Five years after the start of the financial crisis, commentators are deeply divided on the outlook for the global economy. Jim O'Neill, chairman of Goldman Sachs Asset Management, points to the positives: higher savings in the US, progress towards adjustment in the eurozone, continued growth in emerging markets. Viewed from a long-term perspective, the global economy continues to be transformed at historically unprecedented rates. So was the crisis just a blip?

Enter those who say, ‘No, the