Angela Berst
Sociology-202
8:43pm
10/16/08
Global crisis implications for labor market
The global financial crisis is causing Russia’s economy to have a recession. “Russia’s labor market is in for a major shake-up in the next few months.” Many companies and businesses have had to cut back on production which therefore affects employees. The cut backs are not considered major now but eventually in the future they can cause a huge problem for the economy. Engineers and workers for a Russian car company, GAZ, were sent on a “forced vacation” when production of trucks was stopped for a few days. The decrease in the demand for cars and new housing has caused metal production demands to also decline. At the Magnitkogorsk Iron and Steel Works (MMK), production was cut by about twenty five percent and about three thousand workers got laid off. Russians had “feeling(s) of false security” because the government felt that the economy was “as stable and shock-resistant as could be”. When this economic crisis hit, the government was caught by surprise. The world is going through an economic crisis and this can be seen from not only from the struggles in the United States but it has also reached places such as Russia. The most that people can do now is to wait and see how long this financial crisis will last. Everyone should continue doing what they can, their role, to keep the economy going. This would mean that consumers should continue to purchase products and materials in order for the demand to be maintained. The producers or manufactures should try their best to keep up with the demand without lowering wages or cutting their employees.
"Global crisis implications for labor market." Russian News and Information Agency. 14 Oct. 2008. 17 Oct. 2008.
Sociology-202
8:43pm
10/16/08
Global crisis implications for labor market
The global financial crisis is causing Russia’s economy to have a recession. “Russia’s labor market is in for a major shake-up in the next few months.” Many companies and businesses have had to cut back on production which therefore affects employees. The cut backs are not considered major now but eventually in the future they can cause a huge problem for the economy. Engineers and workers for a Russian car company, GAZ, were sent on a “forced vacation” when production of trucks was stopped for a few days. The decrease in the demand for cars and new housing has caused metal production demands to also decline. At the Magnitkogorsk Iron and Steel Works (MMK), production was cut by about twenty five percent and about three thousand workers got laid off. Russians had “feeling(s) of false security” because the government felt that the economy was “as stable and shock-resistant as could be”. When this economic crisis hit, the government was caught by surprise. The world is going through an economic crisis and this can be seen from not only from the struggles in the United States but it has also reached places such as Russia. The most that people can do now is to wait and see how long this financial crisis will last. Everyone should continue doing what they can, their role, to keep the economy going. This would mean that consumers should continue to purchase products and materials in order for the demand to be maintained. The producers or manufactures should try their best to keep up with the demand without lowering wages or cutting their employees.
"Global crisis implications for labor market." Russian News and Information Agency. 14 Oct. 2008. 17 Oct. 2008
4 comments:
I seems like the "race to the bottome" is affecting everyone, even Russia and I think that unless the underdeveloped countries that are becoming industrialized become developed more quickly, the global economy will be off-balance for a while.
nice job angela
Good job Angela. The global economy and the affects of different parts of the world on it, is just a hard concept to grasp.
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