The world economy remains locked into a Long Depression. The Great Recession
was not the product of a collapse in consumer demand
as the Keynesians argue, but a collapse in capitalist investment.
Personal consumption remains near its historic high at around 70% of
GDP, while private investment fell from a peak of 18% of GDP to 11% and
is still no higher than 14% now. Investment in the major economies remains
under previous peaks in real
terms and by as much as 15% for the UK, the Eurozone and Japan.
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