By A. Coskun Samli (auth.)
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Two times within the final century the often stalwart financial system of usa has crumbled—first in 1929, whilst the inventory industry crash that ended in the nice melancholy hit, and back with the monetary industry meltdown of 2008-2009 that remains crippling a lot of the United States. whereas it truly is nonetheless too quickly to country unequivocally how this most modern monetary catastrophe took place, it truly is attainable to theorize that a lot of what has occurred might have been foreseen or even avoided—just because it might have been in 1929.
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Additional resources for Dynamic Markets and Conventional Ignorance: The Great American Dilemma
Here, the greed factor must be replaced with ambition so that corporate entities would seek economic progress rather than short-run money making by The Needed Change in the Orientation 39 blocking change and progress. Negative propaganda either intentionally or because of ignorance must stop. Religious speakers, who mostly speak against the government, must be told that at no place in the Bible is there a statement saying that you will balance your budget. Libertarians must understand that a society needs a proper leader.
To make it worse, those who were in political power—and many are still there at this writing—have some dogmas that are perhaps thousands of years old. They are trying to propagate these old and dysfunctional values such as prayers being more important in schools than education, evolution and creationism must be taught side-by-side, stem cell research and similar progressive areas of explorations are unethical, women should not be given the freedom of dealing with their own contraception issues, and the like.
The ignorance is that the decision makers do not know how the market system works. During the particular periods cited, the United States was involved in two almost totally unnecessary wars. But at no time in the history 12 Dynamic Markets and Conventional Ignorance of mankind has a country involved in two wars given a huge tax cut to the population. As a result, foreign indebtedness became very large. The wars and interest on the debt created a lopsided situation of lack of support for education, for innovation, for manufacturing, and for infrastructure, among others.