The world has changed, but the way investors and government policymakers think has not, warns Pimco CEO Mohamed El-Erian. "We have left the global growth regime that was driven primarily by debt-finance consumption in the U.S., but we have not as yet reached a position of more balanced, albeit anemic, growth," he writes. "Those who lack a robust anchoring framework, be they investors or policymakers, risk being misled and backtracking to outdated ways of thinking."

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