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Lessons from 2008 for beyond 2018: Keynote this Friday 14th September at the OECD, Paris

Summary:
Before 2008 we could all see that global trade imbalances were growing inexorably, creating a glut of savings in surplus countries that flowed into deficit countries, causing house price, stock exchange and debt bubbles whose bursting would never end well. What few could see, however, was that, behind the dominant narrative of unfettered competition and equilibrating market forces, a different reality was taking shape. Corporate power was succeeding in reducing price competition, usurping (and often replacing) market forces and controlling effective demand. Τhe Bretton Woods-era objective of full employment and falling inequality was, since the late 1970s, replaced by the aim of maintaining an unbalanced

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