Recession And Broadway Theater

Abstract

The recession is a major reason of worldwide economic decline affecting every industry. There is no doubt about the fact that period of 2008-2009 can be recalled as Great Global Recession as many countries and businesses across the world faced server financial crisis. This recession raised concerns for governments as well as challenges to many businesses. This paper focuses on the impact of recession 2008-2009 on Broadway Theater. This paper also identifies the factors, causes or reasons associated with this recession and how Broadway copes with this situation. In addition, the repercussions of the recession on art industry and people associated with Broadway are also discussed in this paper.

Table of Contents

Abstract2

Introduction4

Discussion5

Broadway Theater5

Broadway Economics6

Recession7

The Impact of Recession on Broadway Theater9

Unemployment9

Economic Activity10

Social Effects11

Conclusion11

References14

Recession And Broadway Theater

Introduction

The financial recession during 2008-2009 affected the pace of economic development across the world where businesses faced economic or financial challenges. In fact, the economic recession and downturn had direct impact on the business operations (Brezina, 2011). In the economy, the recession is a condition of macroeconomic characterized by high levels of productive activity lower than those that could be obtained completely and efficiently using all available inputs as opposed to the concept of economic growth. The financial crisis overwhelming world markets which creating problems for the organization. This has created shortage and restriction everywhere. It is also important to know that crisis or recession is a normal part of business cycle. However, a constant and widespread economic slowdown on global scale raised concerns for businesses, governments and other stakeholders. United States also saw this economic downturn in 2008-2009 where many companies from various industries noticed a significant reduction in their local as well as global business, sales and revenue (Brezina, 2011).

Similarly, it is a fact that recession affected almost every industry including the Art one. However, it can be seen that impact of recession was not same in all disciplines of the art industry. In fact, performing art has been the major target of economic recession, while it had lower impact on visual art. Further, the importance of Broadway Theater cannot be denied due to not only its historical background and remarkable performance but its contribution in the economic growth of the art industry of United States. This paper aims to indentify the economic impact of the arts industry during the recession period of 2008-2009 and how this recession had impacts on Broadway Theater. This paper will also focus on the relevant factors of economic recession including unemployment, labor wages, economic activity and externality benefits that had impact on the Broadway Theater of New York.

Discussion

Broadway Theater

The role of the art in human history is not just historical but interesting as well as entertaining as the art and its other facets astutely manage to consume and reflect the acute details of a region's values, norms and other specifications. Not only the region, but art has the capability of defining a person's inner self, on the basis of ...