A failure of economic strategy and leadership lies behind the near simultaneous collapse of market confidence
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FT Tripped up by globalisation 2011.08 - 0 views
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Europe and America have been unable to cope with the realities of global capital markets and competition from Asia
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in upgraded skills, increased exports and public investments in infrastructure and low-carbon energy.
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globalisation has not only hit the unskilled hard but has also proved a bonanza for the global super-rich
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balance budgets in the medium term, in no small part through tax increases on high personal incomes and international corporate profits that are shielded by loopholes and overseas tax havens
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There is no growth strategy, only the hope that scared and debt-burdened consumers will return to buying houses they don’t need and can’t afford. Sadly, these global economic currents will continue to claim jobs and drain capital until there is a revival of bold, concerted leadership. In the meantime, the markets will gyrate in pangs of uncertainty.