Summary
"The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade. That is the message of this brilliant and controversial summary of our current economic predicament from an internationally respected consultant and commentator on financial markets, who predicted the Global Financial Crisis of 2008. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed. He is particularly critical of the "easy money" approach to dealing with the great recession of 2008, citing the dangers of excessive debt and deep-seated fundamental imbalances. The fallout of these poor policies, he argues, will affect not only the business sector, but also the lifestyles and prosperity of average citizens and future generations. The author concludes with a thought experiment illustrating the large-scale changes that will be necessary to restore economic, financial, and social sustainability. This experiment has already been tried in Iceland, which went bankrupt in the wake of the 2008 crisis, and now, after a painful adjustment, is on the road to recovery. Written for the lay reader and peppered with witty anecdotes, this immensely readable book clearly explains the missteps that created the current dilemma, why a recovery has proved elusive, and the difficult remedies that must eventually be applied to ensure a stable future"-- Provided by publisher.

Essential reading for anyone interested in the future of the global economy and their own prospects, The Age of Stagnation incisively explains the problems confronting us, how we’re making those problems worse, and what the real solutions are. For ordinary individuals, the goal of a steady job, a home of one’s own, a comfortable retirement and a good life for our children is receding. In this brilliantly clear-eyed account, Satyajit Das links past, present and future to show that it’s not just unrealistic expectations, but the poor performance of those governing us that are to blame. The strategies and policies deployed to promote economic growth after the Great Recession have failed, not least because such growth cannot continue indefinitely. The solution – structural change – is electorally unpopular and therefore ignored. The Age of Stagnation explains why the ultimate adjustment, whetherstretched out over time or in the form of another sudden crash, will be life-changing. An internationally respected commentator on financial markets, credited with predicting the Global Financial crisis and featured in the 2010 Oscar-winning documentary Inside Job, Satyajit Das is our finest writer about money and the global economy. Informed, impassioned, lively and witty, The Age of Stagnation is the only book you need to understand what the future will bring.

About the Author
Satyajit Das is an international specialist in the area of financial derivatives, risk management and capital markets. Since 1994, he has been a consultant to financial institutions and corporations on derivatives and financial products and risk management issues. He presents seminars on financial derivatives/risk management and capital markets in Europe, North America, Asia and Australia. Das has worked as the Treasurer of the TNT Group, an Australian based international transport and logistics company with responsibility for the Global Treasury function, including liquidity management, corporate finance, funding/capital markets and financial risk management, and also in banking with the Commonwealth Bank of Australia, Citicorp Investment Bank and Merrill Lynch Capital Markets specializing in capital markets and risk management /derivative products.