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Life After Growth: How the global economy really works - and why 200 years of growth are over by Tim Morgan

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Chapter 1: An Economy That Has Run Out of Road

The corner that is never turned

IN 2008, AS THE GLOBAL BANKING system teetered on the brink of collapse, economic and business affairs dominated the media and the public debate in a way that was unprecedented, certainly since the crises of the 1970s and possibly since the grim days of the 1930s.

Five years on, the sense of immediate crisis has faded, and the general public seems to accept that the global economy is making a recovery, albeit a painfully slow one, from the most severe downturn of the post-1945 era. Governments around the world have fostered this reassuring sense of gradual recovery.

The reality, however, is that very little has changed, and many of the changes that have happened ...

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