When the Money Runs Out: The End of Western Affluence - Review
Review : A fine study of the consequences of Western growth slowing down
When the Money Runs Out (2013) by Stephen D. King looks at the dull horror of possible lower growth rates and the implications for the West. This Stephen King is the Group Chief Economist at HSBC but he has written a book that is really scary. The book looks at how the recovery from the Global Financial Crisis (GFC) has been slow enough to suggest that developed world growth rates are going to be substantially lower than those of the period between 1945 and 2000. He argues that this will lead to a crisis of sovereign insolvency as entitlement spending will not be affordable and that the financial and monetary games that are being played are starting to hurt more than help.
King first looks at how Progress has been taken for Granted and in particular how the very high growth rates for the three decades following the Second World War may have been exception. The period 1945-1975 had the rebuilding of countries that were previously economically strong in Europe and Japan, the...
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Brand: Yale University Press
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ASIN : 0300190522
Description : The Western world has experienced extraordinary economic progress throughout the last six decades, a prosperous period so extended that continuous economic growth has come to seem normal. But such an era of continuously rising living standards is a historical anomaly, economist Stephen D. King warns, and the current stagnation of Western economies threatens to reach crisis proportions in the not-so-distant future. Praised for the “dose of realism” he provided in his book Losing Control, King follows up in this volume with a plain-spoken assessment of where the West stands today. It’s not just the end of an age of affluence, he shows. We have made promises to ourselves that are achievable only through ongoing economic expansion. The...
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category: Economic Policy & Development
brand: Yale University Press
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Rating : 3.9
Review : randomreview