Policies for the Future

Abstract

The evidence presented in this book so far indicates that the West does not have a viable set of economic policies capable of guiding it to a sustainable economic future, which is generally accepted by policymakers, a majority of the informed public and by most academic commentators. Instead, in the absence of a viable consensus, there appears to be a major risk that – at best – the Western world is headed for a long period of slow or non-existent growth. At worst the picture could be much gloomier. If many Western countries’ policies to reduce fiscal deficits depress not only their economies but their export markets for the other Western economies in the same condition, a major depression could result. If the authorities in these countries then continue to pursue the same policies as they have up to now, they will be left with no weapons to fight the falling living standards, rising unemployment and political dissatisfaction which will result.