Lawrence H. Summers, President Emeritus of Harvard University, former Treasury Secretary under Bill Clinton, and director of the National Economic Council under Barack Obama, spoke to CDE executive director Ann Bernstein about the global economic slowdown and inflation.
According to Summers, inflation has unfortunate consequences for many working people and undermines confidence in government. In his view, insufficient stimulus in the 2008 financial crisis contributed to the rise of populism and inequality.
With major economies like the EU and China facing post-Covid economic challenges with inflation and fiscal strain, Summers states that 2023 is likely to be a difficult year for the global economy.
In his view, antitrust policies should be practised in an economically grounded way, and vigorous competition should always have the consumer’s interests at the forefront.