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Money for Nothing

Real Wealth, Financial Fantasies, and the Economy of the Future


In the bubble years the markets got ahead of the economics. Now the economics are about to get ahead of the markets. The new importance of the human factor in the global economy will mean the acceleration of knowledge - and hence technological progress; the opening of the road to good governance which underpins prosperity for all countries, including those in the Middle East and Africa currently written off by the world; and an enriching explosion of trade with the developing countries, like China and India. The interaction between these forces opens up a new era of true globalization - with developed countries enjoying a rise in the rate of economic growth to historically unprecedented levels as well as poorer countries coming within prosperity's embrace. This is "The Wealth Spiral". While it may not be so quick or spectacular as stockmarket booms, it is real wealth rather than financial fantasy.

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