It doesn't necessarily mean economy of developed countries will decline, but it is no longer possible to sustain present standards of living for the future. First, all nations have to reduce their dependence on non-renewable resources. Global warming and other problems have been created due to our dependence on non-renewable resources. We must change our priorities from continuous economic growth and consumption to creating a more sustainable world. Second, we have experienced several recessions since World War II. The world economy today is tied together in many ways. There are periods of growth and contraction in individual economies and the world economy as a whole. During periods of contraction, standards of living are bound to decline. More recessions and even a depression are likely to occur sometime in the future. Finally, the global economy is unequally distributed. The world's richest top 1% monopolises 82% of the wealth created in the world. On the other hand, assets ...
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