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Things will get better, but never so good again


FACED with the devastating analysis from the Economic and Social Research Institute (ESRI) today, there will be much comment as to whether we are back to the 1980s.

The right parallel is further back -- not the 1980s, but the 1970s. The dreadful crisis of the 1980s was the result of the failure to deal properly with the severe downturn which began in 1974. The task this time is to learn the lesson and make sure we do not turn this downturn into a prolonged crisis.

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