Recession rampant everywhere, job loss has been ever increasing, people can't even to finance their homes now. My maturity value for my insurance plan just decreased by 15%. How bad is this crisis? I wonder. It seems for now this disaster is not affecting the general population much, except the super rich or those working in banks and financial institutions.
The world economies are built upon capitalism which the Americans have been propagating for decades. The beginning was imperialism when the European powers began carving the world up to fuel their economy, at the same time to export what they started to produce during the industrial revolution. The capitalists wanted to have more profit, thus produced more, which increased jobs, however, there needs to be an import country, these would be the asian/ african economies. Free trade would be a formula for success for capitalists, as they are able to grow their economies more by exporting.
The Americans took over from the British and became center of the financial world and transformed imperialism to capitalism, beating communism, fascism on the way. As capitalism spread, countries started trading beyond their boundaries at an unprecedented level. Belong long the whole world is connected in one way or another. Soon local capitalists would grow to be powerful transnational capitalists, with some earning more than countries.
As the story goes, unfortunately, this also meant one economy importing less would affect the other exporting country. For economies to continue to grow, people have to spend, spend, spend! The culture of consumerism certainly did help with fattening the capitalists' pockets, and it did not help that values of society are changing too.
Success is now achievement-related, depending on definition, this can be materialistically or not. Although current trends would point to the former. People are now defined as what they have, instead of who they are. Does a common wage taker have less self-respect than a businessman? Can the boss be rude to his employees just because they worked for him?
Coming back to the point, capitalist works and can continue to function only when consumers consume, and this philosophy is just perfect for the never ever satisfied humans who just wanted more and more.
Fully embracing consumerism, I would need to spend too. Thus, I am going to throw some hard earned money at getting a Macbook and also an Audioengine 5 speakers.
Economy, recover already.
Maybe I should be calling the banks instead.
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