Even as I put my finger to keyboard I'm still unsure about writing this. I am not going to back any of this conjecture up because you now have at your disposal the sum of knowledge that is the world wide web and internet, and by writing this I am implying that my ideas have some worth, and maybe carry some weight. They do for me, but you can take it or leave it , on what you think. I'm going to get a bit political , and a bit moral about this and am going to include a controversial talk by possibly the only plutocrat I admire Nick Hanauer.
There have been a number of revolutions that have advanced society usually in a tangible way, two examples of this are the industrial revolution and more recently the communication and computer revolutions. These have all provided tangible benefits for mankind , enable the production of quality goods , creating economies of scale and eventually benefiting a great many of the world's population, bringing down the prices of goods through mass production , increasing profits for companies , providing employment, growing markets and dragging a great deal of the western world on an upwardly mobile path.
Horrible side effects of these development caused World Wars , and the greed of an unchecked banking systems caused the Wall Street Crash , which required the planning instigated by Roosevelt in the thirties to get the world back on course , part of which included very tight controls on the banking sector again. This was again hit by War , but then in the fifties and sixties the world grew like hell , though war and conflict was still with us. The rise in living standards meant people could even buy houses , subject to strict lending criteria , but money was always backed by the property people were buying. If you wanted luxury items then generally you saved or at least put down a hefty deposit. This enabled growth backed by stability. One of the problems in Britain was the unions becoming too powerful , there always needs to be a balance, but then the power swung the other way with the toies coming to power and on the back of that a deregulation of banking and credit which allowed lending with virtually no checks or controls.
This fueled and inordinate amount of spending , coupled with mortgages being lent to people who couldn't afford to repay them. This was the first Nothing Revolution , all it created was debt , which provided huge earnings for the financial sector as people hocked their life for the latest things whether they could afford them or not. By Inflating the debt the financial sector creamed of the money from high interest repayments from people who could not afford to keep up. This model worked when wages were increase , but the cracks began to show when wages started to stagnate. People still needed the latest car or iPhone or a new house, because that's what the financial sector told them they needed , and the financial sector needed them to believe it. Fall out from this is that more and more employment is in "service" (call centres and the like) and less and less tangible goods are being produced in the west , shrinking the spending power of markets, to the point where people are running to keep still, and lots of them drop. Money gravitates towards the rich and the poor get poorer. The lack of union power means that people don't have the clout to take on Corporations which are buying governments off to serve there own ends.
The only solution to this is for a Roosevelt type figure to bring Corporation and the Financial Sector to heel increase taxes , implement a real living wage and work towards a full , highly paid employment. People who are on benefits should have enough money to effect the economy in a positive way but should also be helped into work , not beaten with sticks and vilified.
OK sorry for the lack of laughs and music , but though I would just let rip about this. Hope it made you think.