In other words, the finances of a deficit country were constrained because they did not have enough gold to go around, while a country with a surplus did not face those issues. In addition, usually the weight of modification falls on these weaker countries, which is another flaw in the gold standard. Because the weaker countries could not react quickly enough to economic problems, they had less capital to invest internally and abroad. Another author notes, "In principle, the free flow of capital across borders makes funds available more cheaply to poor countries and, by lifting investment, boosts GDP and raises living standards" (Author not available). Under the gold standard, capital did not flow freely across boarders of many of these weaker countries. This flaw creates a "deflationary bias" according to another economist. DeLong writes, "Hence a deflationary bias which makes it likely that a gold standard regime will see a higher average unemployment rate than an alternative managed regime" (DeLong). This is exactly what occurred in the United States after the crash of 1929. DeLong continues, "Commitment to the gold standard prevented Federal Reserve action to expand the money supply in 1930 and 1931 -- and forced President Hoover into destructive attempts at budget-balancing in order to avoid a gold standard-generated run on the dollar" (DeLong). When Franklin D. Roosevelt took the office of President in 1933, one of the first things he did was make ownership of gold illegal for the private sector, thereby ending the gold standard. According to economists, this is consistent with more liberal political leadership. Simmons writes, "Governments whose political imperatives are more consistent with low inflation do not need externally applied constraints; tighter monetary policy is therefore more likely when the left comes to power" (Simmons 424). Roosevelt, a Democrat, shored up the economy by switching to a flat money policy, and by that time, just about every other country in the world had done the same thing. The three economists conclude, "The United States was ejected from the gold standard because its macroeconomic fundamentals got...
This resulted in higher interest rates, lower production, and lower prices in the United States, which only helped worsen the effects of the Great Depression. Many historians and economists believe that holding on to the gold standard until 1933 helped lengthen the Great Depression.
In 2006, production workers, earned $21.40 an hour in oil and gas extraction, $22.08 an hour in coal mining, $22.39 an hour in metal ore mining, and $18.74 an hour in nonmetallic minerals mining, compared to the private industry average of $16.76 an hour Figure 1 and Figure 2 below show the 'Average Earnings of Non-Supervisory Workers in 2006 and Median Hourly Mining of the Largest Occupations in Mining, May
There is also a lack of healthcare facilities capable of doing the screenings in many small, rural Kentucky communities, which is another barrier for many miners. Health professionals need to become more involved in information and screening information. They need to stress the importance of early screening and regular screening, and they need to create educational resources for the miners, so they can take steps to avoid black lung. Health
" President Truman did not deal with the UMWA because he had a love for labor, either. He feared that a prolonged strike would hurt a nation recovering from World War II, and so, he signed the fund into action with the union president. The UMWA was crucial in settling the strike and getting benefits for the miners and at the heart of the organization was its president, John L. Lewis. Lewis
Another historian notes, "Economically, baby boomers experienced unprecedented national affluence throughout their childhood. During the 1950s and 1960s, the U.S. economy expanded greatly, raising the living standards of most American families" (Clydesdale 606). Religion played less of a role in society by the 1990s, as church attendance and membership began to decline in the 60s. Historian Clydesdale continues, "When the cultural challenges of the 1960's disestablished this religious ethos,
" The prominence of this type of mining method is underlined by a study prepared for the Governor of West Virginia which states that, "Mountaintop removal methods are essential to maintain the state's present level of coal production. The lower production costs of MTR have contributed significantly to maintaining West Virginia as a competitive coal producer." 3. Environmental impact of coal mining in the Appalachians. 3.1. Underground mining The earliest coal mining in Appalachia consisted
Technologies which allow the integration of power stations underground and as such reduce the damaging effects of surface coal mining (Allied Publishers) Technologies which reduce the environmental damage associated with coal burning such as fluidized bed combustor or coal gasification (National Energy Education Development Program) Efforts in the creation of additional sources of renewable energy, such as hydro energy, wind energy or solar energy On the downside, it has to be noted that
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