|
by Jerome a Paris
The FT is inching ever closer to adopting my concept of the Anglo Disease, this time under the byline of John Plender, one of its regular editorialists. In a pretty long and detailed article about rising inequality, he has this to say, among other things:
The name - Anglo Disease - fits like a glove to these repeated descriptions of the Anglo- American financial capitalism model. But, more interestingly, the article provides explicitly, for the first time as far as I can ascertain, the explication that I've been using as to why this model was tolerated for so long:
The great swindle of the rich looting the economy by capturing real incomes while hiding it by encouraging people to take on debt is becoming understood as such. Well, it's not labelled as a swindle, but it's already described as what it is - a diversion, whereby consumption was made possible by debt instead of by income.
This is the Anglo Disease: the moment of reckoning, the realization that the "supercharged economic growth" is no longer around. The next step will be to acknowledge that it never really existed, except for a happy few. But let's take it one step at a time... |
Menu
. Home
. About . Contact . New User Guide . FAQ . Search . Search (Google) . Archives (Wiki) Art, Economics, Energy, Environment, EU Politics, Mech & Tech, By Country Login
|
|
|
Anglo Disease: one more step to it actually being christened | 48 comments (48 topical, 0 editorial, 0 hidden)
Anglo Disease: one more step to it actually being christened | 48 comments (48 topical, 0 editorial, 0 hidden)
| ||
| ||