Essay Q Flashcards Preview

Geography Exam > Essay Q > Flashcards

Flashcards in Essay Q Deck (1)
Loading flashcards...
1
Q

Explain economic restructuring

A

Economic restructuring

  • a shift from manufacturing to a gig economy
  • heavily favours skilled workers in the creative or technological field
  • started in 1970 when cities found need to make industry jobs to service
  • automation increased this process
  • less workers needed due to machines

This has created irregular and inconsistent sources of income

  • varying source or income and unpredictability
  • contract based work hard to obtain benefits
  • hard to invest in the individual because of irregular income

Neo-liberal welfare state

Neoliberalism : a policy model that gained popularity in the 1970-1980s that favours private sector from public. It prioritizes deregulation, free trade and more importantly reduced government spending

  • makes government intervene less in funding and welfare aid
  • taxation is uneven with people earning various income and being taxes differently. People with same income may be taxes differently
  • limited public service funds since it is funded by the government
  • resulting in poor services from the government, better if externally funded

Effects minimum wage

  • minimum wage would freeze if not for the governments help
  • those who rely on it are vulnerable to market instabilities

-hard to move on the economic social heirarchy if barely surviving off the minumim wage