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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


Phillip Ventimiglia
Chief Innovation Officer, Georgia State University

Colleen Briggs
Vice President of Financial Capability and Consumer Initiatives within Global Philanthropy, JPMorgan Chase & Co.


Danny Meyer
CEO, Union Square Hospitality Group

Francois Bonnici
Director of the Bertha Centre for Social Innovation and Entrepreneurship, University of Cape Town Graduate School of Business

Jacob S. Hacker
Stanley B. Resor Professor of Political Science and Director of the Institution for Social and Policy Studies, Yale University

John Wylie
John Wylie
Former Director, Tabubil Futures Initiative


Amy Chua
John M. Duff Jr. Professor of Law, Yale Law School; Author, Day of Empire: How Hyperpowers Rise to Global Dominance — and Why They Fall

Teresa Barger

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