Washington dissensus

Indian readers may be forgiven for thinking that when we hear the phrase "secular stagnation," the opposite of it must be something like communal growth. But jokes aside, the bubbling debate over the idea of secular stagnation in the West may prove to have far-reaching intellectual and practical consequences for the world. The debate was given a boost recently by Larry Summers in a speech to the IMF, in which he worried about the fact that America had not been able to achieve either its potential growth or full employment despite near zero interest rates. 

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