In the News (from Business New Europe): “It can be miserable living in an economy in transition. Hyperinflation might destroy your life savings in a matter of months. Your job may be pointless and pay badly – until you lose it that is. And then you could be condemned to poverty because there’s no social safety net to speak of.
“In October, the US Census Bureau announced that one in seven Americans, or 49m people, are now living in poverty, the highest number since records began 53 years ago. Two weeks later, the UK’s Office for National Statistics announced that the number of people out of work has hit its highest level in 17 years and youth unemployment is at an historic high… And Spain capped off the round of bad news saying unemployment is currently 23% – its highest level ever and the highest in the EU. A catastrophe is unfolding among the nations of the developed world.
“The West went through most of this sort of pain centuries ago, supposedly bringing to an end the scourges of hyperinflation, chronic unemployment and poverty. But now all three of these problems have reappeared – and most of them were visible even before the 2008 financial crisis broke.
“To conclude, evidence suggests that new and old Europe are moving in opposite directions, but isn’t this all just down to the hangover after the borrowing binge that western banks went on since the start of this century?
“…the monopoly that the West has enjoyed for the last 500 years over the most important factors that lead to prosperity has been broken, and the feisty young economies of the emerging world are undermining the comfortable western way of life.”
My Comment: The evolution of civilization is an objective process, and it is impossible to ignore it. Neglecting changes in society lead to mistakes that persist, and ignoring objective laws bring the entire developed world to the collapse.
It turns out that a one-sidedly developed world cannot realize nature’s new attitude towards civilization; the fact is that it forces us to establish integral connections, the society of mutual guarantee.