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Jobs for low-skilled workers in manufacturing

lost to international competition

The path to recovery now lies

in upgraded skills, increased exports and public investments in infrastructure and low-carbon energy.

US and Europe have veered

consumption-oriented stimulus packages and austerity without a vision for investment.

good social policy does not mean running big deficits.

globalisation has not only hit the unskilled hard but has also proved a bonanza for the global super-rich

able to convince their home governments to cut tax rates on profits and high incomes

expand investments in human and infrastructure capital

First

cut wasteful spending, for instance in misguided military engagements

Second

Third

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

projects will not add to net financial liabilities if they are repaid through future revenues.

Export-led growth is the other under-explored channel of recovery

through better skills and technologie

through better financial policies.

last missing piece for any recovery

clarity of purpose from the political class

Europe’s fate has been decided by German state elections and small Finnish parties

US has similarly devolved into a mélange of sector, class, and regional interests.

Obama is the incredibly shrinking leader

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.