With the decision of the power elite in Washington to accept a long, deep economic downturn and a slow, hesitant, low-inflation recovery, I think that the American Century may have finally come to an end.

Matthew Yglesias

Yglesias » Future Shock: The Economist did an interesting 2010 in charts feature to close the year out.... I think what we see is that for unclear reasons leaders in developed countries have basically given up on trying to have economic growth. The US, the Eurozone, and Japan are so terrified that real growth might lead to growth-imperiling inflation that we’ve just decided to live without the growth in the first place. To me this is also Tyler Cowen’s real message here. But if the developed world has decided it’s not interested in growth anymore, I think we can look forward to many more stories like this:

With a market share of 31.5 percent, Nokia is still the largest vendor of handsets in the Indian market, followed by Chinese brand G’Five with about 10 percent share, IDC said on Wednesday.

That’s via full-time professional mobile device market analyst Horace Dedieu who remarks: “No, I haven’t heard of G’Five either.”

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