London, 11 October 2010

The view which emerged last year was that the ‘new normal’ would be predicated on financial deleveraging, reregulation and deglobalisation. Translated, this means a reduction in debt, greater state control over the operation of markets, and a reduction in international capital flows.

The expected consequence of these various changes was that global growth would slow relative to the rates experienced in the run up to the global financial crisis. The new normal for financial markets marked a recognition that what was occurring was not just another turn of the business cycle but a wholesale restructuring of the global economic order. So what is the ‘new normal’ for the mining industry?

By David Humphreys

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