Louise Purtle

opinion

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Economic historians speak of the last years of the twentieth century as a golden age, the days when we flirted with the idea that we had created a new economy. In this brave new world, the economy would not be constrained by the relationship between growth and inflation, which had previously been considered immutable.

Much of the motivation for viewing the world in this way came from an equity market that seemed only capable of moving in one direction: up. But those of us who were monitoring the

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