Economics always functions as a cycle. There are good times. And there are bad times. There is at time to buy while cheap. And there is a time to sell while expensive.
This is called the Boom-Bust Cycle.
Boom = good economic time.
Bust = bad economic time.
. Now we are studying the first global age: the first time when the world was engaged in commerce between Europe, Africa, Asia, and America.
In the 1500s, your relationship to the economy depended a lot on when and where you were born. If you were born in the Inca Empire in the 1500s, your life was about to become “el sucko.”
There were some opportunities even if you weren’t born rich. Think about the conquistadores from Extremadura, who “made their own way” in life, even if they did it at the expense of others.
But, in general, in the 1500s, an economic boom didn’t necessarily mean good things for you unless you were from the dominant class.
So, guess what? You are lucky! Lucky you! In the 21st Century America, everything depends on the Boom-Bust Cycle.
Everything: jobs, healthcare, immigration reform, education… In boom times, things get decidedly better.
We have been in a Bust for the last half decade… Prepare to enter Boom times… Just in time for your graduation. I hope your grades are good!
