My hesitancy about doing so has reflected two considerations. The first is the compelling importance of some rapidly emerging global trends which are

#294: The perils of extremes

submited by
Style Pass
2024-12-23 17:00:08

My hesitancy about doing so has reflected two considerations. The first is the compelling importance of some rapidly emerging global trends which are wholly consistent with the ending and reversal of economic growth.

Britain is far from alone amongst Western countries in experiencing the effects of economic deterioration. The average British person has gradually been getting materially poorer ever since 2004, but the accelerating pace of this impoverishment has been driving social discontent and political fragility just as surely in France, Germany and America as in the United Kingdom.

Britain does, though, stand out from the crowd in several significant respects. As we shall see, these include excessive indebtedness, and outsized exposure to rate and currency risk.

Even more seriously, the steps necessary for effective preparation for economic contraction may be hard to implement in Britain because they run contrary to long-established, cross-party support for the failed and divisive doctrine of extreme neoliberalism. 

Leave a Comment