The 1970s financial crisis History Research Paper Essay (Research Paper Sample)

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The 70’s Financial Crisis
The 1970s gave way to one of the worst financial crises seen among other financial difficulties at the end of the second war around the globe. Notably, the financial crisis of the 1970s was characterized by extensive unemployment and high inflation rates. Critically, the financial crisis was a culmination of various factors present in society that made the economy unsustainable. Among the leading causes constituted the establishment of ideologies, such as municipal unionism that contributed to a debt crisis in the metropolitan. Furthermore, the ineffective management by the government and a deteriorating relationship with financial institutions also contributed to the financial crisis of the 1970s. Distinctively, the causes of the financial crisis in the 1970s associated with economic, organizational, and philosophical variables can also be traced in the modern urban spectrum.
Ideological Issues
Among the philosophical factors that led to the financial crisis of the 1970s was municipal unionism. At the time, the labor industry was not regulated as most employees faced unfavorable working conditions (Municipal Unionism 203). Moreover, companies did not emphasize on the need to provide a healthy working environment hence compromising on the health status of employees. Again, the prevalence of poor working standards led to the rise of unionism, where employees consolidated to fight for better terms of employment.
Similarly, the growth of municipal unity unionism contributed to a significant increase in the compensation rate demanded by workers.