Une cure keynésienne

BERKELEY amp#45;amp#45; Il n'est pas encore certain que le monde soit condamné à une forte récession dans les trois ans à venir, nous pouvons encore y échapper. Pour cela, il faudrait que les différents pays prennent des mesures plus énergiques pour amortir la montée du chômage, raccourcir sa durée, ainsi que celle de la période de fléchissement de la croissance, voire de régression, qui nous guette.

Du fait de la nature humaine, les mesures avisées et appropriées prises aujourd'hui sembleront sans doute excessives vues dans quelques années, car à moment donné la croissance reprendra. Mais il serait imprudent de croire que ce revirement a déjà eu lieu et que la situation ne va pas empirer. La meilleure façon de la considérer est peut-être d'avoir présent à l'esprit les trois locomotives de l'économie mondiale depuis 15 ans : des investissements importants - essentiellement aux USA - dans les technologies de l'information en raison de la révolution dans ce secteur, l'investissement immobilier - également centré sur les USA en raison du développement de ce marché dans ce pays - et enfin les investissements industriels ailleurs dans le monde - notamment en Asie - tandis que les USA sont devenus les importateurs de dernier recours.

Depuis 15 ans, ces trois locomotives ont permis de maintenir une croissance rapide et le quasi plein emploi. Avec la fin du boom des nouvelles technologies en 2000, la Réserve fédérale a orchestré son remplacement par le boom immobilier, tandis que les investissements en Asie destinés à l'approvisionnement du marché américain ont ralenti.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/COSSk6g/fr;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now