Lawrence Summers is the elephant in the room at the annual meetings of the IMF and World Bank in Lima this week.
Summers, the former U.S. treasury secretary and World Bank chief economist, has come to personify the nagging feeling that something is fundamentally wrong with the global economy. He calls it “secular stagnation,” a shift to a persistently low level of economic growth. He says the threats facing the global economy currently are as "dangerous" as they have been since the Lehman Brothers bankruptcy.
The Summers view isn’t universal. Yet it's becoming the frame for the debate about the global economy.
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