Governments and central banks across the developed world have tried every policy tool imaginable, yet our economies remain sluggish or worse. How did we get here, and how can we compete and prosper once more?
Daniel Alpert argues that a global labor glut, excess productive capacity, and a rising ocean of cheap capital have kept the Western economies mired in underemployment and anemic growth. We failed to anticipate the impact of the torrent of labor and capital unleashed by formerly socialist economies.
Many policymakers miss the connection between global oversupply and the lack of domestic investment and growth. But Alpert shows how they are intertwined and offers a bold, fresh approach to fixing our economic woes.