Question

According to Chossudocsky the emergence of luxury consumption after the 1980s temporarily buggered a worldwide recession?

Answer 1

According to Chossudocsky the emergence of luxury consumption after the 1980s temporarily buggered a worldwide recession. There was a sudden change in people's life styles. People focused more and more on affluent standards of living. They started saving less and spending more. They started putting more and more on earning to satisfy their needs and enhance their standards of living. This temporarily buggered world recession. There was a sudden change in thought patterns. Affluent standards became more important that leisure or even families. All this increase MPC and thereby levels of aggregate demand. It buggered a worldwide recession.