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Nine economic lessons from 2016

In keeping with the time of year, here are nine lessons (but no carols) we’ve learned about the economy over the past 12 months

By George Magnus  

©Philip Toscano/PA Wire/PA Images

Financial crises have deep, long-lasting effects

Had there been no financial crisis in 2007/08 with all the consequences that came with it, the economic outcomes—and, therefore, political history—of the last eight years would have been markedly different. We can talk about globalisation and income inequality until we are blue in the face, but these issues alone don’t explain what’s happening, and anyway, they pre-date the Lehman bust. This year, I think the financial crisis, which upended the world system, has gotten off lightly.…

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