Read e-book online Age Shock: How Finance is Failing Us PDF

By Robin Blackburn

ISBN-10: 1844677656

ISBN-13: 9781844677658

A searing examine the financial situation of an getting older society, with radical new proposals.
Most nations face the long run with an aging inhabitants, but such a lot governments are reducing on pensions and the care prone wanted by way of the aged. Robin Blackburn exposes the perverse reasoning and distinctive pursuits that have mixed to supply this nonsensical situation. This up-to-date paperback variation of Age surprise features a new preface explaining why the credits crunch and eurozone obstacle have had this kind of devastating effect and outlining the way to warrantly first rate pensions and care provision.

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They present a serious rather than a crushing challenge. ) The net extra expenditure that is likely to be caused by an ageing population will total 5 per cent of GDP by 2050. 7 per cent of GDP. 5 per cent of GDP, equivalent to $22 billion in 2015±16. Taking early action would prevent the build up of deficits and render public ageing costs easier to meet. In both the US and the UK, public sector pension schemes have been targeted for `reforms' that will reduce their value. On the whole these are good schemes and should be vigorously defended.

The latter would inform and empower individual citizens, and regional or local networks. The neo liberal model, by contrast, hands over public assets and social programmes to private corporations and promotes a pervasive commodification of health, education, pensions and access to the natural environment. Indeed, commodification goes so deep today preface to the paperback edition xxxiii that it seeks to convert every citizen into a two legged calculating machine, making their own lives into a financial cost and profit centre.

Eventually, more thorough going measures of socialization might be seen as desirable, but for a considerable time the objective would have to be enhancing the role of public authorities at all levels in a world where privatization and financialization have run amok ± often by hijacking the state. Earlier I referred to the Ecuadorean government's audit of the country's national debt in 2007, preliminary to a rescheduling, or even a repudiation, of some of its components. If other countries undertook such an investigation they might well discover undue pressure, the suborning of public officials and the corruption of legislators.

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Age Shock: How Finance is Failing Us by Robin Blackburn


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