In the dramatic days from the autumn of 2008 to the summer of 2009, the collapse in global trade and activity was greater than that suffered after the Wall Street crash of 1929. Small wonder that many credible voices feared another Great Depression. Fortunately, the policy response proved equally dramatic. Interest rates were cut to historic lows, budget deficits driven to peacetime highs and central banks executed multiple waves of asset buying. Thankfully and unarguably, it worked. While some may quibble with the pace or distribution of the recovery, the global economy continues to enjoy a prolonged period of job-rich…

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