Author(s): NISD
Source: NISD
Abstract: Globalization had reduced to an overall adjustment of the industrial structure. Since 1970, the extremely extension of consumer credit, over use of leverage, and sustainable stimulation of demographic dividend have supported a global prosperous development. The expansion of financial capitalism became the basic element of economic and social development, however, it also borrowed from future disposable income. The borrowed boom collapsed after all until the eve of the 2008 financial crisis. lack of demand, de-leveraging, de-globalization and re-regulation were taken as “New norm”. Some kinds of financial capitalism such as pension funds hope to solve the problem of retirement life of aging population. But the structural problems as insufficient reservation and sovereign debt crisis will create serious “Generation struggle” in future.
Keywords: Capitalism, Max, pension funds, Sociology of finance, Generation struggle