Politique Internationale - La Revue n°133 - AUTOMNE - 2011

sommaire du n° 133
PLAIDOYER POUR LA RELANCE
Entretien avec Larry SUMMERS
Professeur d'économie à Harvard depuis 2011
conduit par
Brigitte ADES
Chef du bureau britannique de Politique Internationale.
in english
en español
en français
Larry Summers, the eminent economist and former President of Harvard University who played significant roles in both the Clinton and Obama administrations, offers an enlightened analysis of the financial and economic crisis which has ravaged developed countries over the past three years. The root cause of the crisis is that people were too confident, they borrowed too much, lent too much, and spent too much. As a good Keynesian, Larry Summers believes that the only way out is to boost confidence, borrow more, lend more and spend more. This is a paradoxical solution that most people have a hard time understanding. The Obama administration has started to understand. Europeans, on the other hand, are desperately implementing restrictive policies which risk destroying growth and dragging the economy down into an infernal spiral. And yet Europe can only resolve its debt problem and improve the global economic climate if it rediscovers the growth path. This will require both monetary and budgetary stimulus.
Notes :
(1) Professeur d'économie à Harvard, ancien économiste en chef du FMI. Auteur, avec Carmen Reinhart, d'un livre paru en 2009 qui connaît un grand succès : This Time is Different : Eight Centuries of Financial Folly, Princeton University Press.