By Robin Blackburn
A searing examine the monetary difficulty of an getting older society, with radical new proposals.
Most international locations face the longer term with an growing older inhabitants, but such a lot governments are reducing on pensions and the care providers wanted by means of the aged. Robin Blackburn exposes the perverse reasoning and distinctive pursuits that have mixed to provide this nonsensical scenario. This up-to-date paperback version of Age surprise features a new preface explaining why the credits crunch and eurozone drawback have had this kind of devastating impression and outlining the way to warrantly respectable pensions and care provision.
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Additional info for Age Shock: How Finance is Failing Us
The global elderly ± two thirds of them women ± are often destitute. In the Afterword I outline a proposal for a global pension. Building the purchasing power of the poorest has the advantage, as I explain there, that they are likely to spend on local and national produce. Global Coordination The uncertainty surrounding the euro and resentment at US `quantitative easing' gave a new relevance to the proposal from the governments of China and Brazil that a new international reserve currency was needed ± and that the IMF needed reform in order to remove its domination by the US and EU.
The alternatives laid out in chapters 6 and 7 of this book retain their validity, as does the need to tax capital rather than labour incomes. But direct contributions from employees also have a role. In an important book, Teresa Ghilarducci urges that in the US the Social Security old age pension should be supplemented by a universal, man datory pension for all employees. This would strengthen prospective retirement incomes in a period when so many have found their pension prospects eroded or destroyed.
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). 3 The case for new trade rules if poverty, joblessness, child labour, discrimina tion or ecological malpractice are to be avoided has been powerfully made ± from contrasting perspectives ± by feminist economists and by Jean Luc GreÂau, formerly chief economist of MEDEF, the French employers federa tion.