ما خطب الاقتصادات المتقدمة؟

كمبريدج ــ تُرى هل يُعَد النمو البطيء في الاقتصادات المتقدمة اليوم استمراراً لانحدار مادي طويل الأمد، أم أنه يعكس النتائج الطبيعية لأزمة مالية جهازية عميقة؟ والأمر الأكثر أهمية، هل ينبغي لنا أن نجيب على هذا التساؤل بشكل قاطع من أجل تعزيز وتيرة التعافي الاقتصادي؟

في مؤتمر لصندوق النقد الدولي عُقِد مؤخرا، زعم وزير الخزانة الأميركي السابق لورانس سامرز أن محنة النمو اليوم عميقة الجذور وترجع إلى ما قبل اندلاع الأزمة المالية العالمية. وقد ركز سامرز بشكل خاص على الحاجة إلى المزيد الاستثمار في البنية الأساسية، وهو رأي يتبناه أغلب خبراء الاقتصاد بإخلاص، وخاصة عندما يتعلق الأمر بالاستثمار الإنتاجي الحقيقي.

ومن المؤكد أن آخرين أيضاً يشعرون بالانزعاج والقلق إزاء الانحدار المادي، ولو أن أغلبهم أكدوا على جانب العرض بدلاً من جانب الطلب. على سبيل المثال زعم الخبير الاقتصادي جيفري ساكس أن اقتصاد الولايات المتحدة يحتاج إلى مواجهة عدد كبير من العقبات البنيوية التي تحول دون تعزيز النمو، بما في ذلك انتقال الشركات إلى الخارج، وعدم توافق المهارات، والبنية الأساسية المتهالكة.

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