Dean Rohrer

Deriva nacional o dominio mundial

LONDRES – Cuando los dirigentes empresariales mundiales se reúnen en Davos, un cambio de paradigma necesario desde hacía mucho –el de subordinar el objetivo de inflación al objetivo de crecimiento– está cobrando forma lentamente.

En lo que algunos llaman un “momento opuesto al de Volcker”, el Presidente de la Reserva Federal de los Estados Unidos, Ben Bernanke, ha concretado un objetivo de 6,5 por ciento de desempleo junto a su objetivo de inflación; el nuevo Gobierno del Japón ha propuesto un objetivo mínimo de inflación; y Mark Carney, el próximo gobernador del Banco de Inglaterra, ha sostenido que “no podía haber un argumento más favorable para que se fijara un objetivo de PIB nominal”. Entretanto, China ha prometido duplicar la renta nacional media por habitante de aquí a 2020.

Lamentablemente, han sido necesarios cuatro años de grave subestimación de las consecuencias de la austeridad fiscal y una escasez crónica de demanda (con lo que las posibilidades de oferta de la economía han empezado a reducirse en la misma medida) para que acordáramos fijar un objetivo de crecimiento, cosa que pidió el G-20 en 2009.

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