The ‘Decade of Great Correction’…

The Badger chuckled after chatting to an elderly lady going to the shops on a mobility scooter. They had commented on not only the state of the world and the impact it was having on them personally, but also on the puritanism and woke culture that’s made them cautious about talking to strangers in case they say something that causes offence. They also complained that people are too ready to accept what they read in the press and on social media, and that this meant we are all doomed before the decade is out! This prompted the Badger to cogitate on how historians might ultimately label our current decade.

Thoughts were consolidated over an americano in a local coffee shop. The Badger concluded two things. Firstly, that the online world hasn’t changed the basic fact that fretting about the state of the real world and its personal impact is an inherent part of both life and the human psyche. Online facilities have merely expanded the universe of what we can worry about! Secondly, that historians will label the 2020’s as the ‘Decade of Great Correction’ because the enormous breadth of difficult circumstances is fundamentally changing behaviours.

The COVID-19 pandemic has triggered seismic waves of change across social, economic, and political fronts. Personal attitudes, values, behaviours, and habits are changing as a result, and the ramifications will reverberate through the rest of the decade. The tech sector is not immune to these changes. Peloton and Zoom, for example, are already encountering tougher times, streaming services are worried about subscriber levels, social media platforms are coming under increasing regulatory scrutiny and geo-political influence, and consumers are savvier about the online world.

The Russia/Ukraine conflict has caused multidimensional disruption contributing to a dramatic rise in inflation everywhere. Individuals and businesses alike are struggling to survive with soaring energy prices, something that’s likely to persist given superpower relationships do not seem conducive to stability in the world. Overlaid on this is an unfolding global recession, an unwinding of the quantitative easing that has damaged people’s prudency regarding personal savings since the 2009 financial crash, and rising interest rates that will stress those who borrowed heavily during the era of cheap money. And then there’s climate change…

A correction in most people’s lifestyles is afoot (see an unusual sign here, for example). Many will retrench from consumerism and materialism to the same core priorities as our ancestors, namely shelter, putting food on the table, and protecting loved ones. This will impact industrial, social, and political dynamics for years to come. The ‘Decade of Great Correction’ thus seems an apt descriptor for the 2020s!

The Badger finished his coffee. He left the shop wondering if it would still be there once their next utility bill arrived.

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