Economic collapse

Bribery is operationally defined as “the offering, giving, receiving or soliciting of something of value for the purpose of influencing the action of an official in the discharge of his or her public or legal duties” (Lehman & Phelps, 2008). The practice of bribing generally stems from individuals who are ready to use illegitimate channels to capitalize on personal or corporate profit. However, there could be several other mitigating factors that drive people to partake in the act of bribery,…

took taxpayers money to fix the issue of the recession, instead of putting the money towards the essentials; such as schools, housing, road work, or even debt. Taxpayers were forced to pay for the bailout even though they were not the cause of the economic crisis happening from 2007 to…

Many other analysts have also warned us of a downfall in our economy worse than the one in 2008. According to several economic indicators, the downturn in the global economy started at the end of last year. At a glance it seems like a normal downturn in a matured business cycle but several risks are not looking good for the world economy. It has the potential to transform…

Kimberly Amadeo described Bear Stearns as “an investment bank that survived the Great Depression only to succumb to the Great Recession.” Founded in 1923, Bear Stearns was a big investment bank which offered a series of financial services including, but not limited to securities, hedge funds, and brokerage. Following the real estate crisis in 2006, two of Bear Stearns hedge fund firms High-Grade Structured-Credit Strategies Fund and Enhanced Leverage Fund with investments in mortgages began to…

insanity is doing things over and over again and expecting different outcomes”. Michael Lewis gives a clear depiction of Albert’s Einstein definition of Insanity in His book Boomerang. Each country portrayed in Boomerang, ignored their red flags of the economic catastrophe which later impacted the world financially. All of the five countries ended in the same disastrous states because a fool and his money are soon parted. Iceland Iceland was the number one country in the United Nations’ 2008…

While most transition thinkers prioritize the systematic failures, economic ills, or governmental failures, Macy places great value on the impact of the individual and importance of grassroots feelings of connectivity. “The Work that reconnects” goes beyond being an outline for the appropriate actions to establish transition…

his thoughts on how new cities were growing out of control.” Mumford uses the example of the medieval city as the basis for the "ideal city," and claims that the modern city is too close to the Roman city (the sprawling megalopolis) which ended in collapse; if the modern city carries on in the same vein, Mumford argues, then it will meet the same fate as the Roman city” (" Lewis Mumford," n.d., table 2.7). Mumford conveyed that the use of money was in his view an example of megatechnics, part…

The causes of this menace were due to various reasons. Firstly, it began with the drastic collapse of the stock market where 16 million shares were sold (Freeman & Donnelly). The day is remembered as Black Tuesday where the stocks in the market were not bought. Over the next two months, the investors had lost approximately $40 billion. The banks…

exploiting the deregulated environment. The greedy pursuit for profit of a few individuals left millions in financial despair. The sad reality is that this recession could have been avoided. Massive deregulation allowed for companies to exploit the economic system. Deregulation was in the works for decades. As deregulation grew, the potential to exploit the system grew. Take for instance the merger of Citicorp and Travelers. These companies merged to form Citigroup, the largest financial…

My economic autobiography will focus on my economic decisions, and that of the governments, during the time period of 1993-2003. I’ve focused on four of the most important decisions I’ve ever had to make, to quit my job, buy my partner out of our business, close the business and finally the timing of buying my current home. My first major economic decision was in 1993; my employer Ameritech, who at the time was the main provider of telephone service in the Midwest, proposed to end its local…