Time Is Running Out: Depression, Polycrisis, and the World Economy in the 2020s

In a moment of interlocking and compounding crises that many commentators have aptly termed the “polycrisis,” a leading economist offers a clear-eyed account of the underlying trends fueling the global instability and market mayhem that have come to characterize contemporary capitalism.

Rampant inequality. Unchecked climate change. A global pandemic. And now, seething international divisions and the escalatory spiral of war and state violence. As the world moves toward the end of the 2020s...