Democracy legitimatize the rule of the wealthy by investing it with the moral authority of popular consent that became visible on September 18th, 2008 when the credit markets froze. The financial system of the country melted down in the matter of days and the housing markets crashed. There were rumors of the liquidity problems and markets were deficient of cash. The adverse consequences were suffered by the labor class due to wage reductions and unemployment CITATION Mic09 \l 1033 (Kirk, 2009). Accelerating prices of the houses was also the result of the financial meltdown that created more problem for the mortgaged houses. The pressure was again on the middle and lower-class.
Big business and big companies influence our political and economic system that results in growing economic inequality between the rich and the poor. The corporate decisions of big companies have always created problems for the employees and working class. In 2007, 1,093 people were unemployed that was the result of modern capitalism. financial crisis of 2008 was the failure of capitalist markets that were only seeking to maximize revenues of big companies. The revenues exceeded but the salaries shrunk because the corporate owners never bothered to pay fair incomes.
They work against expression of democracy because they are only aiming at maximizing their profits. This system has always benefited the big companies by because they earn supernormal profits but the working class is only getting meager wages. They are the ones who make rules and decide wages for the labor. Facts reveals that at 85 percent unemployment rate “13 million people were officially unemployed, the underemployment rate was 15.2 percent, equal to 23.8 million people” CITATION UMN16 \l 1033 (UMN, 2016). These satisfaction are taken from 2011 to explain the prevalence of unemployment. No actions are taken by the bog companies for improving the work opportunities or employment for the labor class.
Barkan, S. E. (2012). Criminology: A sociological understanding (5th ed.). Upper Saddle River, NJ: Prentice Hall. Bertrand, M., & Mullainathan, S. (2003). Are Emily and Greg more employable than Lakisha and Jamal? A field experiment on labor market discrimination (Working Paper No. 9873). Cambridge, MA: National Bureau of Economic Research.
BIBLIOGRAPHY UMN. (2016). Social Problems: Continuity and Change. University of Minnesota Libraries Publishing.
Kirk, M. (2009). Inside the meltdown. Retrieved 11 18, 2019, from https://www.pbs.org/wgbh/frontline/film/meltdown/
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