Essay: Job Creation

Sample Essay

A reason for this drop is that job creation has slowed down as a result of governments providing greater support to capital intensive industries rather than labor intensive industries. Lower interest rates have pushed investment into manufacturing equipment and this has increased unemployment.

Therefore, for these Asian countries, the problem is immense. As it is almost certain that exports will rise in a significant manner in the near future, these countries will have to look elsewhere for growth. This growth will not come simply from increasing household incomes. Policy changes are needed such as shifting to labor intensive manufacturing, and decreasing the unfair bias to manufacturing as compared to the service sector. Another step that needs to be taken is to increase the exchange rates so that the domestic spending power is further increased.

The major issue is the recession and financial turmoil that has been tormenting these countries over the last year or so. The measures suggested by the author are – in my opinion – highly realistic and achievable. However, notions and ideas such as increasing exchange rates in countries such as China where exchange rates continue to be fixed and have been devalued many a time may remain just those – notions and ideas. It will require some highly persuasive and logical argumentation to convince the government to change their age old beliefs and perceptions.

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