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© Mattia Landoni

What lessons should we learn from the financial crises and subsequent economic malaise in high-income countries? These are not merely academic questions. They affect everybody. They are the questions I address in my new book, The Shifts and the Shocks, reviewed at length in the September issue of Prospect by the Harvard economist Kenneth Rogoff.

That essay is an important contribution to this debate, partly because it comes from one of the few academics whose research had suggested the possibility of such a crisis. In…

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