Grow Slow, But Steady

If history has anything to teach us, then we should not ignore Raghuram Rajan’s recent warning of the world slipping into a 1930s-type Depression, albeit for altogether different reasons. The possibility of the repeat of 1930s Great Depression cannot be negated if one understands the nature of growth that has taken place across the globe in the recent decades. A large part of the growth in many countries and regions is debt-fuelled.