"Policymakers insist vigorous recovery will arrive, but concerns remain over deep structural problems," writes Larry Ellott
|"The era of Mad Men typifies capitalism's sunny postwar decades"|
Link to The Guardian
"Hope springs eternal: China's manufacturing sector has perked up a bit; there are encouraging noises coming out of Washington about avoiding the fiscal cliff; the euro is still in one piece – could it be that recovery is coming at last?
"After all the false dawns, this could be the point at which capitalism shows its resilience and regenerative powers. Since the birth of the modern industrial age more than 250 years ago, there have been only brief deviations in the upward trend of production. The Great Depression looks like a mere blip on the upward sloping graph of UK or US GDP.
"Even so, the depth and length of the crisis has led to a degree of soul searching. While policymakers insist publicly that vigorous recovery will eventually arrive, there is private concern that deep structural problems are blunting the effectiveness of a stimulus unprecedented in its scale, scope and duration. These concerns are well founded."