DislikedI mostly agree with you, but there is one big problem.
It is nice for Europeans to have far more balanced and less aggressive/stressed societies. However, since we live in the global market this level of restrictions on business (environmental, labor, etc.) while necessary, make the western economies less and less competitive against emerging markets where corporations are free to fully exploit the people and the environment.
This standard of living is simply not sustainable without trade wars with China and India - which aren't possible at...Ignored
Also, don't forget that a rising middle class will aslo create a lot of new demand for products and services. A couple of decades ago the average Chinese was riding a bike or walking...but just look at car sales now. Hell, a lot of Western car companies probably wouldn't exist anymore without that demand.
The question is: Will China/India be able to manage this growth successfully or not?
By the way, this century we'll have way worse issues than wages or debt. The key issues will be water and fish! Water is self explanatory...and fish because billions of people rely on it as their main food source, yet we do our best at progressing overfishing and ocean acidification which obliterates that food source. It might take another 2-3 decades, but sooner or later we'll face a lot of very hungry and thirsty people.
