If we are to prevent another lost decade, we need macroeconomic policies to restore economic activity, and public investment to power sustained and productive growth

Jeffry Frieden examines the continuing economic malaise in the developed world and argues that the immediate need in both Europe and the United States is for macroeconomic policies to help rekindle economic growth, and systematic plans to restructure household and sovereign debts. Without both, which entails a balancing act and opposition from powerful interests, we are headed for another lost decade.