March 30, 2008

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Should Our Economy Be Based On Invention?

In light of the current credit crunch and global financial woes that seem to be largely a product of irresponsible lending and an economy based on banking (i.e, debt), should the UK go back to an economy based on people who make things?

I guess I'm not alone in thinking it, according to this article in the Times newspaper.

I think, though, that manufacturing these days is all about efficiency - and global competition can create a "race to the bottom", where international economies undercut one another, leading to sweatshops and other human rights abuses.

I suspect what we really need is an economy based on people who invent things.



Posted 10 years, 3 months ago on March 30, 2008