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Recession? What recession?

Ever since the Office for National Statistics revealed that Britain has technically slipped back into recession, I have seen a number of articles arguing that the numbers are at odds with a more positive sentiment in the country. From Hamish McCrae in the Standard suggesting that as a nation we simply moan too much to a variety of pro-austerity economists arguing that the figures will be adjusted upwards, there seems to be a consensus that things are actually on the up.

If our experience at Breakfast is anything to go by, I would have to agree that the economy is moving at much the same pace as it has over the past two years; that is, as fast as John Terry acknowledging he’s at fault for something. But the acres of newsprint devoted to this debate are missing the point; the structural problems we have are much deeper.

One day I will have the time and inclination to write the million-word piece about the inter-connectedness of a world which places shareholder returns above everything else; leading to the exploitation of workers the world over, to the disappearance of manufacturing jobs from the west to the east and the excessive remuneration demands of those running our biggest companies.

In the meantime, may I recommend this article by Ha-Joon Chang, which is as sensible a piece as I have read in a while.

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