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Economic Recession in Economic Theories and Perspectives

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Scotland was hit by the recession just like any part of the world. Its effects could be seen from the BBC report in 2009 that revealed unemployment had risen more than two thirds in only 12 months (BBC, 2011). Figures at that time showed that a total of 179,000 people were on the streets looking for jobs. It was predicted that things could be worse because Scotland’ s rate of unemployment is lower than that of the UK and far much below any other European country such as Spain. There was no shortage of companies struggling but signs of encouragement could be seen everywhere (The Daily Record, 2009).

Currently, the country is on its way to full recovery since the government introduced the economic recovery plan. This was because of the falls in output and the increasing pressure on employment. At the moment the rate of decline in output has eased and growth is being witnessed in many areas of the economy. The economic recovery plan was developed in collaboration with Scotland’ s businesses, the community groups, and academic institutions. The plan also partnered with local governments and the third sector.

The plan is aimed at stimulating lasting improvements in Scotland’ s future economic performance basing on the government’ s economic strategy. The plan is structured following three broad themes: investing in innovation and industries of the future; strengthening education and skills and supporting jobs and communities (Scottish Gov. , 2010). Smith was opposed to the idea of importation of foreign goods from abroad if such goods can be produced at home. He saw the government as supposed to protect the people from foreign goods so as to help secure the domestic market.

He says that “ by restraining, either by high duties, or by absolute prohibitions, the importation of such goods from foreign countries   as can be produced at home, the monopoly of the home market is more or less secured to the domestic industry employed in producing them” (Smith, 2009, p. 361).

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