Impact of Financial Crisis on Polish Economy

Out of the 28 members of the EU, there is ought to be a country with a weaker economy. Based off of Nauro F. Campos, Fabrizio and Luigi Moretti’s research, countries that recently joined (2004) the EU like Portugal, Czech Republic and Hungary now has an economy much higher than their synthetic GDP. Which is the predicted GDP if they didn’t join the EU (Doc B). This information proves that the EU does actually work economically as countries in the organization by improving their economy and supporting them. Another example of this economic growth is Poland. According to Mitchell A. Orenstein, the Polish economy had been growing “rapidly” for 20 years. At more than 4% a year. He also stated that some German industries are able to produce goods in Poland for cheaper than China. These examples show how the EU is able to support its members economically and still benefit the stronger members at the same time. Benefiting both sides brings peace in between the countries, which brings me to this last

Since the fall of the Soviet Union 1991 many changes have been brought to Europe. After the fall of the Soviet Union newly formed countries of Eastern Europe found themselves brought into a new era, many of the people had relied on the Soviet Union’s system of socialism to help them with every detail of their lives and to dictate their lives but with this newfound freedom citizens had many changes forced upon them. All they once knew had been taken away so suddenly most didn’t know what to do with themselves. The Government, Economy and Marxist Idealism had all fallen with the Soviet Union. Citizens had no choice but to move on with their new lives because it was as their past lives

The United States suffered its worst recession in the postwar period between the years December 2007 and June 2009. Every sector of the United States economy was severely affected. Many people became unemployed. Though macroeconomists had predicted a stable economy, the Great Recession happened. Policy makers such as Congress became responsible for the economy's recovery. The Great Recession had lots of effects. Recession involves a fall in Gross Domestic Product (GDP). GDP is the total value of both goods and services produced within a country. When a country's GDP falls, there is lower income for people living in the country. This results in high costs of living and increase in poverty. Many people lost their jobs. The category of people

A country’s economy is the one of the most important criteria for its nation to live in prosperity. America’s economy has improved since the 2010 crisis but is still

Although the trough beginning at the end of 2008 through 2009 proved to be a financial crisis; the nation’s economy’s solid performance during this time lead to a strong and early recovery, which contributed to the peak of the 2010 economic growth rate of 7.5% in real gross domestic product (U.S. Dept. of State, 2011).

Since 1990, after the collapse of socialism in many countries, liberal democratic ideal was became the ideal concept for some new born countries, including Eastern European countries, which were the parts of the former Soviet Union, by its political, economic, and societal means. Unfortunately, from the internationally accepted study or data, such as World Bank or the United Nation’s studies and data, it can be seen that those, especially, the Eastern European countries’ political and economic achievements have been stuck in the certain level of such developments. Even some of their political systems are returning into authoritarianism, while others have

Since 2003, there are economists warned America  's real estate bubble will burst a year, although this prediction has not fulfilled,however, the occurrence of happen sooner or later. In 2007 August,America sub-prime mortgage crisis broke out suddenly, not only the real estate bubble has finally burst, America also fell into the since twentieth Century 30 the Great Depression of the most serious financial crisis.

“The collapse of the Soviet Union, the communist superpower, was one of the most striking events in recent history” ( Perry, 2012 p. 872). Poland was the first to remove them self from the Soviet Union. The prices in the polish country for basic good continued to rise, do to this Poland formed the self- sufficient trade union called solidarity. Pope John Paul and the Catholic Church supported Solidarity. John Paul did not inspire an upheaval, but he did encourage the polish people to build establishments separate from the state, so the next time a confrontation occurred it could stand up as a unified front. In 1988 Poland became politically independent from the Soviet Bloc, and this led to a noncommunist

The Effect of The New Deal on United States' Economy in Crisis Ever since the details of the Great Depression began to emerge from the post-World War I rubble; historians have wondered how such a horrific catastrophe could have taken place. The following investigation will examine the role of the New Deal in improving the U.S. economic crisis from two differing perspectives: the New Deal, when viewed as a whole, was an economical achievement of epic proportions, and that none of the successes associated with the economic crises during the Great Depression era can be attributed to the New Deal. The frame of the investigation will seek to explain and evaluate both view points through Carl N.

