Must-Read: Larry Summers: Voters Sour on Traditional Economic Policy

Must-Read: Larry Summers: Voters Sour on Traditional Economic Policy: “It is untenable to ignore public sentiment…

…60 years of experience with populist policy cycles in Latin America demonstrates… [that] economic nationalism [is not] a viable strategy…. [The] path forward… should focus on the concerns of a broad middle class rather than of global elites… rejecting austerity economics in favour of investment economics… central bankers need to spur demand and co-operate with governments. Enhancing infrastructure investment in the public and private sector should be a fiscal policy priority. And the focus of international economic co-operation more generally needs to shift from opportunities for capital to better outcomes for labour… [and dealing with] the dark side of capital mobility–money laundering, regulatory arbitrage, and tax avoidance and evasion…. Few things will be as important for the success of the next president as the restoration of confidence in the global economy.