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History of Unemployment in Industrial Society

Korean Minjok Leadership Academy
International Program
Park, Young Jin
Term Paper, AP European History Class, November 2008



Table of Contents
I. Introduction
II. Industrial Society
II.1 The Industrial Revolution
II.2 Industrial Society
III. Unemployment in Industrial Society
III.1 The General Phenomenon of Unemployment
III.2 Theories that Can Be Applied
III.2.1 Theory of Effective Demand
III.2.1.1 Voluntary Unemployment
III.2.1.2 Frictional Unemployment
III.2.1.3 Involuntary Unemployment
III.2.2 The Theory of the Reserve Army
III.3 Application in the History of Unemployment
IV. History of Unemployment in Selected Countries
IV.1 Unemployment in the United Kingdom
IV.2 Unemployment in the United States
IV.3 Unemployment in South Korea
V Conclusion
Notes
Bibliography



I. Introduction
            Unemployment is serious problem that many countries are suffering. The definition of unemployment is a phenomenon that people who want jobs cannot get them. (1) The definition provides two underlying conditions to define unemployment. There must be the concept of employee and employer. And there must be ¡®jobs¡¯ that people can work for. The industrial revolution started the age of industrial society and unemployment became a serious social issue. (2)
            This paper will provide the background of the unemployment and some plausible theories for the phenomenon. It will provide some statistics of a few countries and explain their cases. Finally it will define the unemployment in industrial society in the historical approach.

II. Industrial Society
            Industrial Society started with the industrial revolution. Before the industrial revolution, production of the goods was not systemized. (3) Peasants produced their own goods and goods for their landlords. Peasants were farmers but they are not hired by anyone. They were belonged to the landlords. Peasants were not paid, thus they could not be employed or unemployed. There was no unemployment. (4) The industrial revolution was started from England. The industrial revolution required the employment system.

II.1 The Industrial Revolution
            The industrial revolution started in the late 18th century in England. (5) James Watt improved on Newcomen's steam engine which consumed coal as fuel. (6) The textile industry was greatly affected by the industrial revolution. New steam power introduced new machines for mass production in many areas. Factories were built and labor force was centered in cities with many factories. (7) Even children were hired because they were cheaper than adults. The industrial revolution brought some social problems which were never existed in the past. Polarization of wealth, sanitation trouble in city, labor exploit and unemployment were new social problems. The industrial revolution clearly separated the ones who hire people, employers, and the ones who are hired, employees. The industrial revolution revolutionized the agriculture, too. (8) Labor needed for agriculture has sharply decreased and the extra labor flowed into city.

II.2 Industrial Society
            The industrial revolution changed the society from agricultural society to industrial society all over the world during two centuries. The industrial revolution spread all over the Europe during the late 18th century and 19th century and spread over Asia and other regions in 20th century. (9) Industrial society is defined as a society which uses external fuel source, such as fossil fuels, for mass production of the goods. Industrial society lead urbanization by attracting the labor force to cities where exists massive demand of labor. (10) Industrial society is based on the machines which make mass production possible. The mass production created big companies and capital. This formed very complicated industrial structure compared to the past. Labor unions were formed and unemployment became one of the big problems that industrial society is suffering. (11)

III. Unemployment in Industrial Society
            Unemployment in industrial society has various causes and process. Industrial society has very complicated relationship between the industries and society and between employers and employees. Agricultural technology developed sharply with the emergence of the industrial revolution and by the time a big portion of people in the country side had nothing to do and gathered to the cities where manpower was mostly needed during the period. The flow of labor into the city fulfilled the jobs of the factories and some of the people could not get employed. However, as time passes by and the industrial society was stabilized, many laws and actions were approved by the congress and the industry varies. The causes and theories that explain unemployment have been advanced and complicated.

III.1 The General Phenomenon of Unemployment
            Unemployment is, as defined, a status which the ones who are seeking for the job cannot get paying jobs. Thus, the definition excludes full-time student, retired people, children or people who are not actively seeking for paying jobs. (12) Generally, unemployment is caused by extra supply of labor. This happens when the wage for employees is higher than the equilibrium wage but does not go down. Minimum wage, labor union are the cause of this phenomenon. This is general procedure of unemployment in industrial society in a very simple view. However, unemployment is multi-reason phenomenon and there are many theories that explain unemployment. (13)

III.2 Applicable Theories
            There are some theories that are applied to explain unemployment. Unemployment is not a phenomenon with one reason and process. Unemployment is caused by multiple reasons and a single theory cannot explain overall phenomenon. There are many theories which try to explain the unemployment and each theories are applied for specific situations.