Despite the overall success of the International Monetary Fund and the United States to prevent additional contagion from the Mexican peso crisis throughout the broader global financial systems, the crisis nevertheless proved devastating to the Mexican economy and its population. The devaluation of the peso and capital flight plunged the Mexican economy into a deep recession, national GDP dropped by 6.2% throughout 1995, and multiple banks collapsed as poor quality assets and fraudulent lending practices came to light, forcing the financial sector to bare the brunt of the crisis (Pereznieto, 11). The average Mexican, however, would argue otherwise and angrily proclaim that it was them that suffered the most. Many Mexicans could no longer keep up with the rising interest rates and thousands of mortgages went into default, resulting in widespread repossession of homes. Prices rose by 35%, hyperinflation resulted in a real wage decrease of 25-35%, and unemployment rose to 7.4% in 1995 from its 3.9% pre-crisis the year prior (Pereznieto, 15). In the formal sector, over a million people lost their job, real wages decreased by 13.5%, and overall household incomes plummeted by 30% (Pereznieto, 15). Extreme poverty in Mexico grew to 37% in 1996 from 21% in 1994 (Pereznieto, 16). The growing poverty in Mexico also impacted urban areas more than rural areas (Pereznieto, 15). Urbanites relied on a healthy labor market, good access to credit, and

By the end of 2008, the European Union began experiencing rippling effects of the United States financial crisis. Several member countries, most notably on the southern end of the continent, faced high levels of debt and unemployment. Portugal, Iceland, Ireland, Greece, and Spain, derogatively referred to as “PIIGS,” required extensive economic support from the EU in order to repay government debts and bail-out private banks. Disbursal of aid in 2010 proved successful in promoting economic recovery in some countries; however, the vast majority observed only slight economic improvement which led to doubts regarding the effectiveness of the harsh austerity measures implemented. Ireland has most clearly benefited from the financial support of the European Union as the country’s unemployment rate has dropped below ten percent and is expected to witness 4.5% GDP growth in 2016. Portugal, on the other hand, shows little fiscal improvement as evident in an unemployment rate of 13% and an expected GDP growth of only 1.6% in 2016. Although both countries faced tough financial crises in 2010, Ireland has notably outperformed Portugal in resolving the situation. The weak economy in Portugal, as well as continued fiscal hardship in the remaining “PIGS” countries, threaten the preservation of the European Union as financial inequality between the members persists.

The transformation from state socialism to liberal democracy since 1989 was accompanied by fundamental shifts in the material conditions of society and daily life. Many Eastern European countries have been transformed into market economies and liberal democracies. They have been assimilated into NATO and the European Union. However, both the economy and the political transformations have been radical. This is because the changeover from socialism to capitalism in most Eastern European countries was without precedent (Swain, 2011).

The Global Financial crisis started with the burst of US housing bubble, which peaked in 2006. The main reason for this was the subprime lending, deregulation of the financial sector, off book financing and underwriting practices. Loans were issued to the customers with poor credit rating thinking that the price of houses will rise in the future and due to overvaluation. This resulted in decline in credit availability, damaged investor faith, and reduced international trade and an impact on the stock market. As European Union has high trade ties and financial ties with US, the European Union suffered the effects of this financial crisis as well resulting in the Global Financial crisis of 2008 or the Great depression of 2008.

The first problem is the uncertainty of the political stability within Poland. In October, there were political events that caused policymaking to stop. The team of political leaders that were engaged during the initial conversations are on their way out of the door

Greece has a history which really distinguishes its nation from the rest. In 1829, Greece achieved independence from the Ottoman Empire. During the second half of the nineteenth century and the first half of the twentieth century, it gradually added neighboring islands and territories, most with Greek-speaking populations. Following Germany’s defeat in World War II in 1949, Greece joined NATO in 1952. In 1981, Greece joined the EC, which is now the EU, and it became the twelfth member of the European Economic and Monetary Union in 2001. In 2010, the prospect of a Greek default on its euro-denominated debt created severe strains within the EMU and raised the question of whether a member country might voluntarily