Since the year 2007, the world has experienced a major setback in the economy as a whole. This condition is commonly referred to as the Global Financial Crisis. This effect emanated because of liquidity shortfall in the banking system of the United States. This has lead to closure of many businesses around the world including big multinational like the American insurance group (AIG). This down turn of economic events have fully been transmitted to the common citizens in almost all nations across the globe. As a result, consumer wealth have dropped making the standards of living poor with many countries have opting to borrowing from big financial institution such as the world bank to supplement their budgets. The overall impact is the changes in the way we spend available money however scarce it may be.
Capitalism is a status regarded by many as an economic vice. In this system, the means of production are owned by private individuals who operate them for a private profit. Workers are paid normally and profits generated sent directly to the owners. These owners are the sole operators of how goods and services move into the market and how they sell. Decisions about price, supply, and distribution of goods and services are made by these owners who manipulate for their own gains.
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