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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 9: The madness of globalisation

ONE OF THE MORE STRIKING features of the financial crash was the way that it took almost everyone by surprise. This is noteworthy because the approach of the crisis was evident in a host of data, including debt accumulation and the relationship between property prices and incomes, even if, as we shall see, some important statistics had fallen victim to significant distortion.

Long before the crisis, policymakers, analysts, strategists and investors really should have developed a much better understanding of the stagnation and deterioration of the Western economies, not least because one of the most prominent drivers had been happening in plain sight.

That driver is globalisation, and it is remarkable ...

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