III.2.1 Theory of Effective Demand
            The theory of effective demand is a theory which states that the economic activity of a society is determined by the size effective demand created by the consumption and investment. (14) Effective demand is a demand which is no potential but a demand which is drawn by the people who have enough purchasing power to meet their desire. Desire without purchasing power is a potential demand which does not actually influences the consumption of goods. (15)
            Theory of effective demand was controversial to classic economic theories because it proved that the economic equilibrium can be achieved under the incomplete employment (condition which the labor demand is not fulfilled). Theory of effective demand was able to give satisfactory explanations for unemployment. (16)
            According to the principle of effective demand, if population, capital, technology are given as constant, employment occurs at the intersection of aggregate demand function and aggregate supply function. (17)
            Aggregate supply function is a function with domain of employment and range of aggregate supply price. Aggregate demand function is a function with domain of employment and range of aggregate demand price. Aggregate demand price is a profit that a company expects from the given amount of employees. Thus, the intersection of these two functions determines the equilibrium employment. Keynes named the demand at this equilibrium point ¡®effective demand¡¯ and if effective demand is smaller than employment, the company decreases their employment. (18) Thus, unemployment occurs when there is not enough effective demand. Beside this theory, Keynes categorized unemployment into three groups.

III.2.1.1 Voluntary Unemployment
            Voluntary unemployment occurs under the condition of full employment. Keynes defined this term to explain the massive unemployment happened in 1930s, the period of the Great Depression. (19)
            Voluntary unemployment is the status which people are willing to work but do not try to employ themselves because the dominant wage over the industry does not satisfies their standard. (20) It is a counterpart of frictional unemployment and involuntary unemployment. Voluntary unemployment only occurs under full employment. In industrial society voluntary unemployment has been increasing because of the increase of standard of living, variety of occupations and economic development of the society. (21)

III.2.1.2 Frictional Unemployment
            Frictional unemployment is the unemployment caused by a shift of industrial structure of a society. (22) Frictional unemployment occurs when the supply of labor is inharmonious. Laborer cannot shift easily as a new technology is developed or structure of industry changes. Frictional unemployment is similar to voluntary unemployment that people make choices not to work because of technological or structural advancement of industry. Frictional unemployment is temporary phenomenon because labor force is elastic (but not elastic as industry) to the change and newly-adjustable labor will be provided. (23) When looking in to a history of unemployment, there were some shift points of industrial structure or technology and frictional unemployment occurs and disappears very soon.

III.2.1.3 Involuntary Unemployment
            Involuntary unemployment is the unemployment which we are used to think of. Involuntary unemployment is the unemployment which Keynes explained with his theory of effective demand. (24) Involuntary unemployment is a phenomenon which people who have desire to work but are not employed because of insufficient effective demand. Thus, involuntary unemployment is often used as a same term of ¡®demand ? deficiency unemployment. Keynes applied this kind of unemployment to explain the massive unemployment happened in the Great Depression and insisted that government should broaden their monetary policy to increase the effective demand to solve the unemployment problem. (25) Structural unemployment is an involuntary unemployment which occurs in modern industrial society. It is unavoidable because the structure of industry constantly changes. It is different from the frictional unemployment because frictional unemployment occurs because of the difference in elasticity of industry and labor, not because of effective demand. (26)

III.2.2 The Theory of the Reserve Army
            Marx had an opinion different from that of Keynes. Marx tried to explain the unemployment by the theory of reserve army. He claimed that in industrial capital society, as the desire for more efficient production increases, the partial fraction of the unchangeable capital in the aggregate capital increases. (27) Unchangeable capital increases drastically as aggregate capital increases. Changeable capital also increases as aggregate capital increases but the rate of increase is not as steep as that of unchangeable capital. Thus, changeable capital, like employment, decreases relatively compared to unchangeable capital. Marx named this people who are unemployed because of the difference of rate of increasing of capitals, reserve army. (28)
            However, Marx¡¯s theory is proved to be not working according to the experiences of industrial based nations. (29)

