'Best' of Capitalism ... Over
The OECD released its predictions for the world economy until 2060.
The clear message is the best of capitalism is over.
If born in 2014, then by 2060 you are either a 45-year-old barrister or a 45-year-old barista. The middle-income jobs have all but disappeared.
The world will be four times richer, more productive, more globalised and more highly educated.
There is no certainty at all that the information revolution of the past 20 years will cascade down into ever more highly productive and value-creating industries. The veteran US economist Robert Gordon has suggested the productivity boost from info-tech is real but already spent.
On the other hand, by 2060 countries such as Sweden will have levels of inequality currently seen in the USA. Think:
- Gary, Indiana, in the suburbs of Stockholm.
- Los Angeles and Detroit look like Manila – abject slums alongside guarded skyscrapers.
More at:
http://socialismoryourmoneyback.blogspot.co.uk/2014/07/the-oecd-gloomy-future.html
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