Essays on Great Recession

(Student’s Full Name)

Introduction According to the Associated Press, there were more poor people residing in the state of Washington in 2013 compared to the previous year. This was the case despite the poverty levels remaining steady “across the nation” (Le par. 1). In addition, the United Way has recently revealed in a “comprehensive report” that “1 in 3” Washington households “struggle financially” (Hobbs pars. 1, 22). The experts have arrived at their own conclusions as to why that it is currently the case in the state. However, even though the cause of poverty in Washington State has ...

The 2015 Paris attacks inflicted tremendous losses upon the French hospitality market, resulting in the lowest level of customer turnover for some hotels over the last twenty five years. The Paris and Nice attacks caused economic damage, equivalent to damage caused by the 2008 Great Recession (Alderman, 2016). On a global scale, the global tourism industry demonstrated 3 percent growth prior to the 2015 Paris attacks (LaGrave, 2016). Moreover, the global tourism industry employed 7.2 million people more in 2015 alone, providing income for about 284 million people all over the world. Global tourism generated about one-tenth of the ...

Prior to the Great Depression policy makers in the United States generally tended to accept that business cycles happened and in accord with Adam Smith's "invisible hand," tended to be self-correcting. The stock market crash of 1929, and the more general problem of massive unemployment forced a reconsideration. Smiley (2008) and Bernstein (2016) both point out that the human face of the Depression left no choice but for some government intervention. Jahan and Papageorgiou (2014), discussing Keynesian Economics put it plainly: “The central tenet of this school of thought is that government intervention can stabilize the economy.” The centerpiece ...

Introduction

Market economies constantly change depending on the demand and supply of goods. The demand and supply of a particular service or good is dependent on the unique characteristics of the product that determines the quantity that individuals in the particular market are willing to consume. Other important determinants include the price of the product, the consumer’s preferences; the price of other related products as well as the demographic and income characteristics of the population (Rittenberg & Tregarthen, 2012). The concepts of supply and demand studied in the course are crucial concepts in economics as they are the backbone of ...

Abstract

The purpose of the above paper is to highlight the impact of the great recession that was experienced in 2007 -2009 and the bailout strategies used by governments to restore investment institutions from collapsing. The paper starts with an introduction that explains the impact of the great recession to the U.S and global economy. As a remedy to avert the adverse effects of the global recession, both short term and long term strategies were sought. The advantage of using the short-term strategies was to restore stability in the financial sector and prevent further collapsing so as to achieve economic ...

Introduction

In late 2007, the Dow Jones Industrial Average (DJIA) closed at a record low. Stock markets around the world nose-dived alongside the DJIA. Turbulence in the sub-prime segment of the US housing market, paralysis of the credit markets, excessive lay-offs in organizations, steep decline in investments etc. were all some of the indicators that the world was heading for a massive credit crunch. In the words of Mr. Strauss-Kahn, head of IMF, “Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown” (BBC ...

Chapter 2: Literature Review

Introduction The chapter consists of all the relevant information that can be collected from past studies and are combined to present a clear view. It is the initial for determining the factors that can be used to synthesize the overall study through findings and discussion. The positivist approach is used to collect and summarize the information from the previous studies and determine the model that can be used to conduct a viable study. The positivist approach emphasizes all the relevant information regarding the topic that is to compare Islamic and Traditional banks using data envelopment analysis. The theoretical framework ...

Company and Situation

According to Cadieux (2010) the worst recession since the 1930s started at the end of 2007 and was at its peak by the fall of 2008. Several businesses were shattered are some were facing serious economic challenges because of the financial crisis. Government offered various bailed out packages to save financial institutions from huge loss. The packages were offered by providing loans, equity, and guarantees. Goldman Sachs was one of the companies that suffered a great loss. Goldman Sachs is an American financial institution that provides financial services to its clients globally. Goldman Sachs took part in cheap credit ...

1) Which were the primary causes of the Great Depression? According to Walton and Rockoff, an acceptable explanation for the Great Depression has to distinguish between the initial forces, which brought a downturn in financial activity, and later events, that turned a downturn into a calamity. We can detect two issues on the economy that foreshadowed the real slump in economic activity. First, there was a decline in the construction industry that began 1925, that had a significant impact on the depression. Second, the agricultural sector suffered greatly, with falling world prices and massive indebtedness (422). Walton and Rockoff ...

