Changes

In the 1980s, an easy-money system contributed to a marked boom in the consumer economy, which continued throughout the 1990s and early 2000s until the on-going financial crisis of the latter part of the 2000s.<ref name="sox">{{cite web|url=http://www.soxfirst.com/50226711/the_us_consumer_economy_is_dead.php|title=The US consumer economy is dead|publisher=Sox First Management and Compliance|accessdate=November 2, 2010}}

In the 1980s, an easy-money system contributed to a marked boom in the consumer economy, which continued throughout the 1990s and early 2000s until the on-going financial crisis of the latter part of the 2000s.<ref name="sox">{{cite web|url=http://www.soxfirst.com/50226711/the_us_consumer_economy_is_dead.php|title=The US consumer economy is dead|publisher=Sox First Management and Compliance|accessdate=November 2, 2010}}

</ref> Professor Peter Spencer of the Ernst & Young [http://www.ey.com/UK/en/Issues/Business-environment/Financial-markets-and-economy/Economic-Outlook ITEM Club] concluded that the consumer economy in the United Kingdom would not recover from the late-2008 recession until 2011. <ref>Wallop, Henry & Conway, Edmund (2008). [http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3227351/Consumer-economy-will-not-recover-until-2011.html "Consumer economy will not recover until 2011"]. ''The Telegraph'', telegraph.co.uk.</ref> Ann Kramer, in turn, has proposed a new economic system as an alternative to a consumer-based economy, due to the effects of the recent recession. Dubbed "Partnerism", the proposed economic framework would implement equal cooperation between all sectors of the economy, elevating the significance of what the author perceives as marginalized sectors. Kramer believes that the 2008 bailout of financial institutions in the United States was not a sustainable model, commenting that "Wall Street has been acting like drunken fools". <ref>Kramer, Ann (2008). [http://www.opednews.com/articles/Time-to-reinvent-the-econo-by-Ann-Kramer-080925-427.html "Beyond the Consumer Economy: Partnerism"]. ''OpEdNews''</ref>Borrowing by US consumers has fallen markedly with rising unemployment exceeding 10% and consumer credit has fallen by 10%, in excess of  five times what economists had predicted.<ref name="sox"/>

</ref> Professor Peter Spencer of the Ernst & Young [http://www.ey.com/UK/en/Issues/Business-environment/Financial-markets-and-economy/Economic-Outlook ITEM Club] concluded that the consumer economy in the United Kingdom would not recover from the late-2008 recession until 2011. <ref>Wallop, Henry & Conway, Edmund (2008). [http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3227351/Consumer-economy-will-not-recover-until-2011.html "Consumer economy will not recover until 2011"]. ''The Telegraph'', telegraph.co.uk.</ref> Ann Kramer, in turn, has proposed a new economic system as an alternative to a consumer-based economy, due to the effects of the recent recession. Dubbed "Partnerism", the proposed economic framework would implement equal cooperation between all sectors of the economy, elevating the significance of what the author perceives as marginalized sectors. Kramer believes that the 2008 bailout of financial institutions in the United States was not a sustainable model, commenting that "Wall Street has been acting like drunken fools".<ref>Kramer, Ann (2008). [http://www.opednews.com/articles/Time-to-reinvent-the-econo-by-Ann-Kramer-080925-427.html "Beyond the Consumer Economy: Partnerism"]. ''OpEdNews''</ref> Borrowing by US consumers has fallen markedly with rising unemployment exceeding 10% and consumer credit has fallen by 10%, in excess of  five times what economists had predicted.<ref name="sox"/>

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