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A theory of stagnation

China woes add force to secular stagnation debate

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The past two weeks have been turbulent for the world's markets.

THE past two weeks have been turbulent for the world's markets. But they have been buoyant for proponents of the theory that the global economy is stuck in a semi-permanent rut.

The so-called "secular stagnation" hypothesis was first advanced by economist Alvin Hansen in the late 1930s,