The evolution of the system  Finally, let me now turn to the question of how the financial crisis has moved the direction or the speed at which global governance is moving. Some of these trends are not yet fully clear, nor free of challenges, as we shall see.
The growth rate had remained high until the start of the 1970s, when it started declining gradually, before dropping sharply following the bursting of the economic bubble at the beginning of 1990s, after which the rate has been declining. Prices have been deflationary since the end of the 1990s in terms of the year-on-year change in the CPI.