What 2008 events gave rise to the need for this legislation?

The need for the Dodd-Frank Act (which complete name is the “Dodd–Frank Wall Street Reform and Consumer Protection Act”) was given rise by the financial crisis of 2007–08. This crisis triggered the Great Recession, an event many economists consider the worst crisis in the financial markets since the 1930’s (Dodd-Frank Financial Regulatory Reform Bill Definition, 2016). The United States had suffered a “housing bubble” – an unexpected and sharp increase in real estate prices, fueled by easy credit, that lasted over a decade – which had burst in 2004. Many traded financial instruments had their value directly or ...

Abstract

The current paper explores the main differences of the Great Recession in 2007-2009 from other economic collapses in the history if the United States. Section I discusses the general features of a recession and describes the main responsibilities of the National Bureau of Economic Research. Section II is devoted to the comparison of the Great Recession with the recession of 1980s. The section is divided into four subsections. Subsection A presents the basic comparison of recessions in the U.S. history and explains the choice of the 1980s period for the further comparison. Subsection B explores differences in unemployment in ...

Although there are various measures of the economic growth rates of countries, the GDP stands out to be most efficient, and widely used one. It incorporates four aspects i.e. the consumption level, government policy, investments, and net exports. In this respect, it is quite useful in approximating the economic growth rate of any nation. This paper focuses on the GDP of the USA, Japan, Ethiopia, and China for the last 20 years. Using data from the Bureau of Statistics, the GDP of the USA grew on average by 2.33% since 1996. However, the fluctuation on the GDP was significant ...

Introduction

In 2008, the entire world was rocked by the biggest financial crisis since the Great Depression. The crisis first affected the entire financial system of the United States before then quickly spread globally. The casualties of the crisis included the whole investment banking industry of the US. Other casualties were the US largest insurance company, largest mortgage lender, among other firms in the financial services sector. The US auto industry was severely hit leading to loss of jobs. The US unemployment rate increased by 4.9% points from the third quarter of 2007 to the third quarter of 2009. The ...

Abstract

The labor market in the United States has changed significantly over the years because of the changes in the global market and the impact on the work force in the country. The changes have led to diversity in the way people live and work. For many people, the loss of jobs causes structural changes in the ways that people live as these people are no longer able to finance their way of life. Mortgages also have been affected by the changes in the labor market and people have now become more aggressive in securing their homes. In addition, the ...

Global Financial Crisis in the US

Introduction It was hard for the economists, professional analysts and policymakers among other players in the financial industry to foresee the crisis in the US mortgage lending industry in 2007 that resulted in the world's worst economic recession in two years' time (Sher and Iyanatul 2010). Initially, there was a housing bubble characterized by high house prices, low-interest rates, more support for subprime mortgage and increased speculation by the buyers (Acharya and Schnabl 2010). Eventually, there were decline of house market prices, increased lending rates and increased default and foreclosures by the mortgagors (John 2009). Notably, by mid-2008 the ...

Introduction

International trade, which involves an exchange of goods and services across the geographical boundaries of a country, is one of the major determinants of the economic stability of a country. The volume of trade indicates the effect of trade on the economies of the participating countries. The economy of the United Kingdom has continuously experienced expansion despite the presence of rampant unemployment and inflation until the 2008 recession. This resulted from the failure of the government to take actions to correct economic instabilities (Washington et al. n.p). The relative value of currency between countries involved in exchange is essential ...

Issues of Economic Crisis

The recent recession and the financial crisis have paved the way to uncommon and hostile actions by policymakers of fiscal and monetary policies. Secular stagnation is for ensuring achievement of full employment, for lowering and stabilizing inflation rate, and for maintaining financial stability. Current macroeconomics failed to analyze financial crisis because of its incapability of envisaging current issues prevailing in the economy. Analysis of these topics is essential because they help in determining and then solving the problems of economy by taking adequate measures in a timely manner. There are several causes of recent Great recession. Major causes include ...

