REBELLIONS

Effects of Rebellions on Economy

Effects of Rebellions on Economy

Introduction

Over the years, many scandals have been associated with Wall Street. Individuals who are even the Head of companies did not follow the practices of business ethics. Infamous scandals that really grab the attention of the world are as follows:

William Duer was a British born entrepreneur considered being the first inside trader in U.S. history. He was appointed by Alexander in 1789 as Assistant Secretary of the treasury. Duer left his job in 1790, but he has collected enough inside information that could be harmful for the bank if used unethically. Duer exactly did the same thing and one the basis of inside information start making bets on the bank stocks. He traded his own portfolio before leaking information that would drive up prices, which he wants to sell for profit. Things did not work according to his plan and his investments did not pay off. In 1792, he was dumped in huge debt his bankruptcy moved down the New York Stock Exchange and he died in 1799 in debtors' prison.( Albert H. Wiggin, 1929).

During 1920s, New York Stock Exchange was on the rise but in 1929 it crashed. At that time, Albert H. Wiggin was the head of Chase National Bank, he deliberately shorted 40,000 shares to hide the trades of his own company using family corporations. It was in favorable for Wiggin if his company failed. As there was no laws against this in 1929, Wiggin made $4 million from 1929 crash. He was also entitled to $100,000 a year pension from the bank, which he later rejected after public outrage (Jeffery, 2009).

During September 2011, the Occupy Wall Street protest started against the economic inequality and corporate greed which has shaken the pillar of American Capitalism. Around 70 major cities of America and 600 communities have joined the protest because the economic inequality has created unrest, not only on the national level, but, on the global level. The lives of every person are affected due to the imbalance in the economic system. The slogan for the protest was “Occupy Wall Street”.

Colonial Era

The causes of the American Revolution were economic, political, religious and intellectual. There was a conflict of interest with worsened over time between New England and London, monopolized trade with the Antilles, the allocation of fiscal taxes, as the British Parliament fixed increasingly burdensome taxes. The pro-independence sentiment was also encouraged by the strong individualism of the Puritans who took an active part in the founding and development of the English colonies on this continent. During this era taxes were imposed on people, which really frustrate them. Awareness of the enjoyment of the country's population succumbed to the social and cultural pioneers of the Enlightenment that the U.S. has enabled them to claim their rights (equality, freedom, happiness) and the rejection of unfair taxes and laws issued by the English government. Protests were initiated in order to have their rights. Economically, British earning were increased, but the life ...