The 2008 recession/financial crises one of the worst of its kind in a generation. Major economies including the United States and the UK suffered a period of recession, consistent low-growth, rising unemployment and many businesses closing down.
A 10-member committee called the Financial Crisis Inquiry Commission was setup by the US government to study the causes of the recession, in the hopes that a future similar crisis could be prevented.
In 2011, the committee released their findings and pointed out the two major reasons for the crisis:
1. The basic reason for the crises as the Collapse of the housing market.
2. Which in turn was fueled by toxic mortgages, low-interest and easy credit available to everyone and minimal regulation.
The report also pointed out vast problems of corporate governance, lack of government will and unpreparedness.
Workers at the Pullman Palace Car Company, a railroad car builder close to Chicago, went on strike on May 11, 1894, in opposition to their meager pay and 16-hour workdays.
<h3>What led to the 1894 Pullman Strike?</h3>
The lack of democracy in Pullman's politics, the firm's strict paternalistic control over its employees, the high cost of gas and water, and the company's unwillingness to let its employees own homes were a few of the factors that led to the strike. The two of them had not yet united.
Debs believed that organizing a nationwide strike would be the only way to push the Pullman Company into arbitration because the government was acting in the General Managers' Association's favor. However, his efforts were unsuccessful. Midway through July, the boycott ended, and the ARU was defeated.
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The spoils system replaced bureaucracy. Nominating conventions replaced the caucus system. Democracy was expanded to include more Americans.
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