An excerpt of the article is below:
"[The New America Foundation’s] paper’s central premise is something I’ve been hearing from [Daniel] Alpert for more than a year now: this time, it really is different. What he and his co-authors mean by that is that the bursting of the debt bubble three years ago was not just a severe example of the ups and downs that are an inevitable part of American capitalism. Rather, it was the ultimate consequence of the modern global economy. Chief among the changes that have taken place is the integration of China, Russia, India and other countries into the global economic mainstream. The developed world once had maybe 500 million workers. Today, say the authors, we’ve added another two billion people to the global work force."
There are several scenarios in this article for how to address the global crisis - none of which, Mr. Nocera admits, have much chance of impacting Washington politicians. But, it is an interesting read.
See the full piece here.
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