Throughout history, we've seen a series of countries go through economic collapse which resulted in lack of employment and fierce competition for any jobs that were left. This relates to our current situation right now, as coronavirus has hindered many from going to work. Let's take a look at the events in history and how it mirrors what we're going through right now.
The Great Depression (1929-1933)
The Great Depression was a major economic collapse that started in America as a result of the Wall Street Crash. The Wall Street Crash was an event where stocks were plumemting to extremes, to the point where billions of dollars were lost. This meant that people filed for unemployment (at it's worst point 15 million Amerians lost their jobs), life saving accounts vanished and banks were no longer in service. People had to move out of their city to find jobs elsewhere, usually in the field of farming and agriculture, even though most had never even stepped foot in a farm before. Daily life for these workers would be moving constantly for new opportunities, finding temporary shelter and trying to survive. These workers laboured in the blazing sun for hours just to earn a meal at the end of the day.
Asian Financial Crisis (1997)
The Asian Financial Crisis was the collapse of the currency exchange rate which affected East and South East Asian countries (Thailand, Japan, Philippines etc). This event caused the decline in income and increased poverty rate which was bad for the wellbeing of citizens. For example, families pulled children out of schools, reduced meals, or avoided medical treatment. It badly affected mental health because there was a sharp increase in suicide mortality in these countries, and that these increases were most closely associated with rises in unemployment.
It's almost been a year since this virus first impacted us and we all know how badly it has affected everyone globally. The NHS has been overwhelmed with more patients coming in each day, maybe even some of our parents lost their jobs etc. According to the BBC, "a total of 81% of the global workforce of 3.3 billion people have had their workplace fully or partly closed.". Some effects of this pandemic include deaths, unemployment and not being able to leave our houses. It has been hard to return back to "normal" because we have to be cautious everyday.
I've put together the timeline of events above to show you when times were so difficult for the countries financially, there were almost no jobs left. Looking at the pattern of the impacts, I think if there were no jobs left, it would lead to financial crises and more human suffering. For example, not enough money for food, housing would be harder to have access to and life would be more about survival than enjoyment. I think that many people across the world would go through hardships and try to get jobs that they might have no knowledge in experience in like in The Great Depression. We should look back at history and these events to see how we could change the way the world is to avoid it from happening again.
In the comments below, what do you think would happen if there were no jobs left?