“Every effort must be made to restore economies to growth. Every effort must be made, too, to ensure that a similar crisis will not recur without eliminating those aspects of an open world economy and integrated finance that are of benefit. This will require more radicalism than most recognise. We must not only learn the lessons about how the world economy went awry. We must also act upon them. If we do not, next time a big crisis arrives even our open world economy could end in the fire.”
Extract in Prospect from the FT’s Martin Wolf latest book. Good analysis of how the economic crisis has undermined the trust in elites. But as member of this elite, Wolf continues to prescribe the wrong medicine, the one these elites blindly stick to, the one which has caused the crisis in the first place: ‘economic growth’.