Imagine that you have just arrived in the United States. You step onto the street in the city where you are about to make your new life, and an agent greets you. Not only does he have a job to offer you, but he also has a place for you to live – and you can own it after you pay for it for a few years. All you need is to put down a payment that is almost as much as the savings you brought with you, but then you will have a home of your very own in ...

Introduction

Monetary policy is the endeavor by the federal or state government to control the amount of money circulating within an economy. These control measures are undertaken to cub the instances of inflations or to control the interest rates to sustainable levels. Monetary policies can either be expansionary or contractionary. Expansionary monetary policies are meant to expand the supply of money to the economy thereby boosting the economic activities (Afonso, 2012). Expansionary monetary policies also lead to a reduction in average interest rates. Contractionary monetary policies, on the other hand, are macro-economic tools used by the federal or the state ...

An economic crisis is highly linked to the high unemployment rates in the United States. Americans are still of the view that the 2008 recession is continuing. This was the worst recession to hit America since the Second World War.

Americans with minimum wage are the most affected. The cost of living is increasing every year yet the increase in their wages is still inadequate to cater for the increased cost of living (Liesman).

The financial crisis is disrupting every aspect of the lives of American citizens. According to ...

Today, almost seven years after the financial crisis that threw America into upheaval in 2008, the effects are still being felt. In September 2008, the collapse of Lehman Brothers, a global bank, nearly caused the collapse of the financial system of the entire world. What resulted was the worst economic downturn seen by the world since the Great Depression, 80 years ago. The event has been called the Global Financial Crisis and the 2008 Financial Crisis; the period following the collapse became known as the Great Recession.

While the ...

Introduction

The recent financial disaster was not a natural disaster since it is something that could been prevented. As a result of these crisis, many people lost their jobs while others lost their houses due to foreclosure. Although the US economy is still recovering, many people are yet to recover from this crisis. Failure to apply business ethics by those in charge government and businesses resulted to this crisis (Burden, 2010, p.385).

Those people in authority had political, ethical and social responsibilities to avert the occurrence of the crisis.

Fed failure One of the main causes of the stormy 2008/2009 financial crisis is failure of the banking regulator to perform its regulating role. The banks ...

Immigration plays a big role in international relations, with US being one of the countries at the forefront of this issue. Many factors correlate with the subject of immigration to US such as economic reasons, political resolves, or population control efforts. Americans’ opinions vary on politically related issues, but the Congress always used these as a bargaining chip when raising their cases. With that said, public opinion has a direct influence on political motives.

Generalizing Suro’s survey (2009), majority of the American public have divided opinions on immigration issues. Likewise, 2006 Pew surveys cite that health care, economy, and terrorism are ...

According to the National Bureau of Economic Research, the most prolonged economic recession, which started in 2007 in the United States, has been over since June 2009. Nevertheless, American people are still experiencing its damaging consequences. Ordinary people are far more concerned with their family economics, and are in the midst of a struggle for their well-being. As Barack Obama claimed, for millions of unemployed people, for those who have trouble paying their bills from day to day, recession is still very real. After the official end of Great Recession, real GDP has increased only by 2.9%, U.S household ...

INTRODUCTION

In this information age, the digital revolution has transformed the industry to an information based economy. Since the late 1970s, the day to day evolution of technology has shaped the modern society by introducing globalized communication. The UK mobile phone network industry is developing day by day by introducing the new-tech systems in the market. O2, Vodafone, EE, T-Mobile, and Orange are the biggest mobile phone network providers in the UK (Rushton, 2012). This report has presented a thorough economic analysis of mobile phone network industry in the UK, considering the biggest network providers in the country.

ANALYSIS OF MOBILE PHONE OPERATORS IN UK

Mobile Phone Network ...

Budgeting is a crucial aspect of any institution or government’s operations with an aim of enhancing goals and objectives’ achievement in line with specific environment and needs. Thus, budgeting is greatly guided by policies that define the suitable actions in line with set goals and objectives either in response to changing environment or as a way of fostering opportunities’ utilization. In that respect, governments have budgeting planning that is specific to their constituents’ needs and that defines the objective of this analysis which seeks to demonstrate the budgeting process for a State in view of its status and environment. To achieve ...

