Governments and central banks across the developed world have tried every policy tool imaginable, yet our ecomies remain sluggish or worse. How did we get here, and how can we compete and prosper once more?Daniel Alpert argues that a global labor glut, excess productive capacity, and a rising ocean of cheap capital have kept the Western ecomies mired in underemployment and anemic growth. We failed to anticipate the impact of the torrent of labor and capital unleashed by formerly socialist ecomies.Many policymakers miss the connection between global oversupply and the lack of domestic investment and growth. But Alpert shows how they are intertwined and offers a bold, fresh approach to fixing our ecomic woes. Twitter: @DanielAlpert
Daniel Alpert is founding managing partner of investment bank Westwood Capital, LLC. He is widely quoted in the business media and is a fellow in economics of the Century Foundation, the country's oldest policy think tank. He lives in New York.