Defeat is in the Air ……
With all of the news of great economic events, it may seem curious to focus in on the mood of the US and UK, but I believe that this is something that we should not ignore. Economics is about more than just numbers, but is also about culture, drive, expectations and many other less tangible factors. The mood that is being expressed belies the recent sprinkling of false optimism, and is a mood of defeat and resignation.
Perhaps the most telling part is in the stories of individuals and families that can be found in the Time article. The tone and mood tallies with some of the commentators on the blog. There is a rejection of the striving, the desire to make more money, a diminishing sense of ambition. It is a rejection of wealth and the culture of consumption.
I will leave it for others to determine whether this shift is a good thing, but will instead discuss what this might mean in economic terms. I have spoken before about the working culture in China, which I have seen first hand. I believe I once gave the example of a couple working endless hours in a tiny food stall, and how their basic motivation was to provide a future for their children. Their absolute determination and willingness to sacrifice themselves was quite astonishing.
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