes bibliographical references (pages 298-315) and index.

Prologue: Reality bites -- Great expectations: postwar booms and busts -- Borrowed times: causes of the global financial crisis and the Great Recession -- Escape velocity: the power and impotence of economic policies -- The end of growth: the factors driving secular stagnation and the new mediocre -- Running on empty: the resource and environmental constraints on growth -- Circling the wagons: globalization in reverse -- Bric(es) to bits: the rise and fall of emerging markets -- Economic apartheid: the impact of rising inequality on growth -- The end of trust: how a democracy deficit harms economic activity -- Collateral damage: the fallout for ordinary lives -- Epilogue: final orders.

"The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade. That is the message of this summary of our current economic predicament from a financial market consultant who predicted the Global Financial Crisis of 2008. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed. He is particularly critical of the "easy money" approach to dealing with the great recession of 2008, citing the dangers of excessive debt and deep-seated fundamental imbalances. The fallout of these poor policies, he argues, will affect not only the business sector, but also the lifestyles and prosperity of average citizens and future generations. The author concludes with a thought experiment illustrating the large-scale changes that will be necessary to restore economic, financial, and social sustainability. This experiment has already been tried in Iceland, which went bankrupt in the wake of the 2008 crisis, and now, after a painful adjustment, is on the road to recovery. Peppered with witty anecdotes, this immensely readable book clearly explains the missteps that created the current dilemma, why a recovery has proved elusive, and the difficult remedies that must eventually be applied to ensure a stable future. Satyajit Das is an internationally respected expert in finance. He anticipated many aspects of the global financial crisis in his 2006 book Traders, Guns & Money."--Provided by publisher.

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