Introduction

Banking, financial, and even insurance-issuing institutions were badly hit by the global financial crisis that happened in 2007 to 2008. It created a serious domino effect that eventually took its toll on the U.S. Federal Government. The struggling dollar and U.S. economy—the world’s largest economy in terms of GDP, led to a serious wave of financial and stock market corrections that were felt globally, especially in countries whose economy is largely dependent on U.S. commodity and financial supply and consumption. The ultimate effect of the global financial crisis of 2009 was an increased uncertainty and negativity in the financial ...

Introduction

The great recession is believed to have started toward the end of 2007, and affected most economies. This was dubbed the great recession in the literature since it was mainly deep and prolonged, and therefore was regarded to be the worst recession since the great depression of 1930s. For years, the economists have not agreed on the causes of the great recession nor have they agreed on the correct policy response to the subsequent recession. This made several governments introduce significant stimulus programs in an attempt to reduce the economic impact of the recession. Similarly, the increase in government ...

Since the beginning of The Great Recession it is difficult to imagine an area of life that the economic crisis as not impact. It has thinned the wallets and bank accounts of many and even turned our attention away from once pressing matters such as the climate. Countless articles have been written about this topic in an attempt to make sense of this catastrophe and explain what is going on to the public at large. Two articles in particular make an attempt to explain very opposite ends of this chaotic financial spectrum. One attempts to shed light on household ...

Demand-side Policies’

Executive Summary Initially a brief background of the devastating financial downfall of 2008 will be provided. This paper will then investigate the demand side polices before and after the recession. In the end some policy recommendations will be provided in order to improve the current financial situation and eradicate the economic cavities still left after the economic depression of 2008.

Introduction

The worldwide depression of 2008–09 was unexpected, stern, and gradual. During the time former to September 2008, the housing and financial segments in the United States and numerous European nations faced gradual negative consequences. Throughout this phase, there ...

Question 2: Guard Dogs & Watch Dogs

Corporate America had grown so powerful and pervasive that it can manipulate the government and its agencies to further its goals. Ideally, the government, which comprises the executive, Congress, and the judiciary, is expected to regulate the economy. While the judiciary has remained largely independent (even though ideological factors still play a role), Congress and the executive have become too deeply entangled with private individuals and firms that policy decision-making is not always driven by public interest. Harvey (2007) argues that the rise of neoliberalism in key countries across the world has seen the reduction of the power of organized ...

J.C. Penney Change Management Strategy

Introduction

Modern day fast-paced organizations are such that change is ever-present. From new technologies, changing market demands and internal need for growth among other factors, many organizations are in a constant state of change. However, the failure rate of many change initiatives in organizations is alarmingly high, which could prove detrimental to the organization since change initiatives cost money, financial resources and utilize both physical and human capital. J.C. Penney (JCP) is perhaps a perfect illustration of the nature of change and the cost of failure. JCP operates in department store and supermarket business environment, which is ...

The economic growth has been experiencing numerous challenges. The united state economic is affected by both internal and external factors. In an analytical point of view, the current state of the economic relies on the political and social factors influencing the economic sector. For instance, the traditional and cultural practices limit citizens from practicing certain activities that would generate income thus influencing the economic growth. The entry of JA Homes (JAH) into the market faces challenges of high unemployment rates, the inflation in the economy and the entire economic growth (Ortalo-Magné, François, and Andrea 155). JA Homes (JAH) ...

Introduction

Considered to be the worst financial crisis after the Great Depression of the 1930s, the financial crisis of 2007-2008 hit hard the global economy, threatening the total collapse of the big financial institutions, which, although was prevented by the bailout actions of the national governments, kept the global stock markets at its all-time low. The crisis played a crucial role in the failure of many businesses, decrease in the consumer wealth and a slow economic activity, creating the European sovereign-debt crisis. The impact of the global recession hit the common people by giving rise to unemployment problems, loss of jobs, decreased ...

