Hidden Economics

(Honestly Matthew, I'm covered in blue foam dust as I'm typing this!)

My topic/monument this week will attempt to address the issue of "hidden economics".
More specifically, the waves of cheap labor/immigrants that have historically supported Europe in good times, eg. Turkish immigrants in continental Europe in the 60's and 70's to the current waves of New Europeans. As has always been the case, immigrants are usually happy to do the work that nobody else wants and do it for less, work longer hours with little or none of the protection that a "native" worker enjoys. In a simple manner, I wish to
address how to a large extent our economy (and our privileged "welfare") is maintained by
access to these workforces, yet this group of people is rarely acknowledged nor shown any particular appreciation. Well, it's a start anyway...

Here's a piece of a speech by Vice President Franco Frattini, European Commissioner responsible for Justice, Freedom and Security @ LSE, 23 February 2007:

Europe needs migration

The approach we are developing is realistic – it acknowledges the fact that international migration is part and parcel of today's world and that the central question is how to manage it effectively. Immigration has both a poverty and a richness strand: poverty is portrayed by the waves of illegal immigrants, victims of human trafficking, desperate and ready to risk everything in search of a better life.

This poverty has to be tackled and harnessed, and turned into richness. This in turn reflects Europe's need for selective immigration to continue its economic development and rise to the challenge of globalisation. This is the richness we imagine when looking at what the Americans have achieved, admittedly over the years and after fierce civil rights battles.

The EU needs immigration. In spite of the recent enlargement, which has brought the total population to some 490 million, the number of people living in the EU is set to decline in the coming decades and by 2050 a third will be over 65 years of age. The need for workers in many Member States, including the UK, is already evident in a number of sectors. This demand will grow as we lose 20 million workers between now and 2050.