Question

1. What is “American Exceptionalism”? (Based on "Capitalism Hits the Fan" by Richard Wolff on the Economic Meltdown)

A) How does this concept factor into the cultural expectation of a rising standard of living?

B) Why does Wolff say this mentality played a role in the economic collapse?

C) Analyze the role that American consumerism played leading up to the economic crisis

Answer 1

1. The view that the United States is special, set apart by a particular arrangement of thoughts, for example, equity, self-guideline, and constrained government.

A)  This rising way of life persuaded that future ages would show improvement over their own. After some time, as the customer economy built up, an individual's value and achievement came to be characterized through shopper esteems and material status - estimated by things like the apparel they wore, the house they lived in, and the vehicle they drove.

B) Richard D. Wolff has given a pass up blow record of how the emergency grew, how the government officials and gatherings responded, and how the normal people endured and will endure in times to come. Be that as it may, he has accomplished more than that. He has demonstrated that Marxist financial aspects gave a reasonable examination all through, which was exact and farsighted, yet additionally guides unquestionably toward the need generally to change the framework. Benefit benefits one class to the detriment of every other person and it has been exactly appeared in each emergency who it is that grabs the tab.

C) The ascent of thriving of the United States in 1920 prompted the development of American Consumerism in the period in history known as the Roaring Twenties. Commercialization is the hypothesis that it is economically alluring to empower the accomplishment of merchandise and enterprises in consistently expanding amounts.

After an underlying recession in 1919, white collar class Americans moved to a time of flourishing. Between the years from 1921 to 1924 the country's gross national item hopped from $69 billion to $93 billion and wages rose by 22% from generally $36.4 billion to $51.5 billion.

The Stock Market crash prompted the ruin of numerous Americans and was trailed by the Great Depression. The Great Depression saw the finish of the Consumer Society and industrialism in the 1920's. Because of the cost increment of consumer merchandise that came about because of the duty, buyer spending definitely diminished. The decay prompted the Great Depression, making organizations come up short. Business disappointments and closings made individuals lose positions, contributing the to the high joblessness rate.