The world economy, particularly that of developed countries has faced a serious downturn during 2008. Many hope that it is a temporary situation that will go away soon. The fact that the developed countries faced an unprecedented period of prosperity over the last half a century may be a historical exception rather than the rule. Children who grew up in this period, that includes most of us, have become accustomed to this prosperity and now find ourselves at a loss as to what to do.
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Always, there are lessons to be learnt from any bad situation in life. The first lesson from this economic downturn is that we would have to return to basics such as darning our clothes rather than depositing them in a donation bin, cooking food from scratch like flour, growing our own vegetables, warming ourselves by the fireside rather than through central heating etc. All such measures will cut down on expenses.
The second lesson to be learnt is that one cannot live on credit. It is a habit that vested business interests have encouraged for their own gain. Even governments have become great adepts at it. Living on credit presupposes an uninterrupted and increasing source of future income. No doubt the change to a new way of life will be painful. However eventually it will be good for mankind. It will return mankind to the simpler pleasures of life and real joy rather than a life fueled by unsustainable consumption, greed, stress and unhappy human relationships.
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Download Question and Download Solutions
Always, there are lessons to be learnt from any bad situation in life. The first lesson from this economic downturn is that we would have to return to basics such as darning our clothes rather than depositing them in a donation bin, cooking food from scratch like flour, growing our own vegetables, warming ourselves by the fireside rather than through central heating etc. All such measures will cut down on expenses.
The second lesson to be learnt is that one cannot live on credit. It is a habit that vested business interests have encouraged for their own gain. Even governments have become great adepts at it. Living on credit presupposes an uninterrupted and increasing source of future income. No doubt the change to a new way of life will be painful. However eventually it will be good for mankind. It will return mankind to the simpler pleasures of life and real joy rather than a life fueled by unsustainable consumption, greed, stress and unhappy human relationships.
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