Course: IB Economics (HL)
Commentary #: 3
School name: Colegio Internacional de Caracas
Candidate’s Name: Ian Paul Gantes
Candidate’s #: ________________
Date commentary was written: 24/5/2012
Section of the Syllabus to which the commentary relates: Unemployment
Word Count: 634
Source of Extract: "Idle Hands." The Economist. The Economist Newspaper, 12 May 2012. Web. 24 May 2012. <http://www.economist.com/node/21554572>.
First of all for this economic commentary about this article, we need to clarify, what is the problem in the world, and what are they trying to explain to us in this article. The world Economy is confronting a recession right now or a “double dip”, Which has affected the economy of almost all countries in the world. Britain the country we are analyzing has been affected in a great scale by this downturn. What seems great, but at the same time confusing is that Britain’s unemployment levels didn’t increase in comparison with other countries, which were affected equally by the recession. Britain unemployment level is around 8.3% when other countries like Spain, and Ireland are both near the 20% as shown in the graph.
"Idle Hands." The Economist. The Economist Newspaper, 12 May 2012. Web. 24 May 2012. <http://www.economist.com/node/21554572>. So now the question is why Britain didn’t increase its unemployment numbers? well as we can read on the article we can see that Britain’s economy was not based in jobs-intensive house-building, mean while the other countries’ economies did based their economy in housing. So since their economy, was based on housing, when the countries’ economies where doing well they had a lot of production and they created a big amount of jobs for people, and there was a period of time where there was this Boom of construction, and they demand even more workers. When the recession occur what happen was that there was no money in...
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