These crises didn’t become reality until the worst actually occurred, the stock market crashed. One of the biggest results of the crash was the closure of banks. Because the banks were invested in the market, either directly or indirectly, they were hit hard by the crash and almost wiped clean of their money. Banks would make loans to stockholders, who were buying on margin, and then the banks would never get the loans paid back. This combined with the people pulling money from the banks out of fear, caused the banks to close. The banks closing in turn affected the people. The people lost their fortunes, investments, faith in the government and in truth, pretty much their lives because the crash took everything with it. The emptiness and worthlessness that the people felt, the fact that they had practically nothing except the clothes on their back, led them to desperate means of getting money or finding places to live. This depression and position of nothingness is what created the recession and beginnings of the hope to just survive among the people. Furthermore, the stock market crash caused trouble overseas as well. Countries indebted to the United States could not pay back the loans that the United States asked for. This led to the passing of high tariffs within the nation. These high tariffs created more harm than good by hurting the economy further and causing the people to pay more for necessities making it harder for the people to survive. As
The first would be to educate people on how to understand, respond, adapt and recover from disasters (Flynn, 2011). If the community members work together during an incident, it could help free up the first responders to conduct alternative task (Flynn, 2011). Small businesses could band together to help each other during catastrophes by putting plans into place like lending a work force or resources during times of need (Flynn, 2011). Communities could also help by planning on efforts to come together and providing support to those affected by unforeseen circumstances by supplying food, water, shelter, and countless other ways.
Race and class identity of various groups of people render a great deal of influence on the experience one faces after a natural disaster. Unfortunately, oppression comes along with the quality of life for poor and middle classes. Thus, the experiences of higher and lower social classes are vastly different in terms of physical and psychological effects on the people. Higher social classes have the ability to restore any damages caused from a natural disaster in a timely manner, such as Hurricane Matthew. On the contrary, those people of the lower economic and social classes affected by the hurricane in Haiti, Bahamas, and Jamaica this past weekend will take a number of months or even years to rebuild their prior lifestyles. On pg. 4 in the
Hurricane Katrina was an excellent case study in the divide between society, the government, and the individual as well as the inability for big government and law enforcement to manage crisis. One event factor, only partially controlled by society, was the almost $100 billion and counting effect of Hurricane Katrina on the U.S. Economy. This figure is quite low, when one takes into account not just the repairs and reconstruction for the region, but the interruption of the Gulf oil supply, ruin of exports like grain, forestry in adjoining areas, hundreds of thousands left unemployed (fewer taxes into the government) as well as the huge economic impact the lack of tourism will have on the Louisiana economy (Reidy 2005; Cooper, 2007).
When disasters occur suddenly, the following days makes it difficult for people to get to work due to fallen trees or destroyed cars and home or roads flooded. By evaluating a given area or even country, can reduce these negative impacts by using risk identification, risk reduction and risk transfer. This is the important job of risk manager to do these risk assessments in order to better prepare for unfortunate events that will occur sometime in the future. There are public assistance programs set in place in the event of a disaster destroying a town or city for example.
By looking back at history, it is clear that the economy is an ever changing thing that is unpredictable in many ways. From the stock market crash in the 1920’s to the more recent housing market crash in the 2000’s one thing is for sure; many different factors affect the United States economy every day. In addition to man-made factors there are also other elements that cannot be controlled or even consistently predicted that impact the growth or decline of the economy overall. For example, natural disasters such as tornadoes, hurricanes, and tsunamis not only cause immediate damage wherever they strike, but also have long term economic affects for years to come. One of the natural disasters that left the biggest impact on the economy was Hurricane
Many individuals in the country are struggling to make ends meet on a good day, so what happens when disaster strikes? They are unprepared, have a harder time recovering, and their risk and devastation are increased in the disaster. Class inequality impacts individuals on the lower end of the scale. They have less access to resources to prepare themselves before the disaster strikes, and after disaster strikes they have even less resources to recover with. Lower class individuals are also at a higher risk of devastation during a disaster because they cannot always escape before the disaster hits or have the potential to live in areas that are less likely to be affected.
