Today’s global economy bears striking similarities to the immediate post-war period: high unemployment, high and rising debt levels, and a global shortage of aggregate demand are constraining growth and generating deflationary pressures. And now, as then, the level and quality of investment have been consistently inadequate, with public spending on tangible and intangible capital – a critical factor in long-term growth – well below optimal levels for some time.
今天的全球经济与二战刚刚结束时有诸多惊人的相似之处：高失业、不断增加的高债务水平，以及全球总需求短缺制约着增长、形成通缩压力。与当时一样，今天的投资水平和质量也一直欠缺，对有形和无形资本——长期增长的关键因素——的公共支出持续大大低于最有水平。