German chancellor Angela Merkel: the way forward, she insisted,  was a return to frugality. Photograph: Fritz Reiss/AP

Many economists, including US Federal Reserve chairwoman Janet Yellen, view global economic troubles since 2008 largely as a story about “deleveraging(...)

A worker rides past a poster showing Beijing’s central business district outside a construction site in Beijing. Growth in China’s gross domestic product (GDP) is expected to slow to 7 per cent in 2015. Photograph: Jason Lee/Reuters

The early new year is a fine time for getting out one’s crystal ball and seeing what the future holds. China-watchers are particularly prone to futuro(...)

What the first World War had not done, the Great Depression, Nazism and the second World War did. By the time of D-Day the world economy had disintegrated. Photograph: EPA/Jamie Peters

This year is the 100th anniversary of the start of the first World War, the 70th anniversary of D-Day and the 25th anniversaries of the collapse of th(...)

The Gherkin and St Helens stand at the heart of the City of London. Photographer: Chris Ratcliffe/Bloomberg

High-income economies have had ultra-cheap money for more than five years. Japan has lived with it for almost 20. This has been policymakers’ principa(...)

The Nest Learning Thermostat is displayed at a Home Depot store. Google is to buy Nest Labs for $3.2 billion in cash. Photo: Getty Image

Google is buying digital thermostat maker Nest Labs for $3.2 billion as the Internet search company moves deeper into Web-connected devices. Nest’s fo(...)