deepstash

Beta

Four ways economic crises can change things for the better

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 economy more productive and profitable. The knock-on effects include society's health, lower crime rates, voting, and volunteering.

47 SAVES


This is a professional note extracted from an online article.

Read more efficiently

Save what inspires you

Remember anything

IDEA EXTRACTED FROM:

Four ways economic crises can change things for the better

Four ways economic crises can change things for the better

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

theconversation.com

4

Key Ideas

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 joined the workforce over the next four years to keep the economy going, even in jobs that were not previously open to them.

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 medical services.

WWII necessitated government-supported medical services to become freely available for everyone.

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 economy more productive and profitable. The knock-on effects include society's health, lower crime rates, voting, and volunteering.

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Economic crises often purge inefficient or out-of-date structures.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 of online companies rising. Underperforming firms that based their growth on the hype around the internet closed. But the crash accelerated the rise of eBay, Google, Amazon, and other tech companies.

EXPLORE MORE AROUND THESE TOPICS:

SIMILAR ARTICLES & IDEAS:

A new playbook

Growth evangelists are right when they state that severe lockdowns produce a parallel human misery of unemployment, looming bankruptcies, and extreme financial anguish. Yet, opening the economy too...

The false choice

“Save the economy or save lives” is a false choice.
A group of economists published a paper on the 1918 flu outbreak. Their findings revealed:

  • Early and aggressive interventions saved lives and triggered a faster rebound, such as job growth and banking assets.
  • Without a healthy population, there can be no healthy economy.

The hope is for a deep, short recession, to show that people have shut the economy down to limit the spread of disease.

A living wage

Asking millions of able-bodied workers to stop working creates a crisis of unemployment.

During this time, the U.S. is expanding unemployment benefits and are also delaying tax filing. In northern-European countries, the government is directly paying businesses to maintain their payrolls to avoid mass layoffs and furloughs.

2 more ideas

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.

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.

    3 more ideas