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stagflation

Dark Clouds on the Horizon

Posted on January 16, 2008 by Floyd Mann
Topics: Globalization

Nobel laureate economist Joseph Stiglitz paints a grim picture of the global economic outlook for 2008. Stiglitz warns that this is likely to trigger a backlash against the forces of globalization and that:

For those who think that a well-managed globalization has the potential to benefit both developed and developing countries, and who believe in global social justice and the importance of democracy (and the vibrant middle class that supports it), all of this is bad news.

In the end, Stiglitz believes that central banks will be able to restore order after a global slowdown in which the inflationary pressure is wrung out of the system.

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