Economie de crise

BERKELEY – Dans toute la région de l'Atlantique Nord, les banques centrales et les Etats semblent avoir des difficultés à restaurer le plein emploi. L'Europe a replongé dans la récession sans avoir réellement surmonté la crise financière qui a éclaté en 2008, notamment la crise de la dette souveraine. Le taux de croissance de l'économie américaine est actuellement de 1,5% par an (un point de pourcentage en dessous de son potentiel) et il pourrait baisser en raison d'une petite contraction budgétaire cette année.

Depuis la panique de 1825 qui a failli entraîner l'effondrement de la Banque d'Angleterre, les pays industrialisés souffrent périodiquement de crises financières, suivies par une montée du chômage. Ce genre d'événement est désastreux pour tout le monde : les travailleurs qui perdent leur emploi, les entrepreneurs et les actionnaires qui voient leurs profits s'effondrer, l’Etat qui perd des revenus fiscaux et les détenteurs d'obligations qui subissent les conséquences des banqueroutes. Pourtant nous avons eu prés de deux siècles pour apprendre à y faire face. Dans ces conditions, pourquoi les banques centrales et les Etats ont-ils échoué ?

Il est difficile aux autorités de rétablir rapidement le plein emploi après une crise, ceci pour plusieurs raisons :

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