It's due to a global economic system that has been failing the majority of the population at the expense of a few multinational corporations and the elite. That global economic system will collapse IMO - may take 20-30 years to completely change but the cracks are easy to see now.
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It's due to a global economic system that has been failing the majority of the population at the expense of a few multinational corporations and the elite. That global economic system will collapse IMO - may take 20-30 years to completely change but the cracks are easy to see now.
Not sure how people living on average 10 years more and subsequently needing 10 years more financial support is the fault of multinational corporations to be honest?
That suggests there is some form of conspiracy theory, when I think in reality it's more a case of a number of forces coming together. One of these is globalisation, and this has given companies a much larger potential market whilst also keeping costs relatively low, especially with technology playing such a major role. This has meant increased competition for labour (from both man and machine) has helped keep wages down, but the growing sales reach has meant higher returns for those with capital.
The second major trend is to do with this automation and technology. The stories are legion of companies like Instagram being run with a handful of employees vs the tens of thousands who lost their jobs when Kodak went to the wall. Many of the big new companies of recent years have employed fewer employees per £ of revenue than has traditionally been the case, in large part due to technology making each employee much more productive. What's more, the network effect has made it easier for dominant companies to entrench themselves in the market, with startups aspiring more towards acquisition than disruption.
This has had a particular impact on the lowly skilled end of the market, as these jobs are usually the first to be either automated or outsourced to cheaper places. Indeed, the UN did a report recently looking at the impact of automation on such jobs, and predicted significant disruption in the developing world, as many of the jobs that were outsourced there will soon be automated. It makes the claims by Trump et al that such jobs will be brought back to America (or Britain) rather weak. The work may come back, but it will increasingly be done by machines.
Now, here's the thing that doesn't get spoken about often, as when we think of economic systems the dialogue seems to only ever be about producers (workers), but of course there's another side of the coin, namely the consumer. The consumer has benefited enormously from the trends outlined above, and we can now buy a vast range of goods at prices that would have been unheard of previously. I think that's something we have to keep in mind when discussing the virtues of any economic system as it isn't all about workers, and consumers are often forgotten about.
joey_macmo
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So it all got a little distasteful in here last night didn't it. One person was drunk and the merry men followed along.
Anyway It appears that it's finally starting to hit home in the government, and we are still a million miles from even leaving.
Anyway It appears that it's finally starting to hit home in the government, and we are still a million miles from even leaving.
magicjuan
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I love that phrase 'keeping wages down'. It is the media interpretation/propaganda for exploitating the competitive situation, desperate in some nations, of a labour market, the automation of jobs too is portrayed as fearful. The technology was a godsend to profit margins, but no contingency put in place to create alternative employment.
And here in lies part of the rub. Consumers are employees too. Consumerism is a theoretical system, but the resources are finite while demand, promoted by all elements of the global system, is unfettered, it is the equivalent to an unmovable object being hit by an unstoppable force, there is a transfer of energies, that cannot be controlled or upheld under existing parameters, if ever.
We are approaching critical mass with this situation, imho we are headed for a biblical situation of total upheaval.
Foot Long Hot Dog
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lol
Pardon me for being concerned about the economic outlook and that being a priority over some flag waving jingoistic tosh and some fallacy about the country somehow now being open for business - whilst back in reality investment is forecast to slide dramatically.
peteblue
Welcome back Wayne
Investment in what ?
Foot Long Hot Dog
Player Valuation: A packet of pork scratchings
errrrm the UK
peteblue
Welcome back Wayne
But what specifically......
Foot Long Hot Dog
Player Valuation: A packet of pork scratchings
Business investment. Existing companies who trade here will be more reticent about investment, and our attractiveness as a destination in the current uncertain climate will reduce. The Tories spoke about this factor limiting our growth only yesterday, and it was obvious to a blind man pre-Brexit.
Thats no change when I was in work at the age of 50 every employee realised their NI was not being put aside to pay our future pensions it was paying the pensions of the OAPs then - all this welfare outcry on the sick - really it's the Old age pension that takes the most and is triple locked ok for poor pensioners but not for the rich pensioners could this be addressed yes why not they mainly vote Tory nothing changes its been like this for years and years -
I'm not sure I agree with that. It's more important than that, if for no other reason than simple maths. The vast majority of companies will have many more customers than they'll have employees, but it's equally likely that their customers aren't anywhere near as organised, nor as motivated, as employees, so will kick up much less of a stink should things be made worse for them. That shouldn't mean that they aren't important however. And btw, I'm assuming we're both in agreement that buying something for the sake of buying it is no better than employing someone for the sake of employing them, so we're not talking the extremes here.
Regarding your point about retraining though, it's one I've touched on numerous times during this thread, as none of the politicians behind Brexit (or Trump) have touched on it at all. It's a massive oversight imo, and an oversight done in large part because it's difficult, not least for the person having to retrain. It's much harder to try and sell difficult but realistic change than it is to sell easy but unrealistic change.
that statement was doom , and gloom over Brexit a professor of economics from Cardiff has just been on from the DP condemning the OBR as they predicted armageddon if we dared vote to leave - that has not happened its a case of remainers clutching straws - hammond he says painted a worse possible scenario, so when we leave and we trade in and outside the EU our growth will flourish and he will look a hero!
The Esk
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I am puzzled by one thing.
If the Government had any real intention of leaving the EU they'd have used clause 50.1 the day after the referendum rather than clause 50.2 as proposed at some point in the future, and just leave. Thankfully that route is currently blocked following the High Court decision.
No wonder the leave supporters are so concerned.
If the Government had any real intention of leaving the EU they'd have used clause 50.1 the day after the referendum rather than clause 50.2 as proposed at some point in the future, and just leave. Thankfully that route is currently blocked following the High Court decision.
No wonder the leave supporters are so concerned.
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