ABSTRACT
The period 2010-2020 became known as the decade of austerity. This was particularly true for Europe, the USA and Japan. The knock-on effects of the 2008-2009 banking crisis were particularly severe in Europe. The effects were worse in Ireland, Greece and Portugal, all of which eventually defaulted on their debts, but every European country experienced rises in taxation, and reductions in public expenditure and individual disposable income. It took Japan the whole of this decade to recover fully from the 2011 tsunami, while the US economy seemed permanently stalled. Although growth continued in China, India, Brazil, and to some extent Russia, it was at a considerably lower rate than the previous ten years. Energy prices were highly volatile throughout the decade, but the trend was clearly upwards, and by 2020 oil was trading at more than $200 a barrel. Rising energy costs and rising world population led to a doubling in the price of most foodstuffs between 2010 and 2020.
