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In just a dozen years, the world economy experienced two massive disruptions: the 2008 financial crisis and the 2020 COVID-19 pandemic. The response in the United States and other advanced economies has been an explosion of monetary and fiscal stimulus that presages an era of “magic money.” Journalist Sebastian Mallaby describes the possible economic and political upshots of broader state interventions in this intelligent examination of what is likely to be a new macroeconomic normal.
About the Author
Sebastian Mallaby is a journalist and a senior fellow at the Council on Foreign Relations.
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