e-book Life After Growth: How the global economy really works - and why 200 years of growth are over

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However, social media giants are still involved in orchestrating the public shaming of citizens who misbehave. The social credit system may not be an entirely new initiative in China. These dossiers, which were first used in the Maoist years, helped the government in maintaining control of its citizens.

Animation: The World’s 10 Largest Economies by GDP (1960-Today)

In , people with a low score were prohibited from buying plane tickets almost 18 million times , while high-speed train ticket transactions were blocked 5. A further people were prohibited from leaving China, due to unpaid taxes. The system could have major implications for foreign business practices—as preference could be given to companies already ranked in the system. Companies with higher scores will be rewarded with incentives which include lower tax rates and better credit conditions , with their behavior being judged in areas such as:.

Despite the complexities of gathering vast amounts of data, the system is certainly making an impact. While there are benefits to having a standardized scoring system, and encouraging positive behavior—will it be worth the social cost of gamifying human life? As many American companies have discovered, doing business in China is far from straightforward. Recent history is littered with examples of companies that entered the Chinese market to great fanfare, only to retreat a few years later.

Here are some high profile examples of corporate u-turns by American companies operating in the Chinese market:. Google publicly displayed a disclaimer indicating that some results were removed, which created tensions with the Chinese government. For a while, things seemed to be going well. After one last ditch effort to provide unfiltered search results within China, the company retreated beyond the firewall. Amazon was an early entrant into the Chinese market. In , the company acquired Joyo — an online shopping site — which was eventually rebranded to Amazon China in Facing nearly insurmountable competition from domestic e-commerce platforms like JD and Taobao, the company recently announced it would be exiting the Chinese market.

Book Review: Life After Growth | Life After Growth (Paperback) by Tim Morgan | Harriman House

After arriving fashionably late for the ride-hailing party in , it quickly became clear that Uber was facing an uphill battle against well-funded domestic rivals. After only two years, Uber elected to u-turn out of the Chinese market. Now that red-hot growth at home is beginning to taper off, a number of Chinese companies have begun their push into other markets around the world.

One high-profile example is Huawei. The telecommunications giant has been making inroads in countries around the world — particularly in emerging markets — but has seen pushback and scrutiny in a number of developed economies. Already, Australia has blocked the company from participating in its 5G network , and in the United States, government agencies are banned from buying Huawei gear.

go site If negative sentiment continues to build, it remains to be seen whether Huawei and other Chinese companies will follow the playbook of American brands in China, and turn the car around. Email address. Details if other :. Thanks for telling us about the problem. Return to Book Page. Why, years after the banking crisis, is the global economy still mired in recession and burdened by enormous debts?

Why have the tried-and-tested economic policies of the past failed us this time? In Life After Growth, leading City analyst Tim Morgan sets out a ground-breaking analysis of how the economy really works.


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Economists are mistaken, he argues, when they limit the Why, years after the banking crisis, is the global economy still mired in recession and burdened by enormous debts? Economists are mistaken, he argues, when they limit their interpretation of the economy to matters of money. Ultimately, the economy is an energy system, not a monetary one.

From this, it follows that we need to think in terms of two economies, not one - a 'real' economy of work, energy, resources, goods and services, and a parallel, 'financial' economy of money and debt. These two economies have parted company, allowing the financial economy to pile up promises that the real economy cannot meet. Starting with the discovery of agriculture, Tim Morgan traces the rise of the economy in terms of work, energy and resources. The driving factor, he explains, has been cheap and abundant energy.

As energy has become increasingly costly to obtain, the potential for prosperity has diminished, to the point where growth in the real economy has ceased. An immediate problem is that our commitments - including debt, investments and welfare promises - cannot be honoured, which means that we can expect the financial system to be wracked by value destruction. At the same time, we need to adapt to a future in which prosperity can no longer be taken for granted. Get A Copy. Paperback , pages. More Details Other Editions 3. Friend Reviews. To see what your friends thought of this book, please sign up.

To ask other readers questions about Life After Growth , please sign up. Lists with This Book. This book is not yet featured on Listopia. Community Reviews. Showing Average rating 3. Rating details. More filters. Sort order. Oct 20, Mike Scialom rated it it was amazing. Then, around 10,BC, it became apparent that in a group of, say, 20 people, 19 could hunt and the 20th could stay behind and make arrowheads — or plant barley. Morgan suggests that future historians will cast the Industrial Age and its phenomenal year trajectory as a fabled yet troubled time during which human potential was fulfilled in ways previously unimaginable — just not fulfilled in ways that would benefit future generations much.

The author demands we stop pretending the crisis will somehow blow over, because continuing attempts at denial are hampering options which could make the difference between making the coming era of scarcity manageable — or unmanageable. Our Rome began burning in earnest during the s, when we — us, the Western economies and the consumers who fell for the backstory — began outsourcing production to emerging economies.


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So far so OK, but production in the West went down without any corresponding reductions in consumption. Not only did politicians and policy makers fail to explain the problem — they encouraged increased consumption. As the scale of the debt increased, banking, having once been the servant of industry, became its master. It declined to in and then to in Today it is As fossil fuels prices go up, ever more desperate efforts are made to maintain the continuity of supply.

An example of this species of denial in action is the Macondo project, 66km off the coast of Louisiana and 1, feet underwater.

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The rollercoaster psychology of stock market-based excess — remember the dot. Nothing much has changed, says Morgan, before predicting four adaptive measures that will allow us to negotiate our way to a more plausible future: 1. Personal transport will be replaced by public transport 2. From this, it follows that we need to think in terms of two economies, not one - a 'real' economy of work, energy, resources, goods and services, and a parallel, 'financial' economy of money and debt.

These two economies have parted company, allowing the financial economy to pile up promises that the real economy cannot meet. Starting with the discovery of agriculture, Tim Morgan traces the rise of the economy in terms of work, energy and resources.