My book "Rediscovering growth: After the crisis" was published on 23rd November 2013. The book summarises my views on why the western economies - including the UK - appear to be in a "New Normal" of disappointing growth following the 2008/9 financial crisis. And it sets out an agenda for escaping from this current sluggish phase of economic expansion.
Three powerful tailwinds which supported economic progress in the West from the 1980s until the mid-2000s have disappeared - easy money. cheap imports and confidence in the policies of central banks and governments. Because these benign conditions will not be quickly or easily restored, there is no rapid escape from the economic doldrums. But my book offers hope that western economies like the UK can make a transition towards a new phase of stronger and sustained economic growth, as businesses adapt to changes in the financial system and the global economy and as long as governments follow the right polices.
Government policies should not seek to re-create the pre-2007 "old normal", but to encourage our economies to adapt to a new world, shaped by advances in technology, a more restrained financial system and the growing economic importance of economies in Asia and other emerging regions outside the West - where the bulk of the world's population lives.
Some western economies are better placed than others to make this adjustment. The traditional poles of western growth have been northern Europe (including the UK) and North America. These more flexible and dynamic economies are most likely to lead a return to stronger economic performance in the West, drawing on their longstanding technological, business and financial strengths. The economies of southern Europe are much less well placed and face a prolonged and difficult economic adjustment.
Here are some comments from business leaders and economists on the book:
"A concise, objective analysis of the changing global economy since the financial crisis of 2008/9. Andrew Sentance rightly identifies a number of key lessons for policy makers today as they seek to deliver a balanced and sustainable growth path going forward." - John Cridland, Director-General, CBI
"A must read on the New Normal post-crisis economy. Andrew Sentance’s book provides a wake-up call for businesses and governments on how to adjust and find new sources of growth in a changing global economy, no longer dominated by the West." - Ian Powell, Chairman and Senior Partner, PwC
"Andrew Sentance offers a convincing diagnosis of our economic woes, challenging the current consensus. He draws on his wide business and policy experience to provide a valuable guide to the economic environment and future uncertainties." - Simon Ward, Chief Economist, Henderson Global Investors. winner of City AM Analyst of the Year 2013
Click here to read my blog summarising the main conclusions of the book. And click here to buy the book from the publisher, London Publishing Partnership. You can also buy it from all the normal outlets, including Amazon.