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The Devil And Tom Walker: Causes Of Economic Depression

596 words - 3 pages

“The Devil and Tom Walker”: Causes of Economic Depression
In “The Devil and Tom Walker”, Irving reveals many aspects of the humanity especially how economic depression plays in the society. Some may disregard what really happens throughout the world because they ponder that the situation is “inapplicable” to their lives. Others are able to determine the problems of it but the Media/News Organizations seem to be more anxious about the people’s entertainments rather than talk about the economy. As declared by John Bellamy Foster, a professor of sociology at the University of Oregon and also editor of Monthly Review, the world economy is “experiencing by far its worst economic crisis since the Great Depression.” In some instances, research illustrates that money is not the problem in the economy instead the problem is the people that are corrupt, “never was sinner taken more unawares” (Irving 16). The economic problems that have been gradually increasing over the past few years in established economies throughout world just continue to intensify.
Some may argue that a common cause of economic collapse is an essential to constraint of credit. Allowing of credits to many individuals and other corporations that are unable to keep financial expenses has been intensely influenced by the consequences of economic collapse. Liquidity and the lack of funds, imposed strict rules for borrowing money and increased the difficulty to repay loans and increased interest led many people and businesses to worsen the economy. According to Michael Madianos, Emeritus Professor of Psychiatry at University of Athens, reported that businesses, “facing serious [of] economic hardship[s] were mostly at risk” of changed of destination from productive purpose. As a result, many people suffer from their own financial problems and many corporations or businesses had to laid/fired many employees because they are unable...

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