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Essay / Research Paper Abstract
A 10 page paper that begins with a report of how many people have lost their jobs across the world. The paper comments on why so many companies have laid off workers and also reports how the crisis has affected specific regions in the world. Part of the paper focuses on what has happened in Australia and more specifically, the auto industry in Australia. General Motors, which was a huge global corporation is used as an example of what large multinationals need to do to get through the current economic crisis. Bibliography lists 10 sources.
Page Count:
10 pages (~225 words per page)
File: ME12_PGglaus9.rtf
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Unformatted sample text from the term paper:
Between September 2008 and January 2009, companies across the world have cut more than half-a-million jobs (Wharton University 2009). These data do not include the numbers of jobs lost in
the financial services sector, the industry that was at the root cause of the global financial crisis (Wharton University 2009). Every industry has been affected by this severe economic downturn.
As we know from mass media, jobs continue to be lost across the world. Some analysts, including those from Wharton University (2009) have suggested that the crisis in the
financial sector was not necessarily the major and true cause of large corporations losing jobs. They argue that operational weaknesses have existed in numerous large corporations for many years (Wharton
University 2009). Their strategic approaches have been faulty and were simply concealed by false security (Wharton University 2009). The economic downturn brought those weaknesses to the surface leaving corporations unable
to sustain their operations (Wharton University 2009). One of the many downsides of laying off thousands of employees is that productivity declines dramatically from the loss of those let go
and from the lower morale of survivors (Wharton University 2009). This argument has some validity since not all companies are feeling the degree of negative effects in the same way
(Wharton University 2009). Some major multinational corporations are living through this economic downturn but they are few and in other cases, there is an evolution happening in the industry. For
example, information technology is on the verge of even more rapid changes and advances. The author calls this a transition point in IT (Wharton University 2009), which suggests that high
technology companies might have been facing challenges with or without the financial crisis. These corporations include Microsoft, Dell, Hewlett-Packard, and many others. This financial crisis that was triggered by
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