It gives me no satisfaction that just prior to the beginning of our current economic crisis I had suggested that there was a deep structural problem in the global economy, which left us vulnerable to such a crisis (Bulletin of Science, Technology & Society, Vol. 29, No. 1, February 2009). There was enough evidence to formulate the hypothesis that during the second half of the 20th century the economies of the industrially advanced nations had been transformed into antieco-nomies, which extract rather than create wealth. Such a transformation occurs when the costs incurred in the production of wealth rise to the point that net wealth production declines.
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