William Shakespeare 's The Merchant Of Venice Essay

1275 WordsNov 10, 20166 Pages
Shakespeare’s The Merchant of Venice is so alike to our financially afflicted world. The rules of law and commerce are subject to deceptive manipulation, fear of "the other" overwhelms respect for a common humanity, duplicity is the norm, sexuality is a vehicle for ambition, and money drives and wraps almost every action. It is a classic tale that includes important details of the financial crisis in the United States during 2007-2009. Shakespeare’s Venice, like the New York of his time - and the financial capitals of ours - is a city based on borrowing, on market speculation and greed masquerading as wealth and sophistication. Behind the curtains of the practice of lending and borrowing money in Shakespeare’s play lay the transition to capitalism: the rise of banking system; the scarcity for credit in developing industrial enterprises; and the growing dispute of default facing both aristocratic landlords and, above all, small, independent early entrepreneurs on trading ventures. Even though almost 600 years apart from each other, both Shakespeare’s tale and the financial crisis in the United States during 2007-2009 have a similar financial dilemma, each has its unique Shylock, Bassanio and Antonio- people who were responsible for causing the meltdown of their days. We all know from our course that leverage and liquidity risks of financial institutions are vulnerable to the crisis. The financial crisis that emerged in 2007 had many and varied causes, but one of its most
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