Foreign Affairs Article

PrintPrint EmailEmail ShareShare CiteCite
Style:MLAAPAChicagoClose

loading...

The True Lessons of the Recession

The West Canít Borrow and Spend Its Way to Recovery

Author: Raghuram G. Rajan, University of Chicago
May/June 2012
Foreign Affairs

Share

Most experts think the global recession was caused by a collapse in demand -- and so, in good Keynesian fashion, they want governments to ramp up spending to compensate. But the West's recent growth was dependent on borrowing. Going even further into debt now won't help; instead, countries need to address the underlying flaws in their economies.

Read full article at ForeignAffairs.com.

More on This Topic

Transcript

Inside Korea

Speakers: Hyun In-taek and General Kim Tae-Young
Presider: Charles L. "Jack" Pritchard

Hyun In-taek and Kim Tae-young discuss their experiences managing crises on the Korean peninsula in 2010 and their policy recommendations for...