ABSTRACT

The study of youth in Western societies today bears testimony to the decline of mid-century economic nationalism, where the rising prosperity of the individual derived from the pursuit of national economic growth. Problems confronting Western European countries not only result from attempts to reduce inflation and budget deficits in advance of the introduction of a single currency, but also from fundamental changes in the nature of the global economy. The major beneficiaries of financial and market deregulation, along with the revolution in information technologies, have been the multinational corporations. The threat of relocation to another part of the country, region or overseas, is also used by employers to squeeze further tax breaks or other concessions from local communities eager to avoid the consequences of redundancies, unemployment, and de-industrialisation. The nature and consequences of globalisation are generating intense national debates about economic competitiveness, social justice and social cohesion.