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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


Elizabeth Axelrod
Senior Vice President, Human Resources, eBay

David Cameron
Professor of Political Science & Director of EU Studies, Yale University

Professor Peter Schott
Peter K. Schott
Juan Trippe Professor of International Economics

Robert A.G. Monks
Corporate Governance Advisor

Andrew Kassoy
Co-founder, B Lab

Charles Hill
Distinguished Fellow in International Security Studies, Jackson Institute for Global Affairs, Yale University

Daniel-Goleman
Author, Ecological Intelligence: How Knowing the Hidden Impacts of What We Buy Can Change Everything

Laszlo Bock
Senior Vice President, People Operations, Google

Erin Meyer
Affiliate Professor of Organizational Behavior, INSEAD

José Luis Rodríguez Zapatero
Former Prime Minister, Spain

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