When the Money Runs Out - The End of Western Affluence
Luncheon Presentation by Stephen D. King, Group Chief Economist, HSBC
The Western world has experienced extraordinary economic progress in the last six decades - a prosperous period so extended that uninterrupted growth is considered the norm. Yet such an era of continuously rising living standards is an historical anomaly, warns economist Stephen D. King, and the current stagnation of Western economies threatens to reach crisis proportions in the not-so-distant future. Following his first book Losing Control, which examines the impact of the emerging nations on western economic prosperity, Mr. King provides a plain-spoken assessment of where the West stands today. It is not just the end of an age of affluence, he asserts. The western world has made promises that are only achievable through ongoing economic expansion. The future benefits expected - pensions, healthcare and social security - may well be larger than tomorrow’s resources. The lessons of history offer compelling evidence that political and social upheaval are often born of economic stagnation. Mr. King addresses these lessons with a multifaceted plan that involves painful - but necessary - steps toward a stable and just economic future.
Stephen D. King is Group Chief Economist and Global Head of Economics and Asset Allocation research at HSBC. He is directly responsible for the Bank’s global economic coverage and co-ordinates the research of the Bank’s economists all over the world. In 2012, Mr. King became a member of the Financial Times “A List”, which “provides timely, insightful comment from globally renowned leaders, policymakers and commentators”. Mr. King is a member of the UK Government’s Asia Task Force. He has given evidence on the economic effects of globalization to the House of Commons Treasury Committee and the House of Lords Economic Affairs Committee. He has also given evidence to the House of Lords Committee on UK monetary policy. Mr. King studied at New College, Oxford.