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Various companies reduced their labour force while others fully shut down leading to massive loss of employment.
The economic depression led to loss of business and closing down of many businesses, which led to decline in tax revenues. Many organizations and individuals were also unable to pay their taxes, which made things worse. Prices of goods and services also declined, and profits not witnessed. Crop production fell with most farms affected by drought, which saw the fall in crop prices. The hardships witnessed and non-remittance of taxes forced people out of their homes creating a situation of homelessness. Situation of unemployment and homelessness seriously affected the poor in the society.
The economic activities in many countries were markedly affected with many sectors facing problems. Construction industry in many countries slowed and even stopped owing to materials and labor force needed. Farming in a rural setting was also affected by drought and financial inability. Farmers were not able to pay off debt accrued from production expenses due to poor production and fall in crop prices. Among the sectors affected is the mining and logging sectors, which faced drastic, negative effects due to decline in demand for its products, most were forced to cut down on their activities with others closing up, which further affected unemployment.
The ending of the great depression was witnessed by different countries at different times, but it was with the advent of WWII. There is believe that government spending in the war stimulated the economies of various nations. The war required production of various products to be used in the war and agricultural goods to be consumed. The sourcing of labor to participate in the war aided in solving the unemployment problem. Women and men who did not participate in the war also got the opportunity to work in the local industries (Maddison, 2007).
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The general public at that time saw capitalism as a means of an end to their continued hardships under the feudal lords as the system was aimed to channelize the advantages of the industrial revolution to underprivileged class of the society. The various industries setup by the capitalists used the services of this class which previously worked as peasants in farms labor force.
This issue is as old as the mass media itself and so are the consequent health issues. There are more than ten million women in the USA alone that are facing eating disorders like Bulimia nervosa and Anorexia Nervosa and a countless number more who experience clinical depression (Disorders, 2012).
Governments were the backbones of all business and corporate operations. In recent years the trend has shifted significantly to a more independent corporate and business environment. However, governments play major roles in the market and business structure in their countries in terms of legality and permits.
Income inequality can mean distributing income to people on the basis of their social class that is the rich earning more than the poor in a society. Income inequality and wealth inequality has been worsening in the US and around the world in the last three decades.
The two following their defense on their argument comes up with a book of substantive debate of issues of capitalism that are imagined to be already settled.
Ann Cudds begins by defending capitalism for being an economic system that is completely and
Karl Marx’s communist manifesto, for instance, depicts the desire to build “a society without economic classes” or rather a society without social stratification (Marx 11-23). On the hand, John Locke’s
This realisation is what made the two authors have their own definition of economic systems. In essence, a business normally defines capital as the cumulative sum that is expressed in all tangible assets; whether fixed or even variable.
se are evident, for the phenomenon is falling under its own weight under the watch of its advocates, with lots of crises resulting due to its success. His sense of social equality is also evident in his writings, more particularly The Communist Manifesto.
Q2. According to Marx,
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