"A wind of change is howling through the world’s economic institutions,” wrote the Guardian’s Larry Elliot Thursday. “Last week it was the International Monetary Fund saying that austerity could do more harm than good and that neoliberalism was not all it was cracked up to be. This week it is the turn of the Organisation for Economic Cooperation and Development to challenge the orthodoxy.”
He was referring to the latest policy outlook published by the Organization for Economic Cooperation and Development, which argued that the scale of the long-term growth crisis facing the industrialized economies required a strong fiscal response of the type disdained by neoliberal orthodoxy.
“Growth is flat in the advanced economies and has slowed in many of the emerging economies that have been the global locomotive since the crisis,” OECD Secretary-General Angel Gurría told the organization’s annual Ministerial Council meeting in Paris. “Slower productivity growth and rising inequality pose further challenges. Comprehensive policy action is urgently needed to ensure that we get off this disappointing growth path and propel our economies to levels that will safeguard living standards for all”.
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