The time to train this new generation is now, so that they can gain from the experience of the older generation while learning the latest techniques. I’ve spoken at length about our education system. But, as we improve the training of young workers, demographics will demand that we also make better use of older workers over the next couple of decades.
But another explanation is simply that central banks around the world learned about the costs of inflationary policies after the experience of the 1970s. A more pessimistic view focuses on recent cases in which countries that opened up to global financial flows experienced massive borrowing and subsequent financial crises.