UK'S "OUT-OF-CONTROL CONSUMERIST ETHOS"

A very interesting article appeared in yesterday's Guardian, some extracts from which follow;

"The recent riots in London and other big cities were the product of an "out-of-control consumerist ethos" which will have profound impacts for the UK economy, a leading City broker has said.

The report by the global head of research at Tullett Prebon, Tim Morgan, ....details recommendations to resolve what it sees as a political and economic malaise: new role models, policies to encourage savings, the channelling of private investment into creating rather than inflating assets, and greater public investment.

It warns: "We conclude that the rioting reflects a deeply flawed economic and social ethos, recklessly borrowed consumption, the breakdown both of top-end accountability and of trust in institutions, and severe failings by governments over more than two decades."

"The dominant ethos of 'I buy, therefore I am' needs to be challenged by a shift of emphasis from material to non-material values. David Cameron's 'big society' project may contribute to the inculcation of more socially-oriented values, but much more will need to be done to challenge the out-of-control consumerist ethos.

"The government, too, needs to consume less, and invest more. Government spending has increased by more than 50% in real terms over the last decade, but public investment has languished.....""