The Age of Aging: How Demographics are Changing the Global Economy and Our World - Hardcover

Magnus, George

Hardcover

ISBN 10: 0470822910 ISBN 13: 9780470822913

Publisher: Wiley, 2008

Synopsis

The year 2008 marks the beginning of the baby boomer retirement avalanche just as the different demographics in advanced and most developing countries are becoming more pronounced. People are worrying again that developments in global population trends, food supply, natural resource availability and climate change raise the question as to whether Malthus was right after all.

The Age of Aging explores a unique phenomenon for mankind and, therefore, one that takes us into uncharted territory. Low birth rates and rising life expectancy are leading to rapid aging and a stagnation or fall in the number of people of working age in Western societies. Japan is in pole position but will be joined soon by other Western countries, and some emerging markets including China. The book examines the economic effects of aging, the main proposals for addressing the implications, and how aging societies will affect family and social structures, and the type of environment in which the baby-boomers' children will grow up.

The contrast between the expected old age bulge in Western nations and the youth bulge in developing countries has important implications for globalization, and for immigration in Western countries - two topics already characterized by rising discontent or opposition. But we have to find ways of making both globalization and immigration work for all, for fear that failure may lead us down much darker paths. Aging also brings new challenges for the world to address in two sensitive areas, the politicization of religion and the management of international security. Governments and global institutions will have to take greater responsibilities to ensure that public policy responses are appropriate and measured.

The challenges arising within aging societies, and the demographic contrasts between Western and developing countries make for a fractious world - one that is line with the much-debated 'decline of the West'. The book doesn't flinch from recognizing the ways in which this could become more visible, but also asserts that we can address demographic change effectively if governments and strengthened international institutions are permitted a larger role in managing change.

About this title

About the Author

George Magnus is the senior economic adviser at UBS Investment Bank and has held this position since 2005. Before this, he was the bank’s chief economist with effect from the merger between UBS and Swiss Bank Corporation in 1998, leading a team of professional economists to the highest accolades in the Institutional Investor and other industry analyst surveys. His previous responsibilities involved senior macroeconomic and managerial positions in Union Bank of Switzerland, SG Warburg and Bank of America. Mr. Magnus’ research is widely known and respected in the financial services community and the business media in the United States, Asia and Europe. He was one of very few to articulate at the beginning of 2007 that a major credit crunch in the United States and the West was likely, with damaging and long-lasting economic consequences around the world. He lives and works in London, is married, and has four children.

From the Back Cover

The extension of human life expectancy is a great blessing. But, together with declining fertility rates, it creates no less big challenges. In this wide-ranging and well-informed book, George Magnus analyzes what needs to be done to lift the burdens created by aging populations.
–Martin Wolf, Chief Economics Commentator, Financial Times

It is a commonplace that, as the population of the developed world ages, there will be all kinds of profound changes in the way the world works. No one to date, however, has sat down and tried to think harder about the ramifications of increased life expectancy and smaller family size than George Magnus. Bringing to the subject decades of work as one of the City’s best respected economists, Magnus shows himself here to be more than just a shrewd analyst of social and economic trends. He writes with clarity and panache, and leaves the reader feeling almost sorry for the “Boomerangst” generation that is fated to support the prolonged retirements of the Boomers themselves.
–Niall Ferguson, Laurence A. Tisch Professor of History, Harvard University; William Ziegler Professor of Business Administration, Harvard Business School

Demography is boring to most people, except when it comes to their own expected longevity and retirement plans. Demography is, however, destiny for countries. Literally. George Magnus provides a global tour de force of how we got to where we are and where we will be in the years ahead. And most importantly, what policymakers need to do NOW to prepare. In his hands, George makes this subject not only not boring but both enlightening and entertaining. A must read!
–Paul McCulley, Managing Director, Pimco

George Magnus is an author with a magnificent, truly globe-spanning mind―and the rare gift of lucidity, which benefits expert and non-expert readers alike. His book, The Age of Aging provides a powerful guide to humanity’s future.
–Stephan Richter, Editor-in-Chief, The Globalist.com

From the Inside Flap

The Age of Aging explores a unique phenomenon in the history of mankind, and therefore, one which is taking us all into uncharted territory. The combination of low or declining birth rates and rising life expectancy is producing rapid aging of the world’s population and stagnation in the number of people of working age in Western societies. Aging is most obvious in Japan and will soon become more visible in other Western countries and some emerging markets including China, though most poorer countries will not really encounter more severe aging issues for another 20 years. George Magnus examines the broad economic effects of aging, the main proposals for addressing the implications, and how aging societies will affect family and social structures, and the type of environment in which the baby-boomers’ children will grow up.

The contrast between the expected old age bulge in Western nations and the youth bulge in developing countries has important implications for globalization and for immigration in Western countries―two topics already characterized by rising discontent or opposition. Aging issues are also bringing new challenges for the world to address in two sensitive areas, the politicization of religion and the management of international security.

George Magnus asserts that the challenges arising from aging societies will probably not be addressed effectively unless governments assume larger economic and social involvement and responsibilities. He also argues that the global implications of demographic change, along with those of parallel concerns, such as climate change and resource scarcity, will require a more substantial role to be played by strengthened international institutions.

Edition details

• Publisher: Wiley
• Publication date: 2008
• Language: English
• ISBN 10: 0470822910
• ISBN 13: 9780470822913
• Binding: Hardcover
• Edition number: 1
• Number of pages: 352