The lucky cohort- Unlike those born in the 1940s and 50s

Source: The post is based on the article “The lucky cohort- Unlike those born in the 1940s and 50s, the current generation can no longer take global peace and lifelong economic progress for granted” published in “Business standard” on 12th October 2023.

Syllabus: GS3- Economy- growth and development

News: The article discusses significant global progress and challenges experienced since 1940, highlighting remarkable advancements and prosperity from 1940-2000. It also addresses negative impacts such as environmental damage, economic shifts, and social issues in more recent decades. The article suggests that the 1940-50 birth cohort may be the luckiest ever, experiencing numerous benefits and facing fewer global-scale challenges.

Why are the 1940-50 cohorts considered lucky?

The 1940-50 cohorts are considered lucky for several reasons:

Extended Peace: They experienced nearly 78 years of relative global peace after World War II.

Decolonization Benefits: From 1946 to 1966, decolonization brought self-governance to many regions, like Asia and Africa, spreading its advantages globally.

Prosperity Surge: There was a notable increase in world prosperity due to trade and technological advances after 1950.

Health and Longevity: Life expectancy soared worldwide, rising from 45 years in 1950 to 73 years in 2022, marking a significant improvement in global health and longevity.

Economic Improvements: The cohort witnessed major economic improvements, with global extreme poverty dropping significantly, from 38% in 1990 to below 10% in 2019.

Education Accessibility: Access to education and its subsequent benefits became more widespread, contributing to overall well-being.

What are the negative impacts of global prosperity and well-being?

Negative impacts of global prosperity and well-being include:

Environmental Damage: Over 200 years of fossil fuel burning has led to global warming and various climate change issues.

Resource Depletion: The planet’s natural resources have been significantly depleted due to the surge in global prosperity.

Extreme Weather: The frequency of extreme weather events, like floods and forest fires, has dramatically increased in recent years, damaging lives and livelihoods.

Economic Strains: Despite overall growth, economic problems like the global financial crisis of 2008-10 have arisen, slowing world economic progress.

Employment Challenges: Technological advancements, while beneficial, have also brought employment challenges, such as labor-saving technologies making certain jobs redundant.