Given the UK economy’s lacklustre performance it is hard to be sanguine about either your own, or others’ prospects. The UK is in good company; our neighbours are screwed too. Ireland borrowed too much money, Iceland borrowed way too much money, the American’s built too many houses, the Greek falsified their financial records, the Portuguese couldn’t keep up with German productivity rates and the Spanish foolishly joined the Euro.
But all is not lost.
We are currently living among the best of times for the world economy. Global GDP per capita may have dipped in 2009, but it has now surpassed its previous peak of 2008. $11,200 dollars a head, pretty good going a few years after the biggest global contraction since the 1930s. On top of that the world is now on its way to becoming a more equal place than it has been since everybody was equally poor. The globe’s Gini coefficient, a measure of inequality, has been rising for over a century but has finally changed course.