1. Introduction -- 2. The slowdown and real interest rates -- 3. The slowdown and asset prices -- 4. The slowdown and the share of profits -- 5. The slowdown in the data -- 6. Losing ground to China and other countries -- 7. The pandemic and its aftermath -- 8. Growth to the Rescue.

This paper extends the insight that trade increases international product-market competition to show that in a world with an endogenous natural rate of unemployment, countries can benefit through a decline in the natural rate. When the number of firms in the integrated world market is greater...