Economic Growth in Deficit Crisis Essay Example | Topics and Well Written Essays - 2500 words - 25

Economic Growth in Deficit Crisis - Essay Example The collapse of the major financial intermediary followed by the improper functioning of the financial market is identified to be the major blow to the economic situation that is prevailing within the nation (Tiraboschi, 2012). With the massive blow on the financial market, there has been an enormous stress, which was experienced by the economy and was identified to be the major reason of the economic crisis and financial turmoil. The impact made its first and foremost effect on the industries directly linked with the banking sector. This economic disruption led to a series of events affecting the economy, nation as well as the people associated with the nation (Tiraboschi, 2012). In this regard, the paper intends to elaborate on a specific issue that was faced due to the crisis, which could be referred to as employment status. The political and the social framework were largely affected by the crisis-situation which has been duly analysed to develop a transparent and better understanding of the employment status. The British Labour Law dates back to the initial decades of the 20th century. The development of the bill that was associated with the employment law was integrated in the year 1923. This acted as a major milestone and altered the British law for employment. Since its inceptions in the second and the third decades of the 20th century, there have been a considerable number of reforms that were initiated within the initial principles on which the laws were framed. However, there are certain blockages that have made the researchers and decision-makers look into the issues associated with the needs of alteration within the existing legal system and make it adept for the current times (Dukes, 2014).