Seven years after the global financial crisis began most developed economies are only slightly bigger, if at all, than they were in 2007, says The Economist. The US and Japan have made up the lost ground, but the eurozone and Britain haven’t; our economy is still 2% below its pre-crisis peak. Emerging markets, especially China, have continued to soar. China’s economy is around 70% bigger than it was in 2007.
Merryn Somerset Webb talks to Yale professor and Nobel Prize winner Robert Shiller about how the power of 'stories' drives the global economy and creates financial bubbles.
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Responding to the need for a single political party to represent the trade unions, the Labour Party was formed on this day in 1900, led by MP Keir Hardie.