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Essay / Research Paper Abstract
A 3 page paper discussing the four phases of the business cycle, the boom-and-bust turns that lead capitalist economies through periods of recession, recovery, expansion and then back to recession. The business cycle has been operational literally for centuries, despite the fact that people who know better regularly try to proclaim it to be dead. Bibliography lists -3 sources.
3 pages (~225 words per page)
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Unformatted sample text from the term paper:
enjoyed the longest period of economic expansion in history throughout most of the decade of the 1990s. Things were going so well that a few voices were musing that
perhaps the business cycle was dead, that the old law of boom-and-bust was no longer valid. Most of those voices should have known better... Economist Paul Samuelson said
the same thing in 1969; by 1973 the United States was in deep recession that spread throughout the developed world in response to the international oil crisis of 1973-1974 (Capital
goes global, 1997). Reasonable people knew that a "correction" would be forthcoming, and the US economy was showing signs that such a correction
was on the horizon. Some believed that the fallout of the technology sector in the summer of 2000 constituted the entire correction; others believed it to be only the
herald announcing the real thing that still had not appeared. A year later, the US economy was teetering on the brink. The terrorist attacks of September 11, 2001
pushed it over the edge. The Standard Path Recession to Recovery Until the long period of economic expansion that persisted throughout most of
the years of the decade of the 1990s, conventional wisdom held that interest rates must always be linked to the "boom and bust" business cycle. When the economy was
in recession, unemployment would be high and consumers would have less available discretionary income to support those businesses operating in non-essential goods and services. Governments role is to ensure
that interest rates are low, to encourage businesses and individuals to continue spending to support the larger economy. Recovery to Growth Businesses would