The gathering evidence also suggests that the mass-consumption economy that has flourished since World War II may at last be running out of gas. Too many indebted consumers are tapped out or will be in hard times. Who's going to buy all this stuff? Is this weakened condition related to the gross and growing wage inequalities of the past two decades?
The "market signal" of small-d depression might be saying: Don't invest more in the old stuff since we've already got too many shopping centers. Start investing in "problems" the country has long neglected--see these really as economic opportunities. Invest in the energy technologies and industrial transformations required for the posthydrocarbons age of ecologically sustainable prosperity. Invest in healthcare and transportation and production systems to deliver safe, healthy food. Invest in the smaller, more nimble firms ready to do things differently. Invest in people--the human development that begins with children at a very early age. These and other investment opportunities are where the future jobs and higher returns are most likely to be found.
William Greider
The Nation June 30, 2003
