2010-2020 A Lost Decade for the World Economy?
Wednesday 12 September 2012
Oxford and Cambridge Club, 71 Pall Mall, London SW1Y 5HD
The world economy has been in the doldrums since the financial crisis. What are the prospects for the rest of the decade? Following ‘normal’ downturns there is a bounce-back and a robust recovery. But this time it is different. The accumulation of debt and structural imbalances will be a drag on future economic growth. There are many other negative portents: policy remains in a vacuum; the Euro area is in turmoil; and growth in North America is sluggish. But there are some positive trends: including growth in the BRICS and the potential for new technology to drive future economic growth.
How can the future economic prospects be maximised to prevent a lost decade for the world economy?
There needs to be a paradigm shift in economic thinking. But is this feasible? The lessons of history show that it is. Major global shocks have led to shifts in economic thinking: Keynesianism emerged from the Great Depression of the 1930s; and Monetarism emerged from the stagflation of the 1970s. The current period of austerity is causing suffering and destitution; it will be more harmful if it does not lead to a rethinking of both economics and, most importantly, economic policy. Come and listen to Michael discuss this topical issue.
Michael Kitson is University Senior Lecturer in Global Macroeconomics at Cambridge Judge Business School and Fellow of St Catharine’s College. His research interests include economic policy, regional economics, corporate performance, technology transfer and the commercialisation of science. He has undertaken major research projects for the UK Department of Innovation, Universities and Skills and the Economic and Social Research Council (ESRC). He has also provided evidence as an expert witness for the House of Lords Economic Affairs Committee’s enquiry into globalisation. His current work is concerned with assessing the factors that drive competitiveness and innovation.
For further information and to register, visit the Cambridge Judge Business Briefing website