In his follow-up to his award-winning and number one best-selling first book Why Your World Is About To Get A Whole Lot Smaller, former CIBC World Markets chief economist Jeff Rubin asks a fundamental question: “What will it be like to live in a world without growth?”
The end of cheap oil means the end of the easy answers to renewing prosperity. Neither zero interest rates nor huge budget deficits are a substitute for affordable energy. From the BRICs to the PIIGSs, every economy in the world is downshifting into a much lower gear. And after racking up huge debts fighting the last oil-induced recession, this time around governments have little left to stimulate growth.
But is a world of soaring oil prices as apocalyptic as it might first appear? Or will we find some silver linings as we are forced to downsize our energy usage? Could the implications for global carbon emissions and climate change be as hopeful as those for growth are sobering? He explores the challenges and possible remedies in The End of Growth.