The problem with the economy in the Western world

StephensonWhat is the problem with the economy in the Western world? Jobs are disappearing and exclusion is increasing.

The past weeks backward economic development in Europe and America is observed both by researchers and journalists. Stefan Fölster wrote a debate article in the Swedish newspaper Dagens Industri (Today’s industry) on 10 September arguing that the Swedish industrial production fell by 10 percent in the past five years. The day after, this was discussed in the editorial “Defensive Large Companies Suffocate Innovation” of the same newspaper. The editorial makes references to, for instance, an article in The New York Review of Books called What is Wrong with the West’s Economies? by Edmund Phelps.

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