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Creative destruction: How to start an economic renaissance Paperback – 29 Mar 2017
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An excellent study of the malaise plaguing western economies. Mullan provides a bold call for strategy of economic disruption in order to lay the foundation for a 21st century industrial revolution. --Frank Furedi, University of Kent
A wide ranging and thorough diagnosis of the problems besetting the UK economy. --Philip Sadler CBE, Tomorrows Company
After Brexit the economic question is back with a vengeance, Mullan's case for public-led political change is timely and essential. --Bruno Waterfield, Brussels correspondent, The Times
About the Author
Phil Mullan is an economist and business manager, who researches, writes and lectures on economic, demographic and business issues. Currently working independently, in 2014 Mullan completed eight years in senior management roles with Easynet Global Services, an international communications services company. Previously he had been chief executive of the internet services and training company Cybercafé Ltd.
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Creative Destruction is sobering because it shows that the economic problems we face today are far more fundamental and profound than most economists and politicians appreciate. Mullan writes: ‘Tendencies towards stagnation and decay in the economy’s capacity to create new sectors and decent jobs have been apparent for several decades – indeed since the onset of the Long Depression in the early 1970s…. During the four decades since the crisis began, the rate of new business investment and the pace of productivity growth have deteriorated’. The failure of various counter-crisis measures – whether it be the extension of credit or the growth of fictitious capital – to revive the economy ‘shows that the West’s economic problems are systemic and structural, not cyclical and transitory,’ he writes.
Creative Destruction is inspiring because it puts forward a clear argument for how we can get out of the current impasse. In short, we need a fourth industrial revolution. ‘The first industrial revolution was that of the steam engine, the spinning jenny and the railways from the 18th century. The second industrial revolution occurred during the second half of the 19th century, centred on the telegraph, the telephone, electricity and the internal combustion engine. The third one began in the mid-20th century with nuclear power, jet propulsion and computerisation, leading on to the internet and other digital technologies. The fourth industrial revolution is the one needed now to escape the Long Depression’, Mullan writes.