By Robin Blackburn
A searing examine the economic trouble of an getting older society, with radical new proposals.
Most international locations face the long run with an getting older inhabitants, but such a lot governments are decreasing on pensions and the care prone wanted by way of the aged. Robin Blackburn exposes the perverse reasoning and specified pursuits that have mixed to provide this nonsensical situation. This up-to-date paperback variation of Age surprise contains a new preface explaining why the credits crunch and eurozone problem have had this kind of devastating influence and outlining the way to warrantly good pensions and care provision.
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Additional info for Age Shock: How Finance is Failing Us
There are aspects of the plan that I would question. For example, I believe that the best way to boost wages in China would be to improve labour rights, not revalue the Chinese currency. Likewise the pamphlet does not address the need for state sponsored re capitalization of the large banks. Its approach is avowedly US centred. But overall the analysis and proposals outlined in The Way Ahead are salutary, and tend toward the `high road' solution. That having been said they are certainly not anti capitalist.
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). Management of the crisis, as we have seen, led to public ownership stakes in key financial houses, but the real scale of public help via `quantitative easing' has not been acknowledged and in several areas losses ± on both private securities and pubic bonds ± remain concealed.
Its approach is avowedly US centred. But overall the analysis and proposals outlined in The Way Ahead are salutary, and tend toward the `high road' solution. That having been said they are certainly not anti capitalist. This makes them more realistic, politically, in the short run but perhaps less realistic, economically, in the long run. August 2011 Notes 1 I have more on this below, but see Richard Duncan, The Dollar Crisis: Causes, Consequences, Cures, Singapore 2003. 2 Robert Brenner, `The Economics of Global Turbulence': A Special Report on the World Economy, 1950±98', New Left Review, nos 228±229, May± June 1998, subsequently published in book form with an afterword (London 2006).