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Why does each recession lead to more deindustrialisation?
Since the 2000-2001 recession, each recession has led to a fresh wave of deindustrialisation , whether it be globally, in OECD countries or in the euro zone . Why? We see two explanations: Recessions lead to a loss of potential growth, therefore to less need for investment, and therefore to a fall in the production of capital goods; Recessions lead to deleveraging among households and companies, leading to a fall in corporate investment and a fall in household purchases of cars and houses (and therefore a fall in the industrial production related to housing construction).
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Patrick Artus
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