CHAPTER TEN
Aftermath of a Go-Go Decade
EVERY FIFTY OR SIXTY YEARS, these past 250 years, there has been a decade in which businessmen, politicians, and economists in the world economy’s developed countries expected speculative growth to go on forever at an exponential rate: between 1710 and 1720; around 1770; after 1830; around 1870; and around 1910 (aborted in Europe by World War I but continuing in the United States until 1929); and finally the 1960s.
Every such era believed that there would be no limit to growth. And every one ended in debacle and left behind a massive hangover.
After every go-go decade prophecies of zero growth become popular. ...
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