By Robin Blackburn
A searing examine the economic obstacle of an getting older society, with radical new proposals.
Most international locations face the longer term with an getting old inhabitants, but such a lot governments are decreasing on pensions and the care companies wanted through the aged. Robin Blackburn exposes the perverse reasoning and detailed pursuits that have mixed to supply this nonsensical scenario. This up to date paperback version of Age surprise encompasses a new preface explaining why the credits crunch and eurozone trouble have had this kind of devastating effect and outlining the way to warrantly good pensions and care provision.
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Extra info for Age Shock: How Finance is Failing Us
Social infrastructure, sustainable economics and the cross border scope for new productive networks furnish many fields for such en deavour. The pressures of capital accumulation should be neither under estimated nor accepted, but rather curbed, controlled and directed. 39 Strategic public ownership is a necessary but not sufficient condition, since public authorities can be tempted into their own speculative excesses (sadly the IMF and World Bank have encour aged this by their privatization euphoria, on which more below).
The Chinese banking system is still largely publicly owned and controlled, as noted above. China's banks were instructed to maintain or even increase the flow of credit at the risk that they themselves might become weighed down by underperforming loans. Continued growth in the Chinese economy allowed these bets to pay off, and the boost to Chinese demand stimulated the country's imports. German industry was ready to meet the needs of Chinese customers. However, China's growing inequality constrains its trading pattern, with German exporters finding stronger demand for luxury cars than for machine tools or medical equipment.
There is too little demand overall because of poverty ± that of `subprime' North American mortgage holders and that of Chinese workers. The demand that does exist is biased ± by inequality ± towards luxury goods and wasteful modes of consumption. The growth in emergent economies narrows some global inequalities and supplies cheaper industrial goods to the richer nations, acting counter to the tendency to erode Western living standards. But the full Ricardian case for `comparative advantage' no longer holds because of the often stronger force of absolute advantage: a double dip recession would hurt emerging economies too.
Age Shock: How Finance is Failing Us by Robin Blackburn