The Volatility of 'Hockey Stick' Economic Growth
While 'hockey stick' graphs show a dramatic long-term rise in metrics like GDP per capita, this growth is not a smooth, uninterrupted process. The period of modern growth is characterized by significant volatility, a typical feature of capitalist economies. This means the upward trend is frequently punctuated by economic fluctuations, including severe downturns. For instance, the first two decades of the 21st century witnessed two major economic crises: the global financial crisis and the downturn caused by the COVID-19 pandemic.
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