Task 8c p.169
c) Find the article "Where Did All the Money Go?" on our website. Write a summary of the main
points of the article.
The article is about
the world economy, and how production, trade and investment has decreased the
last couple of years, it shows how Poverty and unemployment has increased.
Three years ago the global, free market consumer
economy was booming. Most Countries in the world took active part in it.
Today things
are not going so good, like they used to.
The 1980s, the years
of Prime Minister Margaret Thatcher and President Ronald Reagan, things was
going much better. But in the view many of the government regulations that had
been put in
place during the
Great Depression and after the Second World War, they were standing in the way
of economic growth
and progress.
Early in the 21st
century, regulation of the commercial banks was
relaxed. A whole new
set of financial institutions has entered the
arena – financial
investment houses on Wall Street with names like Bear Stearns and
Lehman Brother.
By 2007 the financial
actors all over the world had invested hundreds of billions – perhaps
trillions – of
dollars in American mortgages. Everyone was betting
on better times. But
it is in the nature of the free market that there comes a point when the
demand for a product
is completely filled.
The housing market
came to that point. Every
possible line of
credit to buy houses had been used up and abruptly there was a greater
supply of houses than
there was a demand for them. Then the price of houses in the United
States began to fall.
Page 169 in Access
The summary includes most of the important issues in the article - what is missing is some sort of a conclusion.
SvarSlettGrammar: some concord (s-endings in verbals) problems