III.3 Application in the History of Unemployment
            At the very beginning of the industrial society, unemployment rate was very low. Thousands of factories were built suddenly and the demand for labor in cities was excessively large compared to labor supply. However, too much labor flowed into cities but these people did not have much effective demand. They were basically poor and lost their jobs at countryside. The increase of population without purchasing power could not fulfill effective demand and the situation just fit into the theory of effective demand. Factories hired children instead of men, because they were cheaper to higher so that they can make more profit without much effective demand of the local communities. This also exacerbated the unemployment. It was involuntary unemployment.
            Industrial revolution and the introduction of new engines and machines accelerated the development of technology and advanced technology required change in industrial structure. And frictional unemployment occurs in those times. Frictional unemployment is hard to find a historical background or proof because it is rather localized than global and it is a temporary phenomenon. However, some statistics provides plausible evidence for frictional unemployment. There are points in many countries statistics which unemployment drops near zero and it is during the war time. During the wartime, many people joined army and the supply of labor did not satisfy the demand so almost every people who can work were employed, including women and children. The interesting thing is that there are some similarities of unemployment statistics in many countries. The unemployment generally decreased few years before the war because the need of weapons and vehicles stimulates war-industry or heavy mechanic industry and provides more labor demands. Few years before this, there is a point which the unemployment statistics increase drastically or even doubles for a year and goes down. In United Kingdom, the unemployment almost doubles from 3.7% to 7.8% at the year of 1907. And unemployment decreases a lot from 7.7% to 4.7% at the year of 1909. Norway had unemployment of 2.5% at the year of 1907 and doubles to 5.0% at the year of 1909 and decreases to 2.9% at the following year. (30) There might be some other explanations for these recognizable changes in unemployment but as the industrial structure changes because of the war preparation and the fact that the sudden unemployment increase was a temporary phenomenon indicates the frictional unemployment. Moreover, the fact that changes occurred in similar period and were not local but wide-spread strengthens the plausibility of major frictional unemployment in history of industrial society. World War I was an unexpected event for most of the countries but the overall atmosphere before the war was very competitive in newly developing heavy mechanic industries in many countries and this produces the points where industrial structure shifts. It is not easy to ignore the closeness of the period of change in unemployment percentage as coincidences and the frictional unemployment provides a plausible explanation.
            Voluntary unemployment was the latest unemployment to emerge in the industrial society. It is hard to find historical sources of voluntary unemployment because it is more localized phenomenon than frictional employment. Voluntary unemployment usually occurs in the well-developed nations which have good welfare systems. Northern European nations, which are known for their great welfare system, are most likely to suffer the voluntary unemployment because the standard of living of people has been raised because of the welfare system and some people are not tending to work. The recent statistics of unemployment in some countries in northern Europe shows steady increase but not significant. Other countries have decreasing unemployment. (31) Voluntary unemployment is more individual than social and not global scale unemployment. As voluntary unemployment only occurs under full employment and many industrial societies could not achieve it, the phenomenon must be observed in microeconomic scale than macroeconomics scale, in more individual perspective than the scale of world history.

IV. History of Unemployment in Selected Countries
            When we look in to the economic history in some countries, it is easier to understand the history of unemployment. More historical approach in domestic scale, rather than global scale, will provide some specific examples of causes and progress of unemployment. Historical approach on unemployment in this section will be based on statistics and economical and political history of three countries as examples: the United Kingdom, the United States, and the South Korea.

