Is a 'Macroneconomic' revolution in the making?

London

NEXT month will mark the 10th anniversary of the global financial crisis, which began on Aug 9, 2007, when Banque National de Paris announced that the value of several of its funds, containing what were supposedly the safest possible US mortgage bonds, had evaporated.

From that fateful day, the advanced capitalist world has experienced its longest period of economic stagnation since the decade that began with the 1929 Wall Street crash and ended with the outbreak of World War II 10 years later.

A few weeks ago, at the Rencontres Économiques conference in Aix-en-Provence, I was asked if anything could have been done to avert the "lost decade" of economic underperformance since the crisis. At a session titled "Have we run out of eco…