Financial Times FT.com

Rogoff: The world cannot grow its way out of this slowdown

By Kenneth Rogoff

Published: July 29 2008 18:44 | Last updated: July 29 2008 18:44

Ingram Pinn illustration

As the global economic crisis hits its one year anniversary, it is time to re-examine not just the strategies for dealing with it, but also the diagnosis underlying those strategies. Is it not now clear that the main macroeconomic challenges facing the world today are an excess demand for commodities and an excess supply of financial services? If so, then it is time to stop pump-priming aggregate demand while blocking consolidation and restructuring of the financial system.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this