Essays on Chernow

Nowadays, many people will stipulate that the Great Recession of a few years ago was just as bad, if not worse, than the Great Depression. There are similarities and patterns, to be sure. The effect globally was indeed worse this time around, because the world’s banks are far more intertwined and globalized now. People experienced a hard time getting back on their feet, and we had (and still have) a congress that is completely ineffective, throwing money at problems rather than actually fixing the regulations that allowed such a tremendous recession to take place. On the other hand, ...

Adam Smith:

Adam Smith was born in Scotland June 16, 1723. He is one of the most revered personalities in the history of the United States (Hanley 40). After the age of 15, he joined Glasgow University where he commenced his philosophy studies. Adam Smith later attended Oxford’s Balliol College in the 1740s. After graduating, he traveled extensively across Scotland, lecturing the public on his economic philosophy. He was a strong believer in the free market economy, which he considered as a system of natural liberty. The Wealth of Nations remains one of the Smith’s most famous works in ...

Introduction

The concept of consumption and consumerism involves a situation in which people are continually purchasing and using products mainly promoted by a capitalist economy. Virtually, the current society consists of consumers, making consumption and consumerism a part of the modern life. Ideally, consumption and consumerism determine the level of demand as well as the level production. Additionally, all innovations around the world are geared towards satisfying the consumers’ needs. As the consumers buy products in bulk, the economy develops, which in turn sustains the political class (Miles 148). Ironically, the consumers do not get much recognition, and they are ...