Abstract
Americans work for their living. For most of them, having a job is an economic and moral imperative. The wages they earn fuel the rest of the economy. Employment begets the spending that begets more employment. In good times, it is a virtuous cycle reinforcing consumer-driven capitalism. Events like the financial crisis of 2007 and 2008 reverse the cycle, spinning the economy downward with a momentum that can be hard to break. Job losses reduce spending, which kills more jobs, reducing spending even more.
Original language | English (US) |
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Title of host publication | Social Stratification |
Subtitle of host publication | Class, Race, and Gender in Sociological Perspective |
Publisher | Taylor and Francis |
Pages | 1091-1097 |
Number of pages | 7 |
ISBN (Electronic) | 9780429963193 |
ISBN (Print) | 9780429494642 |
DOIs | |
State | Published - Jan 1 2018 |
ASJC Scopus subject areas
- Social Sciences(all)