When economist Arjun Chakravarti gave his keynote economic overview last month at Technomic’s Trends & Directions Conference near Chicago, he said the world might come to rely on the American consumer to stabilize the global economy and slowly drag it back to continued growth. Europeans likely would struggle under austerity measures, he said, and growth would slow in emerging countries like China and Brazil — so in the meantime, it’s up to us to pick up the slack. I ...

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