Analysis of the current macroeconomic situation

Macroeconomic analysis entails the study of the behavior of the aggregate economic phenomena that include economy growth rate, inflation, price levels, gross domestic product, national income and the unemployment levels. Currently, the utmost concern of the US government is on the high unemployment levels. Dating back from the great recession, the labour conditions have been deteriorating where the unemployment rates increased from 5% in the last quarter of 2007 to 10% in the final quarter of 2009 (Katz, 2014). In early 2012, the rate was at 8.3% but ended at 7.8 %, and the declining trend has been seen with ...

The Recession of 2008

Introduction The recession that began in 20007 is apparently the most profound downturn that affected United States during the post-war era. Possibly, the part that was impacted the most consequent to this as recorded in history is apparently the labour market. This recession negatively affected the United States labour market a fact that was well evident from the sharp curtails in consumer spending. In a more in-depth and insightful way, this paper will explore and elaborate the impacts of the great recession that persisted from December 2007 to June 2009. In essence, this paper will discuss the unemployment, underemployment, and ...

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History stands witness, even today to the fact that that The Great Depression was the worst economic crisis to have ever hit the nations of the world. Nearly all the countries across the world bore the brunt of this economic crisis and were left to fend for themselves without the support of one another. There are varied timings of the origin of the Depression all over the world that fall in the 1930s to the 1940s. America however, was the worst victim of this recession as the ...

The Great Depression was a severe global economic meltdown that happened in the decade that preceded the Second World War. The time of the recession differed from country to country, but it was from 1930 till late 1930s and mid 1940s in some countries. The second film in the Great Depression Series by PBS, The Road to Rock Bottom, critically looks at the problems that faced farmers in United States before and during the Great Depression. The film examines the predicament of farmers, agricultural workers and sharecroppers. The focus is on the effects of harsh environmental factors such as drought ...

The American Dream have been supporting the aspirations of many people for centuries and was one of the driving forces that shaped America into the prosperous and strong country it is today. Although the United States have experiences a number of political and economic crises throughout its existence, including the Great Depression, the economic struggles in the end of the 1970s and after the terrorist attacks on September 11, 2001, and the Great Recession, the country kept of reviving with its population continuing to make efforts to attain a better life and strive for new and higher goals (King 7). While many ...

Introduction

Crime is essentially a part of the social spectrum in several urban conglomerations, as in the case of the San Francisco Bay Area (SFBA). Cities within the SFBA treat crime as a major deterrent to their goals to instill social order, given the need to preserve the safety of their urban populations to stabilize their economic activities, which are focused mostly on services and commerce. However, recent trends show that crime in the SFBA remains a critical problem and are aggravated with the social effects of the great recession of 2008 and racial profiling, among many others. This essay seeks to expound ...

Forecasting a Speedup in Growth, the Fed Again Cuts Bond Purchases

Quantitative Easing Program of Federal Reserve Bank: The article discusses the decision of the Federal Reserve Bank to taper the bond buying program and its effect on the US economy recovery and its other macro-economic decisions. The Federal Reserve took the much expected decision to cut down the bond buying program by another $10 Billion a month, restricting the bond purchase activity to $45 Billion a month from May, 2014. In response, the Federal Reserve declared that it was looking past the economic slowdown during an unusually cold winter because growth already was rebounding and with growth activity picking up ...

Income inequality is a measure of how income is divided among the members of various economic classes, in the state of California; this has been on the sharp increase. This has been established through the analysis of general income distribution in the state among the rich and the poor. This, when compared with the national and regional income presents the clearest picture of glaring income inequalities between the rich and the poor in California. The income gap between the poor and the rich and among the whites and the blacks has been increasing in California for the last two ...

This essay discusses the Social Safety Net – the service and facilities provided by social welfare agencies for individuals and families in the community, geared to combating, reducing, or eliminating poverty and implemented through measures such as housing provision, jobs assistance, financial subsidies for household bills, and financial support for the purchase of food. Though written primarily from a U.S. perspective, details of the situation in other countries are included, highlighting areas where the systems are considered particularly faulty or inadequate. So does it work as it’s supposed to in practice? Not always, according to Breman (2009). She writes ...

Essay

Question 1 Many factors influence the economic growth in the developing countries. These factors include internal government policies, political stability, domestic capital formation, investment, export policy and foreign aid among others. Collectively, these factors provide the most significant platform for economies in developing countries. The major problem in developing countries is that they lack proper policy to implement these factors to promote economic growth. This has led to high rates of unemployment, income inequality, inflation and poor economic growth among others. Thus, the paper will evaluate various factors that constitute economic in developing countries. Globalization and income ...

