There’s a different kind of economic shock at work today
And it will be much more difficult to deal with. It is the shock of Brexit and Trump and the deep loss of confidence by many in the underlying economic model of the past several decades.
TORONTO—Economies have to contend with periodic shocks. A sharp increase or a steep decrease in the price of oil is one kind of shock. A rapid escalation or fall in the exchange rate is another. A financial crisis is a third example and we have had to deal with all three at one time or another. An...
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