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On the Other Hand

What’s happening to the global economy? Dozens of equity markets have fallen into bear territory. There’s solid job growth in the U.S., but China is struggling to avoid a hard landing. The Fed is confident enough to raise interest rates, but oil prices have crashed.

The atmosphere is one of profound uncertainty. “What makes these falling prices unnerving,” the New York Times says, “is that it’s hard to tell a simple story about what is driving them.”

What’s the worst-case scenario? “We might be at the edge of a global recession,” said Citibank’s Christian Schulz on Bloomberg. In the fourth quarter of 2015, global growth approached the 2% mark—and central banks have few options remaining. “It’s a vulnerable situation.”

The drop in equity markets may simply be a needed correction, the Economist noted. But, the magazine wrote elsewhere, “whether the market gyrations are rooted firmly in fundamentals or not, they could themselves be a source of economic instability…. A recession, after all, is nothing more than a rut of self-ratifying pessimism.”

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Contributors



Professor Howard Forman
Howard P. Forman
Professor of Diagnostic Radiology, Economics, and Public Health; Director of the M.D./M.B.A. Program; Director of Healthcare Curriculum, M.B.A. for Executives Program; Lecturer in Ethics, Politics, and Economics

Ranji Nagaswami
Visiting Executive Fellow, Yale School of Management International Center for Finance

Professor Rodrigo Canales
Rodrigo Canales
Associate Professor of Organizational Behavior

Michael Apkon
President and CEO, The Hospital for Sick Children

Brad Abelow

Stephen Roach
Senior Lecturer, Jackson Institute

Christopher Cabot
President, Value Retail China

Stuart Patterson
President and COO, RAMP

Manuel Gomez Pena
Vice President of Sustainability, Walmart

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