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Why Australia (& Canada, Korea, China and others) can’t avoid a recession

Summary:
Australia and South Korea were the only OECD nations to avoid a recession at the time of the Global Financial Crisis in 2008. I argue that they and several other countries–including China and Canada–face a recession in the near future, because the way they avoided the GFC was by continuing to borrow their way to ...

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Australia and South Korea were the only OECD nations to avoid a recession at the time of the Global Financial Crisis in 2008. I argue that they and several other countries–including China and Canada–face a recession in the near future, because the way they avoided the GFC was by continuing to borrow their way to prosperity.


Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

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