Meeting Francis Beckett tomorrow so do you have any questions for him? His thesis is that the self obsessed generation took the money and ran, with little regard for the consequences. He might be right. A lot of my friends have made a lot of money in property and financial services. On the other hand there are quite a few Gen X successes with computers and the internet, not to mention Gen Y and professional sport. I think what is really interesting (if sad) is that that the gap in the distribution of wealth is widening not shrinking.
Philip Beresford has commented that when he started doing the Sunday Times Rich List 25 years ago, 85% of the wealth was inherited. Today 85% is first generation. People are creating fortunes rather as they did at the end of the 19th Century and there are perhaps some more rather disturbing parallels.
Unfortunately, as Wilkinson and Pickett comment in The Spirit Level,happiness and good health lies with reduced wealth gaps and greater equality in distribution. Its a good read and very worrying that the UK is moving in the wrong direction. I'm not however convinced that it is all the fault of the baby boomers. The banking problems for example started with Reagan and Thatcher, both Seniors or members of the Silent Generation!
Watch this space and let me know if you think Beckett's got it right?
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