The Innovation Imperative
Even if the recession is over, it is unrealistic to expect pre-recession levels of trade to be resumed. The artificially stimulated trade was unrealistic and unsustainable, even without all the fraud cases. But the shrinking proportion of western production levels ensures this, compounded by environmental concerns and the demands for more money to be spent on that. Historically ingenuity and innovation made the west the global power, but are unlikely to recreate that edge. At best they will allow us to avoid falling too far behind.
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