Abstract
Reports suggest that the credit situation in several countries is bad, and traditional retail business is in deep trouble. And while growth is slowing for the fifth year in a row, neither the World Bank nor central banks have ideas to address the debt crisis or contain inequalities. Since our world has become so complicated, tools used in the past have become largely useless; putting “experts” in charge of an evolving situation amounts to recycling unrecyclable ideas and talent, and using unusable tools. Two more factors will affect growth negatively: an emerging state of equilibrium in several industrial states, where domestic demand grows at a slow pace; and a state of diminishing expectations in other states, where people expect less in the future and are resigned to accept the less to come.
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Notes
- 1.
Mark O’Byrne , Global Debt Now $200 Trillion!, May 14, 2015 (http://www.maxkeiser.com/2015/05/global-debt-now-200-trillion/#wmskZoHFm3JMujeU.99)
- 2.
Michael Snyder , Corporate Debt Defaults Explode To Catastrophic Levels Not Seen Since the Last Financial Crisis, Washingtonsblog, March 31, 2016).
- 3.
Matt Egan , Macy’s is closing another 100 stores, CNN Money, August 11, 2016 http://money.cnn.com/2016/08/11/investing/macys-closes-100-stores/
- 4.
Phillip Inman , Risk of global financial crash has increased, warns IMF, the Guardian, October 7, 2015.
- 5.
Ibid.
- 6.
Mark O’Byrne , Global Debt Now $200 Trillion, May 14, 2015 http://www.maxkeiser.com/2015/05/global-debt-now-200-trillion/#wmskZoHFm3JMujeU.99
- 7.
Robert J. Samuelson , “Why the Fed slept?” The Washington Post, January, 23, 2012.
- 8.
Kennedy , the Rise and Fall of the Great Powers, 439–40.
- 9.
United States Census Bureau, US Census Bureau, July 2015 http://www.census.gov/population/international/data/idb/worldgrgraph.php
- 10.
Eric Newcomer , Uber Raises Funding at $62.5 Billion Valuation, Bloomberg Technology, December 3, 2015 http://www.bloomberg.com/news/articles/2015-12-03/uber-raises-funding-at-62-5-valuation
- 11.
International Labor Comparisons, 1970–2012, US Bureau of Labor Statistics, October 19, 2016 http://www.bls.gov/ilc/tables.htm
- 12.
Where the Manufacturing Jobs Are, The Globalist, December 30, 2014 http://www.theglobalist.com/where-the-manufacturing-jobs-are/
- 13.
Ibid.
- 14.
Top 20 Facts About Manufacturing, National Association of Manufacturers http://www.nam.org/Newsroom/Top-20-Facts-About-Manufacturing/#sthash.actiLbEr.dpuf
- 15.
See, Mohamed Rabie , Saving Capitalism and Democracy; Palgrave Macmillan, 2013; chapter 8.
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Rabie, M. (2018). A Peek at the Future. In: The Global Debt Crisis and Its Socioeconomic Implications. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-66215-2_14
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DOI: https://doi.org/10.1007/978-3-319-66215-2_14
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