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The Rise of Financial Instability over the Past Few Decades - Essay Example

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The paper "The Rise of Financial Instability over the Past Few Decades" discusses that the so-called Second World of the global Communist community was severely undermined by the economic and political crises which began in the late 1960s. The result was a political and economic disorder.  …
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The Rise of Financial Instability over the Past Few Decades
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Download file to see previous pages Events from the late 1960s reverberated in the Communist world and finally came to a head in the 1980s with total economic and political collapse. The Soviet sphere, coupled with the former Yugoslavia, provide the best examples of this phenomenon. Additionally, the end of the Cold War has had important implications for the already precarious states of Africa and has coincided with the emergence of Asian economic “Tigers”: a global economic shift towards emerging East Asian powerhouses. Our current wave of globalization will be traced back to the late 1960s, beginning with the “social revolution” of that decade, and will end with today’s international state of affairs. Arguing that the global entrenchment of neoliberal economic activity is responsible for the economic crises afflicting the world, this essay will begin with an overview of the precursors to the global spread of neoliberalism and will follow with an analysis John Kenneth Galbraith’s work, The Great Crash, 1929. Arguing that the economic crisis of today shares many parallels with economic crisis eighty years ago today, we conclude with an overview of the issues analyzed in this thorough and complete essay.
The social revolution of the 1960s was also a cultural revolution with economic ramifications through the spread of US-inspired consumerism throughout the globe. In fact, the “rise of a specific, and extraordinarily powerful youth culture indicated a profound change in the relationship between generations” (Hobsbawm 324). Leading this cultural revolution were the young: teenagers started wearing jeans – prior to that only farmers wore them – and rock music became the voice of a generation (Hobsbawm 324). ...Download file to see next pagesRead More
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