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The global Socio-Economic impact of Unemployment

Redundancy, a result of unemployment is a plague that eats away the level of productivity in all facets of life. It has been left relatively ignored, culminating into severe social, economic and moral declination. The problem of unemployment should take paramount attention of all nations, just like other plagues like Aids, Cancer etc. However, is not been given adequate attention as it ought to be. Introduction: Firstly, unemployment can be described as a situation whereby an individual is available for work but is unable to secure any.

The rate of unemployment is measured basically by the percentage of the labour force that is unable to get job. This rate varies across the globe from one country/continent to another. America seems to have the lowest rate, followed by Europe, while Africa has the highest rate, “an alarming rate” to be rightly phrased. An unfortunate irony however is the fact that Africa seems to be the most silent on the issue of unemployment. The recent economic depression has however bestowed this dilemma of unemployment to all nations, thus at present, Africa and the rest of the world now share a common problem.

American companies are downsizing, retrenching in mass, churning out people into the already full labour market. Microsoft is said to be retrenching almost 3 thousand staff, this year. In United Kingdom, it was reported that number of the unemployed might rise to as much as 3million before their next election. “Unemployment forecast to reach 3 million before next election” (Guardian. co. uk. 15th February). The Canadian economic survey has this to say on unemployment. “Employment fell by 129,000 in January (-0. 8%), … pushing the unemployment rate up 0.

6 percentage points to 7. 2%. This drop in employment exceeds any monthly decline during the previous economic downturns of the 1980s and 1990s. ” In Africa, most especially in Nigeria almost 80% of graduates are either underemployed or unemployed. ( Economy Jounal. 2009) Background of the Problem: Unemployment came with the advent of capitalist society the world has suddenly embraced. In the pre-capitalist European’s feudalism, the “serfs” were never “unemployed” simply because they were given free access to the land, and all necessary tools, thus they produce crops.

(The World Factbook – Rank Order – Unemployment rate,2009) The American frontier of the nineteenth century can be said to be the beginning of unemployment. Subsistence farmers and labourers on poor land are like the present day unemployed, while the Great Depression of the 1930s can be traced as the beginning of modern day unemployment Conclusion: Unemployment has a great influence on human beings. It does not only lead to physical redundancy, it demoralizes the mind and kills one’s moral, which results into despondency, low self worth and low self esteem.

Psychologists have confirmed that breadwinners that lose their jobs often end up more inclined to aggression, are often depressed and may even result into excessive taking of cigarette and alcohol, or even drugs. Many easily take up crime; after all, a popular adage says “the idle mind is the devils workshop”. In Nigeria, crime rate has been proven to be directly proportional to unemployment. Bank raid is on the rise as unemployment increases. Again, there is the issue of the economic loss unemployment brings to the affected nation.

The gross domestic product of the country affected reduces drastically and this affects other trading partner of the country, thus spreading like a virus across the globe. Since it has been established that unemployment is plague, for it has severe affects on the world at present, I believe a thorough and critical attention should be given to it. If equal attention given to AIDS, Severe acute respiratory syndrome (SARS), Avain flu, etc is given unemployment, an adequate solution would have been devised to either stop or reduce it drastically. Several NGO’s are popular for their great impact on health and other sectors.

Governments, Organizations, individuals should all come together and stand against this creeping plague, silently destroying our world. Let professionals come together, pool ideas and resources together to pinpoint the causes of unemployment and devise a solution. Until a thorough research is carried out, not only to diagnose this dilemma, but find the solution, the world would continue to experience an occasional economic depression, such as in the 1980s,1990 and the present one. Again the moral decadence will always persist with the world. Reference Edmond Malinvaud, The theory of unemployment reconsidered, Oxford: Basil Blackwell

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