Mark Blyth and Eric Lonergan | Why Central Banks Should Give Money Directly to the People | Foreign Affairs

Mark Blyth and Eric Lonergan | Why Central Banks Should Give Money Directly to the People | Foreign Affairs: In the decades following World War II, Japan’s economy grew so quickly and for so long that experts came to describe it as nothing short of miraculous. During the country’s last big boom, between 1986 and 1991, its economy expanded by nearly $1 trillion. But then, in a story with clear parallels for today, Japan’s asset bubble burst, and its markets went into a deep dive. Government debt ballooned, and annual growth slowed to less than one percent. By 1998, the economy was shrinking.

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