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A Long Term Analysis of Two Undeniable Realities of the XXI Century - Global Economic Crisis and Demographic Aging

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  • Alina Ștefania CHENIC (CREȚU)

    (The Bucharest University of Economic Studies)

  • Alin Ioan CREȚU

    (The Bucharest University of Economic Studies)

  • Laurențiu TEȘCAN

    (The Bucharest University of Economic Studies)

Abstract

The article highlights ideea which said that, in actuals socio-economics conditions, will appear inherently lethal mixture between two undeniable realities of the century, namely, on the one hand, economic and financial crisis, with immediate effects of restricting economic activities and thus drastically reducing job remuneration for work and, on the other hand, the trend of demographic aging in most civilized geopolitical zones, strong or medium economic developed. Mankind has lived a long time with the phobia of population explosion, as well as the phobia of premature death due to incurable medical conditions characteristic of the twentieth century but human medicine and the pharmaceutical industry have made remarkable progress. Life expectancy has increased continuously and spectacularly, especially in economically developed areas in Europe, North America, Asia and Australia. Along with this joyful reality, the civilized world has adopted an unexpected demographic trend, namely a massive reduction in the birth rate. Therefore, along with the trend at the beginning of this millennium - in which the civilized people marry and procreate a maximum of 1-2 children up to the age of 35 - after 2008, the global economic crisis appeared. What will happen in the XXI century? Will the world's median age increase, dramatically reducing the ratio of people of working age and the total population? But the worst thing, in this context, seems to be the strangely inadequate reaction of human society regarding the use of available workforce. Many people of working age - often quite competent people- remain outside the labor market! Thus, this scientific approach constitutes a warning on the urgent and effective implementation necessity of new employment policies. On the contrary, we must accep that human civilization has finally found the brilliant and absolutely ridiculous model of self-destruction precisely because of the scientific and technical progress of medicine regarding the increase in life expectancy? Evolution involves regression?!

Suggested Citation

  • Alina Ștefania CHENIC (CREȚU) & Alin Ioan CREȚU & Laurențiu TEȘCAN, 2018. "A Long Term Analysis of Two Undeniable Realities of the XXI Century - Global Economic Crisis and Demographic Aging," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 19(2), pages 196-212, May.
    • Handle: RePEc:rom:rmcimn:v:19:y:2018:i:2:p:196-212
    DOI: 10.24818/RMCI.2018.2.196
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    More about this item

    Keywords

    aging population; reduce the birth rate; increasing life expectancy; civilized world; employment policies.;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General

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