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Is Climate Change Too Big for Business?


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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


William J. Bernstein
William J. Bernstein, author of A Splendid Exchange: How Trade Shaped the World

Rakesh Khurana
Associate Professor of Business Administration, Harvard Business School

Lisa B. Kahn
Associate Professor of Economics

Professor Gary Gorton
Gary B. Gorton
Frederick Frank Class of 1954 Professor of Management & Professor of Finance

David Bach
Senior Associate Dean for Executive MBA and Global Programs & Senior Lecturer

Philip Davis
Head of Visa Client Consulting, Visa Inc.

John Piescik
Strategy Program Manager, MITRE


David Belmont
Chief Risk Officer, Commonfund; Lecturer in the Practice of Finance

James A. Levinsohn
Director of the Jackson Institute for Global Affairs, Charles W. Goodyear Professor in Global Affairs & Professor of Economics and Management

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