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Policy errors of the 1970s echo in our times

Vast debts make the world economy more fragile than it was over 40 years ago

©The Financial Times Limited 2020 Jun 15, 2022 / 01:25 PM IST
All Rights Reserved. FT and Financial Times are trademarks of the Financial Times Limited Not to be redistributed, copied or modified in any way.
Policy errors of the 1970s echo in our times

(Representative image: Reuters)

Martin Wolf Unexpectedly high inflation, wars in key commodity-producing regions, declining real wages, slowing economic growth, fears of tightening monetary policy and turbulence in stock markets — we see all of these things in today’s world economy. These were also the dominant features of the world economy in the 1970s. That period ended in the early 1980s, with a brutal monetary tightening in the US, a sharp reduction in inflation and a wave of debt crises in developing countries, especially...

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