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North American Economy

North America faces a Japan-style era of high unemployment and slow growth...

 

November 14, 2011

As stock markets gyrate, Europe lurches from crisis to crisis, and U.S. recovery slows, the future of the North American economy is more uncertain than ever.

Can individual entrepreneurship, corporate innovation and governments create a new era of sustained economic growth? Or, will the financial crisis, U.S. political dysfunction, and the rise of emerging nations erode our living standards for the long term? Fundamentally, will the next generation of North Americans enjoy the same quality of life as its parents?

To promote a far-ranging discussion of an issue critical to every Canadian, the 8th semi-annual Munk Debate convenes four big thinkers to tackle the resolution: Be it resolved North America faces a Japan-style era of economic stagnation.

Debate Results

Pre-Debate Results

56% Pro 26% Con 18% Undecided

Post-Debate Results

55% Pro 45% Con

CON gains 19%. CON wins

Debaters

Pro

Paul Krugman

“It’s now impossible to deny the obvious, which is that we are not now and have never been on the road to recovery.”

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Pro

David Rosenberg

“When all the stimulus is gone and the Emperor is disrobed, it is not going to be a pretty picture.”

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Con

Lawrence Summers

“The American people have not become less dedicated to hard work, and the productive potential of this economy has not declined.”

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Con

Ian Bremmer

“North America’s long-term prospects are brighter than Europe’s or Japan’s; the "rise of the rest" does not automatically imply our decline.”

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