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Four ways economic crises can change things for the better

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https://theconversation.com/four-ways-economic-crises-can-change-things-for-the-better-138751

theconversation.com

Four ways economic crises can change things for the better
If there is one lesson from history, it is that the economy will pick up again.

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WWI and women working

WWI and women working

Over a century ago, women in the UK weren't allowed to own property, open a bank account, or work in a legal or civil service job.

When WW1 broke out in 1914, over a million women j...

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WWII and the NHS

The National Health Service (NHS) was established in 1948 and is funded from general taxation. Before the NHS, people were expected to pay the hospital or a private doctor if they needed to use med...

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More people go to university

Recessions and the lack of jobs that ensues can lead more people to pursue education. This progress also affects subsequent generations.

A more educated workforce tends to make an ...

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Creative destruction

Economic crises often purge inefficient or out-of-date structures. New entities emerge in their place.

In early 2000, the Nasdaq stock exchange crashed after years of the share prices o...

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SIMILAR ARTICLES & IDEAS:

Our culture of work

Our culture claims that work is unavoidable and natural. The idea that the world can be freed from work, wholly or in part, has been suppressed for as long as capitalism has existed.

Exploring the abolition of work

  • In 1885, socialist William Morris proposed that in the factories of the future, employees should work only four hours a day.
  • In 1930, John Maynard Keynes predicted that advances in technology would lead to an age of leisure where people might work 15 hours a week.
  • Since the early 2010s, these ideas have been developed further, creating a growing critique of work as an ideology, and exploring alternatives to work.
  • Post-work offers enormous promises: In a life of much less work, life would be calmer, more equal, more communal, more pleasurable, more thoughtful, more politically engaged, more fulfilled.

Work ideology

The work ideology is not natural nor very old.

  • Before the modern era, all cultures thought of work as a means to an end, not an end in itself.
  • Once the modern work ethic was established, working patterns started to shift. Between 1800 and 1900, the average working week shrank from 80 hours to 60 hours, and in the 1970s to roughly 40 hours.
  • In 1979, Bernard Lefkowitz related in his book that people who had given up their jobs reported feelings of "wholeness." During the same period, because wages were high enough, it became possible for most people to work less.
  • During the 80s, work ideology was reimposed by aggressively pro-business governments who were motivated by a desire for social control.
  • By the early 21st century, the work culture seems inescapable.

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    The Economy Isn't Vaccinated

    The very threads that hold the economy seem to be getting unstuck with the virus. If the virus doesn’t affect a person directly, it can affect one economically by stopping one from going to work, m...

    The Power Balance Of The World

    China is the world’s largest exporter of goods, and factory closures in the country affect global manufacturing and supply.

    Apart from the very visible health costs, the economic costs of this pandemic can have far-reaching effects, leading to recession, and a global downturn.

    Ultimately this is about the balance of power between East and West, with the rising superpowers, Russia and China wanting to reshape the global markets to their advantage.

    The Automation Myth

    For decades, we have believed that automation and huge leaps in technology will take away most of our jobs and there will be widespread unemployment.

    A new study shows that this belief is inc...

    Hours worked vs Income

    The average working hours have declined only 6 percent, while income has increased at a decent rate per year.

    The economy has actually grown even after automation, due to the addition of workers.

    The Solow Paradox

    The Solow Paradox suggests that automation and computerization aren't taking our jobs, but are adding to our overall workload, taking away our leisure time.

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