EL-ERIAN _ Working Toward the Next Economic Paradigm

https://www.project-syndicate.org/commentary/economic-paradigm-after-washington-consensus-by-mohamed-a--el-erian-2018-02?utm_source=Project+Syndicate+Newsletter&utm_campaign=c1427ae595-sunday_newsletter_4_3_2018&utm_medium=email&utm_term=0_73bad5b7d8-c1427ae595-93854061

For decades, the Western world put its faith in a well-defined and broadly accepted economic paradigm with applications at both the national and global levels. But, against a background of declining confidence in the ability of “experts” to explain, let alone predict, economic developments, that faith has deteriorated. With a new paradigm having yet to emerge, the world economy faces a heightened risk of fragmentation, with already-vulnerable countries being left even further behind.

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