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What Led Up To The 2008 Financial Crisis Of 2008

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Recommended: Markets and morals Sandel

The years leading up to the financial crisis of 2008 were considered a time of triumphalism or neoliberalism. Triumphalism began in early 1980s, when Ronald Reagan and Margaret Thatcher claimed their beliefs that market held the key to success and freedom, not government. Then again in 1990s, Bill Clinton and Tony Blair, emphasized that markets are the main source for achieving the public good. Then, 2008 financial crisis happened. It was comparable to the great depression. 2008 financial crisis made others realized that markets have come disconnected from moral. The reasons described in the book were greed and expansion of markets. And, to fix this, the author argues that we need to consider somethings money should not buy. We have transitioned
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1. Summaries: a. Intro: There is a hidden side to everything, no matter what it is in the world of economics. There is a disparity in morality and reality—morality is how we want the world to work, and reality or economics is how the world actually works. Book goes on to layout Freakonomics and define unusual phenomena that later become chapters.

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Before the Stock Market crash of 1929, America went through a decade of prosperity and social change known as the Roaring Twenties. New fads and numerous inventions emerged throughout our country. Many people bought on credit and as a result, our economy flourished. However, many Americans failed to realize this would be one of the underlying causes leading to the Great Depression. For instance, “Most people bought, but many couldn’t afford to pay the full price all at once.

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The capital holders didn’t care at all about how they create wealth,they just wanted to make more and more money without considering the implication of their actions because at some point the number of produced products will outmatch the number of consumers which will lead to a rapid price decline. The government made some attempts to regulate the businesses such as the creation of health agency bureau. The inspector of Durham's factory “does not have the way of a man who worked to death”(Sinclair 22).The inspector behavior reveals the ignorance that had filled the entire system from top to bottom. Even the the people who carried on a simple job didn’t care about the consequences of their carelessness which

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Politically, the era witnessed the rise of conservative ideologies and the election of President Ronald Reagan, who implemented policies focused on deregulation and tax cuts. These policies, known as Reaganomics, aimed to stimulate economic growth and reduce government intervention. Socially, the 1980s brought about cultural shifts, such as the emergence of MTV and the popularization of consumerism, as well as significant advancements in technology, including the widespread adoption of personal computers. Economically, the decade experienced a period of rapid growth and prosperity, fueled by technological innovations and an emphasis on entrepreneurship. However, it also saw a growing wealth gap and the onset of the savings and loan crisis, which marked the end of the economic boom.

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The election of Ronald Reagan in 1980 is considered a significant turning point in American politics. Reagan's presidency was characterized by a shift toward conservatism and a new emphasis on free-market principles. This approach, known as "Reaganomics," had a profound impact on the United States, shaping the country's economic policies for years to come. To this day, Reaganomics are considered the most serious effort to change the course of the U.S. economic policy of any other administration since the New Deal (Niskanen). Reagan's election in 1980 came at a time of economic turmoil and social unrest in the United States.

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Financial and economic crises are not unfamiliar to the U.S economy, as they almost appeared in a cyclical way at various times throughout the centuries, shaking many times the foundations of the country. Concerning the Great Depression 1929-1933, let us remember that on 29 October 1929, billions of dollars turned into dust. Before the crisis’ years, the market "The Dow" was turning endless of people into millionaires. This kind of market turned into the hobby of many ignorant people who knew nothing about the stock market. When the government entered the “game” trying to calm things down by increasing the interest rate, panic rose.

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1) Calls for protectionism are greater during share economic contraction than during boom periods as people want to protect jobs and unions meet with the management to see forth towards this issue. Also, when the economy is low a business would want the demand for their products to be high and will seek to face less competition, thus trade barriers are set up by governments to protect domestic business against the international market. Other ways to protect jobs or business would be a requirement for licensing or the absolute banning of import products in the countries. 2) This is so as since the World trade organization monitors the actions regarding trade laws in the countries, imposing of barriers may not be considered fair as per the

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Outlook debt market in Australia During the financial crisis in 2007 - 2008, a set of banks controlled by government had to face bankruptcy as well as a wide range of large financial institutions had been collapsed. It led the financial markets all over the world in difficult situation as there was a significant increase in number of unemployment all over the world as well as a decline in economic. This resulted in the international recession was continue from 2008 to 2012 and created more difficulties for some countries to re finance their government debt.

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Between 1929 and 1932 the American economy went downhill (Henretta, 2009. This time was the worst depression to date in the country (Bethel University, 2005). It was better known as the Great Depression. In the aftermath of World War 1 emerged this global crisis. Herbert Hoover was the president at this time and many felt he didn’t handle the situation like he should have (Henretta, 2009).

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This capitalist ideology flourished in the US for the next 25 years. However this can to crashing end in 1973. 1973 saw the US enter into a recession, although not a catastrophic as the Great Depression. The recession did however burst the bubble in the US had been living in. US manufacturing had gradually declining due to innovations by countries like Germany and Japan (Green, 2013).

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Starting with Ronald Reagans policies in the 1980s, America began to look more and more like the Gilded Age. The Bull Market of the 90s and the policies of both Bush administrations began to shift capital from the working and middle class to the capitalist class. In 2005 economist and Nobel Prize winner Paul Krugman pointed out that America was in the midst of a “New Gilded Age” because income, wealth and power were increasingly concentrated in the hands of a small group of elites at levels not seen since the days of the robber barons. As long as the illusion of shared prosperity was maintained through things like over-valued stock and real estate America had to reason to protest the return of Gilded Age

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This is exacerbated by glaring inequalities and mal-distributions, not only of wealth and products of wealth, but also of human’s abilities to cope effectively with crises situations, worsening public policies and practices, and most of all, widening gaps in economic status and buying powers of humans in societies. However, while market diseconomies have not been thrust upon consumerist societies, stakeholders, governance and consuming public have failed to see the writing on the triumphalism walls and acted in time to avert the crises- thus it is not just the system to blame but all of us, especially producers, distributors and consumers who thought that they good time would last forever- which, unfortunately this has not

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Ken S. Ewert, author of “Moral Criticisms of the Market, measures the morality of the “free market” and how the economic system has influenced society’s moral character. Ewert states that, “the market is based on the ethics of selfishness and it fosters materialism; it atomizes and dehumanizes society by placing emphasis on individual and gives rise to tyrannical economic powers which prays on the weaker members of society” (Ewert, 1989, para 5). I agree with Ken S. Ewert’s thoughts on the religious criticism of the free market which rewards self -orientation and self-indulged behaviors; however, the environment does not foster selfishness. Selfishness is a choice made from the heart. The Bible states, “the heart is more deceitful than

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According to Varul (2008) the notion of ‘ethical consumerism’ seems to be a contradiction in terms, since market and morality are commonly viewed as stark opposites with morality being sought in the contestation of certain goods’ commodity status and in the blocking of certain exchanges. What is new in the phenomenon of market society, a phenomenon that has been observed over the last 30 years, is the emergence of consumption as a criterion for the quality of life and as a sign of the demand for it. Moreover, society has become in our time a society that governs and evaluates its members, including the ability to consume. Without legislation regulating the market, people’s choices will be

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