Tag Archives: economics

Stagflation

Posted on June 17, 2010 by Yukari

During 1970s, the United States experienced stagflation which is economic phenomenon that the unemployment rate and the inflation rate are high at the same time. Main causes for this stagflation were the changes in economic policy, the end of the Golden Exchange Standard, made by Nixon in 1971 and Oil Crisis in 1973 and 1979. It created a negative spiral in economy because price increases while income decreases and suffered not only people in the United States but also other nations especially country which highly depended on oil imports.

Image from: www.epips.com/djia/ 1970s-oil-crisis.html

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The crash of 1929

Posted on June 7, 2010 by Alfaro

This image is from Time.com, and it belongs to the Bettmann-Corbis archive. The picture was taken during the Great Depression that began on October 29, 1929, which is also known as Black Tuesday. 

The first time I saw this picture was during a recent visit to the MoMA. At first, the image makes me smile because it shows a humorous aspect in a tragic time. During the Great depression approximately 25% of population was unemployed and affected every segment of society. The picture is important to me because it reminds me that history is repeating itself. Like in the Great depression, the world is now experiencing a huge economic downturn due to the failure of the traditional financial system.

 http://www.time.com/time/photogallery/0,29307,1677033_1474476,00.html

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