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By Paul Wallace

This is often the first-ever, actually worldwide, indepth examine the big results of the demographic rolllercoaster and what it ability for employment, investments, new company improvement, advertising and the industrial energy map of the realm.

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But this view is not shared by everyone; opponents say that these benefits are a long way off. 46 Mounting pressures to restrict immigration Actual immigration flows will be determined by a battle between demographic and economic pressures and public hostility to immigration. This hostility is mounting throughout the West in response to the recent upsurge in immigration levels. 38 AGEQUAKE Two-thirds of people in Britain, Sweden and Spain want less immigration, as do over three-quarters of Germans.

Look at Figure 8. The US would need 66 million extra immigrants, 11 times more than net migration between 1985 and 1995. 44 A crucial point to grasp is that higher inflows would have to be sustained indefinitely. The new immigrants arriving in the 1990s will themselves age as inevitably as the existing population. So without a meaningful long-term recovery in the birth rate, they too will eventually become a burden. While immigrants do tend to have higher fertility initially, it tends to converge on the national average and thus only helps to a limited extent.

5 From countercounter-culture to equity culture As any good cook knows, you need a touch of zest to make the perfect soufflé. That zest has been a generational love affair between baby boomers and shares that goes beyond the effects of age. In the 1960s boomers invented counter-culture; but in the 1990s they embraced equity culture. Counter-culture was by comparison a one-night stand: equity culture is here to stay, not just in the US but across the world. 46 AGEQUAKE This heady new love affair has made US mutual funds reach for the sky.

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