ECONOMIC AFFAIRS: Still coming to grips with the global financial crisis*

World leaders have not yet come to grips with the causes, let alone the solutions, to the global financial crisis (GFC), which now threatens to evolve into a global depression.
Joseph Stiglitz, the Nobel Prize-winning economist and professor at Columbia University, has identified three fundamental problems that caused the financial crisis of 2008 (Project Syndicate, September 3, 2011).
First, rising productivity (output per worker) in manufacturing industries has meant that fewer worke…

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