Against this background, we witnessed a truly global asset market boom, synchronously involving many regions, and which culminated in the crisis of 2008. Real property prices across a wide area of the globe surged nearly threefold within a decade. The significant point for us here is that the bubble we have experienced coincided closely with the turning point in demographic trends.
Such demographic perspective casts serious doubts on the view that little has changed in the fundamental character of the global economy even after the crisis of 2008. It will form the core of my argument in this presentation.