Economic Issues In Today's World

In US History honors class, we have been focusing on the Civil War, and what happened during that time. During the Civil War there were economic issues in both the North and South. Both the North and the South had their own ways of life, and their own ways to make profit. The North was industrializing, and the South was depending on agriculture. The South grew cash crops, and had connections to international trade.

In today’s society, economic issues are still in affect. America is now in a recession. A recession is generally associated with a decline in a country's real gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year. With America being in a recession, the price of oil has risen rapidly, the cost of gas is on an average of $3.40 a gallon, major banks are filing bankruptcy, mortgage company’s profit charts are low, and the unemployment rate has risen. With everything being under attack, Americans are unable to afford their much needed necessities. Not being able to afford the necessities, Americans are going through “rough times.”

Not only is America going through economic issues, but Latin America is undergoing economic issues also. One third of the population in Latin America, approx. 150 million people, survives on less than $2 a day. Brazil, Colombia, and Peru are the largest countries living under this condition. The poorest, 30% of Latin America's population receive approx. 7.5% of their national income, as of the wealthiest 5% of the population receive approx.25% of the income. The main source of income for much of the Latin American countries such as Antigua, St. Vincent, St. Kitts, the Bahamas, and the Dominican Republic depend on tourism. Many of these countries have no choice in using tourism as their main source of revenue. They must balance their natural resources in order to prevent their economies from collapsing.

Another country that is suffering from economic issues is Zimbabwe. Zimbabwe's economic problems are increasing violence against women. With all the economic problems, violence has taken a whole new level in Zimbabwe. Over the last few years, Zimbabwe has suffered serious economic problems. Salaries have failed to keep pace with increase which hit 144% in October, and the unemployment rate has risen also. The land reform program has seen farms change hands with thousands of farmers and farm workers facing an unknown future. The government has tried to intervene through price controls on basic commodities, and by fixing the foreign exchange rate.

In conclusion, many of countries are suffering from economic issues. America is not the only country alone that is undergoing the economic hardships. I hope that the many countries that are having economy problems, find solutions to ending them, so the people can live better lives and not have to worry. I feel as though that all countries that are going through economic problems can work together and help end it all.