Unlike emerging economies, Western countries are not well equipped to deal with structural and secular changes – and understandably so. After all, their histories – and certainly during what was mislabeled as the “Great Moderation” between 1980 and 2008– have been predominantly cyclical.
跟新兴经济体不同，西方国家在处理结构性和世俗的变化方面都有所欠缺——这是可以理解的。毕竟他们的历史——当然包括被错误定义为“大规模现代化”的1980至2008年间——都是以循环往复为主。而他们花在调整上的时间越长，风险也就越大。