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4. The impact of World War1. Wartime inflation, when the gold standard has been suspended, raised prices and stimulated fears that gold stocks were inadequate to provide assisting for enlarged money supplies at the new, higher Price level. It was one cause that convertible currencies, such as the dollar and pound, were used as gold substitutes. The war weakened Britain, left Germany with massive reparation payments, and split the Austro-Hungarian Empire into many countries.

Therefore by reading the above it can be understood that these are the reasons, which caused worsening of the worldwide depression.

Jobs in US with present development

Trade deficits do not cost jobs which are obvious as rising trade deficits are correlated with falling unemployment rates. Trade deficit is not caused by unfair trade practices but reflect the flow of capital across International borders. Trade deficits and industrial decline are not connected which is evident from the fact that U.S. trade deficit almost tripled from 1992-1997, whereas it’s Industrial production and manufacturing output has increased by 24% and 27% respectively. The U.S. economy has actually grown faster when trade deficit was on a rise than in years in which the deficit was shrunk. Trade deficits signal global investor confidence in the United States and rising purchasing power among the domestic consumers.

The fundamental macroeconomic factors such as labor-supply growth and monetary policy determine the total number of jobs in the United States. The trade among the nations will not show the negative impact on the number of jobs instead it will increase the pace at which produciton shifts from one sector to the other sector. Just like New technology where it lower the demand and in one sector and increses it other area, trade also has the same correlation.

New technology lowers demand for some jobs while increasing for others such as trade enhanced its production of more Boeing jetliners, pharmaceuticals, software, and financial services for export; it also means to decrease the production of Happy Meal toys, T-shirts, shoes, and computer memory chips, etc in US. As a result, the total output as well as the total employment keeps increasing. According to the Bureau of Labor Statistics 2003, the U.S. economy has created 21 million jobs between 1992 and March 2001. This can be due to the factors like investment, government spending and the growth in domestic consumption; simultaneously it has also eliminated three million jobs in the same period due to growth of the U.S. Trade deficit (Scott 2001)

The US trade deficit has grown from $132 to $ 198 billion since 1993. In that period the people employed in manufacturing sector has grown to 18,678,000 from 18,075,000 that is more than 600,000. Media is also crea本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。