When the Money Runs Out: The End of Western Affluence

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 future benefits we expect—pensions, healthcare, and social security, for example—may be larger than tomorrow’s resources. And if we reach that point, which promises will be broken and who will lose out? The lessons of history offer compelling evidence that political and social upheaval are often born of economic stagnation. King addresses these lessons with a multifaceted plan that involves painful—but necessary—steps toward a stable and just economic future. CONTENTS ACKNOWLEDGEMENTS Introduction: Whatever Happened to the Decades of Plenty? Chapter 1. Taking Progress for Granted Chapter 2. The Pain of Stagnation Chapter 3. Fixing a Broken Economy Chapter 4. Stimulus Junkies Chapter 5. The Limits to Stimulus: Lessons from History Chapter 6. Loss of Trust, Loss of Growth Chapter 7. Three Schisms Chapter 8. From Economic Disappointment to Political Instability Chapter 9. Dystopia Chapter 10. Avoiding Dystopia Notes Bibliography Index