Pervasive Gloom About the World Economy

English: out-of-copyright print, published in ...

English: out-of-copyright print, published in 1867 in Great Britain (Photo credit: Wikipedia)

Het gieten van ijzer in blokken

Het gieten van ijzer in blokken (Photo credit: Wikipedia)


The public mood about the economy has worsened since 2008 in eight of 15 countries for which there is comparable data, while it is essentially unchanged in four others. The Chinese are the lone exception. They have been positive about their economy for the past decade.

As the graph below shows people’s perceptions are becoming exceedingly glum and hope is a thing of the past. Having been brought up on what ever you want,always being freely available to everyone, even the middle class.  One day slowly it all turns sour, not in a second, a minute or a day but a decade.

From the start of the industrial revolution

Great Britain provided the legal and cultural foundations that enabled entrepreneurs to pioneer the industrial revolution.[4] Starting in the later part of the 18th century, there began a transition in parts of Great Britain’s previously manual labour and draft-animal–based economy towards machine-based manufacturing. It started with the mechanisation of the textile industries, the development of iron-making techniques and the increased use ofrefined coal.[5] Trade expansion was enabled by the introduction of canalsimproved roadsand railways.[6] With the transition away from an agricultural-based economy and towards machine-based manufacturing came a great influx of population from the countryside and into the towns and cities, which swelled in population.[7]

At the end of days we are heading for an abyss that has an ever-widening cavern and decline of trade, reduction in work force, forced unemployment and eventual changes that will become irreversible in our economy, world and in people’s hearts.

Progression of our nation

The introduction of steam power fuelled primarily by coal, wider utilisation of water wheelsand powered machinery (mainly in textile manufacturing) underpinned the dramatic increases in production capacity.[6] The development of all-metal machine tools in the first two decades of the 19th century facilitated the manufacture of more production machines for manufacturing in other industries. The effects spread throughout Western Europe and North America during the 19th century, eventually affecting most of the world, a process that continues as industrialisation. The impact of this change on society was enormous.[8]

Looking back at what we have achieved and how far we have come can be both painful but also reveals interesting chinks in the reason for our decline, as a once powerful force and nation!

The Growth of our nation

The First Industrial Revolution, which began in the 18th century, merged into the Second Industrial Revolution around 1850, when technological and economic progress gained momentum with the development of steam-powered ships, railways, and later in the 19th century with the internal combustion engine and electrical power generation. The period of time covered by the Industrial Revolution varies with different historians. Eric Hobsbawmheld that it ‘broke out’ in Britain in the 1780s and was not fully felt until the 1830s or 1840s,[9] while T. S. Ashton held that it occurred roughly between 1760 and 1830.[10]

Shows us how one revolution led to a second and we all started to see development as wealth and wealth as a way to make us all well  off, to prosper. But this happened for the mill owners, who saw wealth as a right and privilege,was theirs by birth. As we progressed from the internal combustion engine to the electrical powered generation,the led to more wealth for the rich and less work for the poor and their burgeoning families.

Some believe that progress was slow but this was a misnomer

Some 20th-century historians such as John Clapham and Nicholas Crafts have argued that the process of economic and social change took place gradually and the term revolution is a misnomer. This is still a subject of debate among historians.[11][12] GDP per capita was broadly stable before the Industrial Revolution and the emergence of the modern capitalisteconomy.[13] The Industrial Revolution began an era of per-capita economic growth in capitalist economies.[14] Economic historians are in agreement that the onset of the Industrial Revolution is the most important event in the history of humanity since the domestication of animals and plants.[15]

The simple fact of how we got here is we grew too fast and had more and more of what we believe made us happy. The truth is far from fiction as by making sure everyone had it all they end up with nothing, but possessions and a heart that looks for more!


Economic mood is exceedingly glum all around the world. A median of just 27 percent think their national economy is doing well, according to a survey in 21 countries by the Pew Research Center’s Global Attitudes Project. Only in China (83%), Germany (73%), Brazil (65%) and Turkey (57%) do most people report that current national economic conditions are good.


#britain, #eric-hobsbawm, #great-britain, #history, #industrial-revolution, #second-industrial-revolution, #united-states, #western-europe