The Future World Economy : Bretton Woods II in Washington Must Deliver
As the G20 leaders gather in Washington for what has been dubbed “Bretton Woods II”, here’s a brief list of the economic opportunities they need to discuss:
The World’s population is estimated at 6.7 billion:
- of this, 15% live in slums and are permanently hungry
- yet the USA, the EU, the UK, Russia, China, India and Brazil have all reported bumper harvests this year
The World’s GDP is estimated at $55.5tr per annum:
- of this 85% is consumed by 20% of the population
- while 45% of the population live on around $900 per annum
- and 0.0001% of the population have a combined wealth of over $10tr
In the USA, in the ten years to 2006:
- employment stayed at around 72%
- while average earnings rose 45% from $37,000 to $54,000
- and the average real income of the poorest 20% of households fell
In other words, the global economy is fixed in a spiral where prosperity is hoarded by those who already have and isn’t shared with those who already have not. Social mobility is non-existent.
