If the dominance of finance over real economic activities persists… expand the domestic demand simultaneously

Nie wieder Krieg! Putin verstehen. Lügen erkennen.

unctad.org | Trade and Development Report 

12 Sep 2013,

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 Five years after the onset of the global financial crisis the world economy remains in a state of disarray.

  • Strong expansionary monetary policies in the major developed economies have not succeeded in fostering credit creation and strengthening aggregate demand.
  • Fiscal austerity and wage compression in many developed countries are further darkening the outlook, not only for the short term, but also for the medium term. The burden of adjustment of the global imbalances that contributed to the outbreak of the financial crisis remains with the deficit countries, thus
  • strengthening deflationary forces in the world economy.

The dominance of finance over real economic activities persists,and may even have increased further. Yet financial reforms at the national level have been timid at best, advancing very slowly, if at all. In

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