Irma although it produced fear, anxiety and concern in consumers, our economy was able to handle the situation in order to provide a better service to the community. It is to recognize that if we did not have this type of economy many people were not the necessary resources for their family. That's why I'm clearly sure that the best kind of economy is the market economy because it gives us the freedom to buy what we need. We already know that if our economy were to command our consumers had a serious problem to satisfy the needs of each member in their homes. In conclusion, our economy is the best to handle emergency situations as it was the past day during Hurricane
In 2005, Hurricane Katrina caused massive damage around Gulf of Mexico. Especially, New Orleans was flooded most severely, so once approximately 80% of the city was under the water. Many articles criticize the poor management for Katrina, on the other hand, some articles can positively accept the preparation for Hurricane Sandy in 2012. For example, GSN (Government Security News) released their article in 2015, and the title is “Response to Sandy shows Katrina lessons mostly learned, says former FEMA chief”. In 2005, many people died, and many people are forced to move from New Orleans or other affected towns, however, now the hurricane disaster reduction plans in the U.S. are based on lessons from 2005. We should reflect the crisis event, so, first of all, to check the timeline of Katrina and to specify the problem of planning or reaction. The second, to understand the FEMA and “Hurricane Pam” exercise. “Hurricane Pam” exercise was held prior to Katrina, and the exercise clear many problems for emergency planning. One of the major problems was transportation. Many people lacked the transportation to evacuation shelter, and the problem was indicated before Katrina. The third, with a chart of employment trends, to realize the social impact of Katrina. The employment trends are related to next topic: race and class. Black workers faced the more difficult situation to get their jobs than white workers. (Elliott 2006). The last is to introduce BBC article about the
The extension, influenced populace, and term of "China 's Blizzard" in 2008 strongly affected China 's national economy and prompted a large group of issues, in this manner uncovering numerous deficiencies in China 's emergency response system. "China 's Blizzard" was the main significant emergency that happened in China after the requirement of the "Emergency Response Law" (Hayes, R. E., 2005). Subsequently, it can be seen as a chance to watch the usage of the unified response system received by China. Likewise, the "Tropical storm Morakot" that struck Taiwan in 2009 was one of Taiwan 's biggest natural disasters lately. It influenced almost 50% of Taiwan, and the measures of labor and alleviation resources information were phenomenal. Confronted with the risk, the Taiwanese government responds to disasters as per the law, - the Disaster Prevention and Response Act and has embraced a decentralized crisis management to react to disasters. Be that as it may, full reliance on the decentralized response system has additionally prompted issues. At the point when confronted with real disasters, the response systems embraced could bring about the diverse sorts of activities and yields also. Perception of the crisis responses in these two spots demonstrated that similitudes exist with respect to the sizes of impacted regions, misfortunes of properties and lives, distribution of resources, and developments of military operations (Allard, K., 1996). Moreover, these
The best question to ponder now is: How could this crisis become apart of history? First, lower taxes. Plain and simple, lower taxes on everything. That means clothes, gasoline, furniture, anything and everything that we spend our finances on, should only have a three percent tax upon it. In Arizona, eight point one percent is absolutely insane. As a part time employee of Pier One Imports I watch the faces of customers shocked when their one thousand dollar purchase is over one hundred dollars more then they can afford now, due to taxes. It
As the Marxist approach puts it, “underlying states of human marginalisation are conceived as the principle cause of disaster.” (Pelling, 2001, p. 179). This resource exclusion to particular categories of people within society creates their vulnerability to risk, and in turn disaster. McLaughlin and Dietz (2007) suggest there are three dimensions that make up vulnerability including exposure, sensitivity and resilience. An example displaying the vulnerability of lower classed social categories is in North Bihar, India, where floods have been managed through engineering works to create embankments. While the Government appears to be reducing the hazard, this has increased the vulnerability of the local people. Soil fertility has decreased reducing agricultural success, dangerous flash floods are occurring due to embankment walls collapsing and communities have settled on apparently safe embankments and are now highly exposed (Pelling, 2001). The natural flood hazard was dangerous, but these works by society have created a natural disaster (Pelling, 2001). Power inequalities have created this disastrous situation where lower classes are at high exposure to floods due to profit hungry management bodies. This technological approach is clearly failing but the Government and other managing groups make large profits off flood engineering works and have the power to decide how to control the issue (Pelling, 2001). This has resulted in creating
When disaster strikes and destroys peoples lives what do people do? On October 15,2013 a deadly 7.2 magnitude earthquake struck the central Philippines (B.E.). Much has been done to help, but not enough to help people regain their old lives. The most likely culprit of the deadly 7.2 earthquake was most likely caused by the east Bohol fault. Thankfully the quake did not cause a tsunami. The quake killed over 100 people and destroyed tens of thousands of homes were destroyed. The quake also damaged many heritage sites such as the chocolate hills. After major disaster caused by mother nature, people have to work together and rebuild what was destroyed to get their lives back on track.
In, The economic way of thinking, by Peter Boettke, Paul Heyne, and David Prychitko, (2014) the authors explain the effects of gouging and price spikes on the economy, specifically focusing on the effects they have on a community during a declared disaster. Gouging and price spikes appall and outrage many people because they often occur at the time of disasters. Prices for items needed the most at that given time are drastically increased. Leaving many people questioning how the government could let the rising prices occur. Especially after what happen during the time of hurricane Katrina in August 2005 when plywood prices had risen even before the storm hit the Gulf Coast. As the prices rose not only in that area of the disaster but all over in other parts of the world as the demand was increased. As a result of past experiences with disaster one poses a question, Should people be upset at how the economy responses to disasters? After reflecting on the economist view point and analyzing the importance’s the market plays this student favors letting the market process for
Natural disasters are inevitable and it is not possible to get full control over them. The history of human civilization reveals that man has been combating with natural disasters from its origin but natural disasters like floods, cyclones, earthquakes, volcanic eruptions have various times not only disturbed the normal life pattern but also caused huge losses to life and property, and interrupted the process of development.