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Types and factors of economic growth are very important in order to explain why one state is growing faster than the other, understand what you need to do in order to ensure that growth was faster , as well as understand how to determine the growth rate of gross domestic product . The growth of production capacity can affect the quality and quantity of resources. Consequently, we can distinguish two types of growth : intensive and extensive . When economic growth driven by increasing the amount of resources , it can be attributed to ...

(Insert Institution)

Introduction

The safety and wellbeing of children has been a concern worldwide. Different strategies and approaches initiated and implemented by various nations and institutions yielded results that were below the expectations. This forced the stakeholders in children affairs to rethink on the avenues they previously employed. For instance, in 1990 the United States Advisory Board on Child Abuse and Neglect recommended for the change of the country’s child protection system after observing it did very little to assure the children their welfare in the contemporary society. Kimbrough-Melton and Campbell (2008) found that, “The failure of the child ...

Reg No

Designation

Introduction 4

A. Product Support of Mission Statement 4 Three-way consumer product classification system 4 Convenience Goods 4 Shopping Goods 4 Specialty Goods 4 B. Target Market 5 C. Analysis of Competitive Environment 5

Porter’s five force analysis of US small appliances market 5

New Entrants 5 Rivalry 5 Substitutes 6 Buyers 6 Suppliers 7 D. SWOT Analysis 7

STRENGTHS 7

WEAKNESS 7 OPPORTUNITIES 8 THREATS 8 SWOT Analysis - Summary 9 E. Marketing Objectives 9 Product Objective 9 Place / Distribution Objective 9 Price Objective 9 Promotion Objective 9 F. Marketing ...

In 2008 the world, and the U.S. in particular, were hit by what is referred to as the worst financial crisis since the Global Depression. Unusually severe crisis provoked unusually aggressive response from the Federal Reserve, and their actions still remain the topic of numerous debates – some argue that the response neglected long-term consequences focusing only on stabilizing the situation in the short perspective (Meltzer, 2012), while the others point out that had the government not intervened, 2010 GDP would have been 11,5% lower and number of people employed would been lower by 8,5 million (Blinder & Zandi, ...

GDP

- Y = C + I + (X - M)+ G

Where

Y= GDP C= Consumer Expenditure I= Investments X= Exports M= Imports G= Government expenditure Thus, Y= $1000+$200+$300+$200 Y= $1700 - If we increase our domestic energy production, it will help us to import less energy from foreign countries, thus decreasing the value of imports. This will increase the excess of exports over imports and thus increase the GDP of the country.

Inflation

- Rate of inflation= (Current CPI – Previous CPI)/Previous CPI * 100 Rate of inflation= (111-106)/106*100 = 4.717% ...

Introduction

During the Great depression of the 1930s, American workers demonstrated, picketed, rioted, and struck due to poor application of both economic and government policies in solving the problem. The policies applied were not very effective in solving the economic problem due to the economic imbalance in different sectors of the economy. It therefore contributed to the great depression taking a very long period because various economic forces led to its recurrence in various aspects of the economy. During the Great Recession of 2007-9, the workers quietly accepted massive layoffs and pay cuts because the economy status was relatively adaptive to ...

Research paper

Introduction A general slowdown in economic activities of a given nation has various repercussions. This slowdown is what is generally referred to as recession. During this period, the macroeconomic indicators like employment, Gross Domestic Product, capacity utilization, business profits, inflation, and investment spending fall whereas unemployment rate and bankruptcies rise. From the past, this has negatively affected the living conditions of common citizens in all the nations that this business cycle contraction has occurred. The role of the government of a nation is thus to intervene in the occurrence of a recession. For that reason, this research paper focuses on ...

EXAMINATION QUESTION PAPER: May, 2013

Module code: EC5004 Module leader:

Exam type: Part Seen/Part Unseen, Closed Materials supplied: None Materials permitted: Language dictionaries only where prior permission has been obtained. Non programmable calculators Warning: Candidates are warned that possession of unauthorised materials in an examination is a serious assessment offence.

