Slowing global growth and the capitalist future


Michael Roberts Blog

Last weekend, in sunny Aix en Provence, IMF chief, Christine Lagarde hinted that the IMF is likely to reduce once again its forecast for global economic growth for this year and next. She said that “momentum could be weaker than expected”. Lagarde reckoned that the huge liquidity stimulus coming from the central banks (most recently a proposed $1.4trn liquidity injection by the ECB to stave off recession and deflation) would have “only limited impact on demand”.

Last April, the IMF forecast global output would grow by 3.6% in 2014 and 3.9% in 2015, down from previous forecasts. Now it appears that these will be lowered again later this month.  So what was the answer to improving this growth, which will be way too low to get profitability of capital on a sustained upward path globally, let alone get global unemployment down and get real incomes per household up?  Lagarde…

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