By Daniel Alpert, May 20, 2015, CNBC

Ever since the Great Recession, the first quarter has brought with it dramatically lower economic activity in the U.S., resulting in significant downgrades to annual growth forecasts. This year was no different, and now we are seeing strong evidence that this year's slump threatens to move beyond the winter months.

Many have characterized the U.S. economy's inability to grow robustly as an expected after-effect of a severe cyclical downturn. Such interpretation is well past its sell-by date. It's time to recognize that globalization has brought with it issues that defy cyclical economic prescriptions. We need to move beyond wishing that this monumental shift can be resolved by conventional measures and form a consensus leading to more effective policy.