The Long Boom, a period of economic growth from 1982 to 2007, has shaped the political and economic perspectives of an entire generation. This era, marked by the fall of the Berlin Wall and the rise of the Internet, led many to believe in the inevitability of globalised capitalism and liberal democracy. However, the financial crisis of 2008 shattered this belief, exposing the systemic weaknesses of this economic model.
Despite this, the Long Boom continues to shape our political discourse. Its influence is seen in the widespread resistance to increased public spending and the belief in market solutions to societal problems. This mindset has hindered our ability to address the economic and social challenges of the 21st century, including inequality, climate change, and the rise of authoritarianism.
The Long Boom has also affected the younger generation, who have grown up in an era of economic instability and political polarisation. They are more likely to support policies such as universal healthcare and higher taxes on the wealthy, reflecting a shift away from the neoliberal consensus of the Long Boom era.
The curse of the Long Boom is its lingering influence on our political and economic thinking. To address the challenges of the future, we need to move beyond the assumptions of the Long Boom and develop a new economic model that prioritises social equity and environmental sustainability.
Go to source article: https://davekarpf.substack.com/p/the-curse-of-the-long-boom