Summary of Crisis

    It’s all about the fiscal crisis happen in the city of New York and effect badly all the areas of economy. Actually, sine 1960 and 1970, the over condition in the New York going to be down due to fiscal condition. The government was going to prepare such policies that were not supportive for the country and people have to face lot of problems during spending their lives. The fiscal policy was going to be fail at that time period, all the businesses going to be finished, people has no work or their source of income going to be finished. Almost 60000 people were left jobs and all the economy going to be down. Basically, fiscal policy was preparing according to financial requirements and transaction of money within the country and outside the country. People of many fields switch their fields because their source of income going to finished. Actually the setup of import and export also going to be disturb very badly. If we talk about the position of organizations, they were bearing a large number of losses, there revenues going to decrease and their expenditures going to increase. And in such cases, the employment ratio was also going down, owners have no money to pay their employees and the currency of New York effected very badly. It’s worth going to be down and its foreign exchange value also facing negative remarks. That time period was very much difficult for the people of New York and their financial position going very much down due to unemployment and less opportunities of businesses. But after that crisis, the government was revise the fiscal policy of country and tries to give more attention on its currency. They try to enhance it import export and marinating the worth of its currency. It was a shocking news for other countries that how a city that seem very rich going to down ad down without appearing any solid reason. But after detail observation and analysis study conclude that the fiscal policy of every country having too much impotence. They have to maintain their importance of currency and foreign exchange also going to be increased and government make such attractive and simple policies that provide more opportunities for starting business gains at major level and many reliefs also awarded to businesses because government want to generate revenue and for their source of earning must be increased. So, New York city had faced that crucial time period that badly effect the financial condition of city and also effect their financial position in the international market. But now, New York again become the most attractive and rich city in the world. Now they provide better opportunities for employment and offer better methods and procedures to start their own business to maintain the economic condition of country. People now completely forget that poor time spans at which they bear crisis and they lives going in major troubles but it was always remembrable for the poor countries that rich countries also face financial or fiscal issue due to insufficient polices and strategies that not support the condition and running of money within or outside the country. Government has to consider all the major factors during developing its fiscal policy because the economic condition of any country very much depend on its policies and their better and effective policies move to the path of success.(Phillips-Fein, 2013)

Reference

Collection, L. C.-A. (2019). African Americans and Jim Crow: Repression and Protest, 1883-1922. Retrieved from https://www.readex.com/content/african-americans-and-jim-crow-repression-and-protest-1883-1922

Phillips-Fein, K. (2013, april 16). The Legacy of the 1970s Fiscal Crisis. Retrieved from https://www.thenation.com/article/legacy-1970s-fiscal-crisis