How did we arrive at our economic situation? What can we do to get out?
According to Daniel Alpert, we suffer from “oversupply.” Today’s economic challenges link to a global event we all welcomed with joy – the collapse of Socialism. But that freedom for billions also added billions to the global labor force. It drove a boom in production capacity. Toss in a glut of capital, and you have a global economic disaster – a disaster for which common prescriptions for economic recovery aren’t going to work.
Alpert is a founding Managing Partner of Westwood Capital and a Fellow of The Century Foundation. He is also author of the important new book “The Age of Oversupply: Overcoming the Greatest Challenge to the Global Economy.”