The Future World Economy : Bretton Woods II in Washington Must Deliver

Chris Milton — Thu, 13 Nov 2008 11:32:38 +0000

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.

Green Options » keynesian economics

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: