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The post 1970s financialization of everything [1] is probably behind most of Britains decline. The UK was just an early adopter [2]. Embracing that nonsense (i
by grumpy-de-sre 2y ago
The post 1970s financialization of everything [1] is probably behind most of Britains decline. The UK was just an early adopter [2].
Embracing that nonsense (including rampant neoliberalism) has really rotted the backbone out of our society.
1. https://en.wikipedia.org/wiki/Financialization https://en.wikipedia.org/wiki/Financialization
2. https://www.researchgate.net/figure/Evolution-of-the-GDP-share-of-finance-sector-Note-In-2010-the-finance-and-insurance_fig2_303999912 https://www.researchgate.net/figure/Evolution-of-the-GDP-sha...
- HPsquared 2y agoThe UK did kind of ride the wave though and profit from it internationally. It's one of our few big industries (if you can call it that) bringing money in.
- vishnugupta 2y agoExactly. I’ve commented here on similar topics before. Britain’s success was in large part due to being able to combine financial innovation with daring voyages and physical innovation. But beginning from 70s they over indexed financialisation at the cost of building physical things. In comparison, China has actively suppressed over financialisation and results speak for themselves.
- grumpy-de-sre 2y agoVisiting China earlier this year broke me, left the place dismayed about the situation back home. I'm no communist, just someone who recognizes the social and economic benefits of abundant housing, cheap energy, and forward thinking transport policy. I have no idea how we'll get back on the track of improving human development but it's not going to be easy.