West’s pledge to tackle global poverty has been crowded out by our own crisis
By Larry Elliott, The Guardian, 1 December 2008
Crowding out is the phrase of the moment. It is traditionally part of the esoteric lexicon of the economics profession, but debate is now raging over whether the high levels of public debt required to pay for emergency tax and spending packages will drive up long-term interest rates and so make private investment less plentiful and more expensive.
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