Economics and Management in Time of Decline in The Western World (Status Quo and Opportunities for The Western World)

Abstract

When socio-economic crises last a long time, it is a consequence of decline in the first place in society and in parallel with this – decline in economy. “Decline”, for the purpose of the study, will mean permanently fragmented society, parallel to long-term problems in the economy. “Western world”, for the purposes of this study will include Europe, The United Kingdom, and The United States. Decline in addition to social chaos also includes economic impasse (deadlock), caused by absence of significant economic growth for years; obsolete equipment and technologies; indebtedness of the countries of the West; inflation; negative population growth; frequent change of goals and priorities, and others. The “Decline” brings to the fore in the public life of the Western world aggressive and non-dialogical representatives of various social groups who do not possess any of the traditional values and culture of Western society, nor the obligatory high level of fundamental education, nor the professional abilities to distinguish the important from the unimportant. In addition to not representing the majority of society and thus continuing to create disunity, Western leaders and leadership teams do not set long-term goals in economy or for the society, limited by the mandate of governance in the Western democracies. Science and education of the society are not developed in parallel with economic specialization in specifically prioritized industries. Status quo does not allow solving the accumulated problems in society, much less ensuring socio-economic development.