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Capitalism Essay

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Below is an essay on "Capitalism" from Anti Essays, your source for research papers, essays, and term paper examples.

Chapter One

The Global Economic Crisis — A Marxist Perspective
The financial earthquake that erupted in September 2008 and that massively reinforced a downturn in the U.S. economy that began in 2007 has produced the worst global economic slump since the Great Depression of the 1930s. The U.S. government’s $700 billion bailout of the financial industry in late 2008 and early 2009 guaranteed lavish bonus packages for Wall Street executives and provided funds for a new round of buyouts, mergers and accelerated concentration of financial capital, but did little to alleviate the credit squeeze that paralyzed new business investment and dampened consumer spending, generating a wave of bankruptcies across financial, manufacturing and commercial sectors.1 Similar government infusions of liquidity into the banking systems of other countries, notably the U.K., proved just as ineffective in arresting the downward slide. By early 2009, stock markets in North America and overseas had lost between 30 and 50 percent of their nominal value due to tightening credit markets, declining corporate profitability and shattered “confidence.” A growing list of countries, beginning with Ukraine, Hungary and Iceland, had obtained major loans from the International Monetary Fund (imf) to fend off bankruptcy, while the economies of all the leading capitalist countries had begun to contract. By October 2009, the imf predicted that the gross output of the world’s most advanced economies would shrink by 3.4 percent in 2009 — the first such contraction since 1945 (see table 1.1). According to the imf, growth in the volume of international trade fell from 7.3 percent in 2007 to 3.0 percent in 2008 and was projected to be minus 11.9 percent in 2009 — a harbinger of much slower growth for the recently booming economies of South and East Asia. China — the most dynamic of these so-called “emerging economies” — saw its annual growth rate fall from 12 to 8.9 percent, and this was expected to drop to...

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"Capitalism". Anti Essays. 10 Dec. 2018

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Capitalism. Anti Essays. Retrieved December 10, 2018, from the World Wide Web: http://snehaedu.com/free-essays/Capitalism-357548.html