The Party’s Over (2 x 60′) – BBC Business Editor Robert Peston makes sense of the past 30 years of the global economy and predicts current government cuts are just the start of an era of austerity caused by the seismic rebalancing of the world economy between the West and the emerging economies led by China.
Robert charts the parallel lives of families in Britain and in the new superpower economies, interviewing politicians, bankers and economists around the world, to expose the realities of our economic predicament.
The first programme shows how the consumer boom in the West was an illusion fuelled by cheap credit and the huge deflationary effect of cheap goods made in China.
The second film looks to the future, asking whether China and other developing economies are taking the lead in the so-called knowledge economy, previously dominated by the West, and investigates what we can do to compete.
Robert brings home to the audience the implications of a crisis that has been brewing for decades.
TX: December 2011
Source: BBC Press Office