All questions carry equal marks.

DO NOT TURN PAGE OVER UNTIL INSTRUCTED © London Metropolitan University Section A Answer One Question from this section. - "Critically discuss the role played by income and wealth inequality inthe financial crisis of 2007-8". (25 marks) The financial crisis of 2007-08 also known as ...

Summary of the Argument

Stiglitz was significantly influenced by Great Recession and its impacts in coming up with this article. In this article, Stiglitz argues on the impacts and crises of Great Recession. In his perception, the author blames flawed government policies as well as personal and corporate financial behaviors that were unscrupulous. Amazingly, Stiglitz believes that the Great Recession started in the United States thereby spreading to other parts of the global economy. Stiglitz focuses on how to prevent a re-occurrence of the Great Recession. In addition, Stiglitz argues on the contribution of America’s broken system towards Great Recession. The author ...

Introduction

Ever since the end of World War II in 1948, there have been eleven recessions in the United States. Although the unemployment rate in the U.S. fell to the lowest 4.6% in November 1997, but ever since then, there have been secular increases in the country’s unemployment rates. Over the years, a variety of methods have been employed by the federal government, such as federal spending and tax cuts, to raise the employment rate and turn around recessions. Since the beginning of the U.S. economic structure, unemployment has been a problem throughout the country, even though the United States is ...

Business Cycles and Recessions

Business Cycles and Recessions (1980-2010) Introduction It may be a persistent blueprint of contraction and expansion (Boyes). A business cycle is a form of fluctuation that takes place in the entire economic activity. Periods of recession cause a contraction, whereas an expansion takes place during economic recovery. The Economic National Research Bureau of (NEBR) dating committee on business cycle recognized that in June 2009, an occurrence of a trough in the economy of the U.S. This trough began in the last month of 2007 and was the beginning of an economic growth. This recession took 18 months and was the longest ...

Introduction

When the unemployment level hit a shocking 10% in October 2009, the world thought the scary depression of the 1930s was back. During this time, the economic recession which had begun two years earlier had dragged down economic growth and the gross domestic product a great deal. The stock market was performing poorly, but had really collapsed as it had during the great depression (Canterbery 45). For an individual that was a child during the great depression, the great recession is a minor economic downfall and does not even qualify to be modified by the term Great. Yet, to the person that did ...

Introduction and paper outline

On November the 5th 2012, the United States of America participated in one of the most closely contested elections in recent history. The elections pitted a rejuvenated Republican Party led by Mitt Romney and more reformed Democrats led by the incumbent President Barrack Obama. The election was dominated by several issues including the slow economic recovery process, immigration and a high unemployment rate among other issues. The United States went into the election a rather divided nation in terms of whether the incumbent had done more to improve the economic conditions or whether the nation should trust new ideas as Romney presented. ...

Explain the analytical framework used by the authors in explaining social theory.

In classical Marxist theory, changes in technology, transportation and communications led to the rise of the capitalist class or bourgeoisie, which first began to take political power in Europe and the Northern United States in the 17th and 18th Centuries during the Glorious Revolution of 1688, and the French and American Revolutions. At the time these revolutions began, the new middle class was in the vanguard and represented a progressive force whose task was to sweep away the old feudal order. Liberal revolutions broke out in Europe in ...

Throughout history, financial crises and economic recessions have taken place in different parts of the world. After the collapse of the Soviet Union, the United States of America emerged as a force to reckon with in the global market. The emergence of the United States of America as a financial power house is attributed to the liberalization of the markets and the focus on the development of the IT and communication sector. Given the pivotal role of financial epicenters in global financial markets, a crisis in any of the financial epicenters can have devastating effects. In 2008-2009, there was a financial crisis that ...

Crime is a rather multifaceted ideology with definitions spanning from social theory to commerce and law1. Any crime can be defined from any of these tenets however it is upon the intelligentsia to have an open mind as to the form of crime. However there is general agreement as to the fact that crime is any act outlawed that could lead to a punishment as prescribed by such law. The idea of organized crime brings to the fold a new meaning to crime. Organized crime can be defined as crime perpetrated by any grouping that could be international, nationwide or local that ...