Recessions so big that they cost trillions of dollars signal the need for deep structural change so we should expect, anticipate, even enjoy a re-imagining of the economy, and we should articulate new economic trends as part of the big debate on economic management.

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Such trends could foster inflationary imbalances that would undermine the economy's record economic expansion.

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Now obviously there are varying degrees of exposure to world economic trends, and to the extent that Russia can make reforms that make its overall economy less dependent on the prices of natural resources the authorities should make them.

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