The writer is global chief economist at Morgan Stanley
Easy monetary policy, expansionary fiscal policy, rising inflation and then a surge in oil prices — it is very difficult to resist the temptation to draw parallels with the 1970s.
I suggest, however, that the current circumstances are not a repeat of that decade, doomed to end in a deep, policy-induced recession that drags much of the world down. There are several meaningful reasons why today is not yesterday. That said, even if we are not reliving the 1970s, neither are we on an easy path.
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