A “Macroneconomic” Revolution?

LONDON – Next month will mark the tenth anniversary of the global financial crisis, which began on August 9, 2007, when Banque National de Paris announced that the value of several of its funds, containing what were supposedly the safest possible US mortgage bonds, had evaporated. From that fateful day, the advanced capitalist world has experienced its longest period of economic stagnation since the decade that began with the 1929 Wall Street crash and ended with the outbreak of World War II ten years later.