IV.1 Unemployment in the United Kingdom
            The United Kingdom was the first country to be industrialized because the industrial revolution started there. The industrial revolution rapidly changed the economy and society of the United Kingdom. The source of power before the industrial revolution was mainly the river and forest. The use of coal as fuel allowed to place the new built industrial areas concentrated in the urban areas. (32)
            Textile industry was greatly developed during the industrial revolution because steam engine allowed the mass production of textile goods while textile goods were made at home by hands before the revolution. It was the age of employment and the factories demanded massive amount of labor and people gathered to city to get jobs from there. Unemployment was not a big issue in those days. After several decades of the industrial revolution, urban areas were overcrowded and the supply of labor exceeds the demand. (33) The unemployment statistics of the United Kingdom starts from 1855. From 1855 to 1896, the percentage of unemployment is fluctuating from 1.8% to 7.3%. There was not extreme point where unemployment increases or decreases, rather the change was steady. In 1870, the percentage drops from 5.9% of 1869 to 3.7% and drops more, becoming 1.6% in 1871. During the following 4 years, the statistic remains near 1%. From 1875, the percentage starts to rise from 2.2% to 6.2% for another four years and in 1879, the percentage becomes 10.7% and becomes half to 5.2% in the following year. (34) A juxtaposition of the unemployment percentage and the economic history and unemployment theories give reasonable explanations.
            In the beginning of 1870s, the second industrial revolution occurs in the United Kingdom and last until the World War I. (35) It is a second phase of industrial revolution and chemical, electrical, petroleum and steel industries emerged. This emergence of industries provided massive demand for labor as it did in the beginning of the industrial revolution. This gives the explanation of sudden drop of the unemployment percentage in 1870.
            The period of 1873 to 1896 is called Long Depression. (36) The monopolistic companies dominated the overall industries and the price of raw materials went down and the sudden development of new technologies (primarily because of the second industrial revolution) stimulated the overproduction of the goods and effective demand of the people could not meet the supply. (37) Long depression was not a deep depression like Great Depression but the increase in unemployment percentage can be explained by the theory of effective demand. Until 1896, the employment percentage remains near 6-7% and the percentage decreases from 5.8% in 1895 to 3.3% in 1896 and remains near 3% for a decade. (38) (39)
            In the 20th century, two great wars influenced the unemployment of the United Kingdoms. The change in the structures of industry occurred as the tension of the Europe increases before the war. And this caused temporary frictional unemployment in 1908-1909. World War I put the industry of the United Kingdom in to war-time economy. Manpower was not sufficient enough because both military and industry required more labor power than before. The statistical data of unemployment drops near zero during wartime. (40) The industry was controlled by government in three phases: First, self-protective action was applied to the industries. Second, government became concerned of supplies to the fronts of the war and controlled over the industry to supply the military. (41) The statistics of the percentage of unemployment proves the change in the phase of government policy. The shift from the first phase to second phase happened one year after the beginning of the World War I, in 1915. The unemployment percentage sharply drops from 3.3% to 1.1% and becomes 0.4% in 1916. The third phase continued this policy and the unemployment percentage remained below 1% until the war ends. (42)(43)
            World War I deteriorated the industry of the United Kingdom. The capitalism and imperialism lost their credibility. (44) The United Kingdom lost a quarter of its wealth fighting the war. The old liberal economy policy was adopted and it worsened the economic situation. (45) From 1920 to 1929, the unemployment percentage fluctuates from 7.2% to 11.3%. Then, there comes the Great Depression in 1930. The percentage goes up to 15.1% in 1931. (46) The Great Depression led government to control the industry again and eventually, the World War II occurs in 1939. War-time economy lowered the unemployment absolutely. From 1942 to 1945, the unemployment percentage maintains below 1%. (47)
            When the World War II was over, the United Kingdom, lost its wealth again, but new Labour Government implemented strong control over the industry. The economic situation of the United Kingdom was the worst in their great history of empire, the unemployment percentage kept low because of the intervention of the state in the industries. From the post-war era to 1970s the statistical data remains calm. (48)
            The unemployment goes up as Margaret Thatcher became the prime minister. Her intervention to the economy was very stringent so there were many frictions between her and industries. She established many new state-running companies. However, her age was booming age of the United Kingdom. Population suddenly grew high and the demand for labor could not meet the booming population. (49) Thus the unemployment percentage dramatically goes up from 3.9% in 1979 to 10.4 in 1983. (50)

IV.2 Unemployment in the United States
            The United States had booming economy right after the Civil War. The reconstruction procedure provided a lot of jobs and industries were blossoming from everywhere. The statistical data before the depression of 1893 to 1898 shows low unemployment percentage of 3.5% - 5.0%. (51)(52)
            The depression of 1893 to 1898 greatly raised the unemployment percentage. The depression began with the financial failures of newly built railroads companies starting from Philadelphia and Reading Railroad in January to Topeka and Santa Fe Railroad in December. The sudden arise of many businesses loaned a lot of money but there were too many business going around and many companies went bankrupt which means the banks which lend money to those companies could not get their money back. 500 banks and 16,000 businesses were bankrupt in the period. (53) The percentage of unemployment becomes 11.7% in 1893 from 3.0% in 1892. Following year was the peak of the depression with 18.4%. (54)
            After the depression, Progressives came to power. Many regulation committees were made and the industry was more systemized than before. The unemployment percentage goes down from 12.4% in 1898 to 6.5% in 1899. (55) The unemployment percentage remains steady until the Wall Street Crash (The Great Depression) in 1929.
            The Great Depression was a global depression which affected industrial countries all over the world. The causes of the Great Depression are still on debate between economists. Keynes explained this with an effective demand. The supply of goods suddenly increases and effective demand cannot cover up the excessive supply. This led banks and companies to be bankrupt. However, it is a chain of events that caused the Great Depression. The unemployment rate goes up from 3.2% in 1928 to 24.9% in 1933. (56) (57) (58)
            War-time economy in the United States, as well as many other countries, provided a lot of job. Six million women had jobs and every people who can do labor were employed. The unemployment percentage drops a lot from 14.6% in 1940 to 1.9% in 1943. (59) After the war, there comes the golden age of American capitalism. From this era, unemployment percentage fluctuate slowly and steady until now. (60)

IV.3 Unemployment in South Korea
            The statistics of the unemployment percentage of South Korea is recorded from the year of 1962 with 8.4%. (61) The society was very unstable in 1950s. President Yi Seungman came down from the power because of the civil rebel on 19, April in 1960. South Korea did not have its own industry developed because it was under Japanese colonialism for 50 years and suffered Korean War in 1950s. South Korea was too busy to deal with political and international issues rather than take care about its domestic economy. In 1961, General Park threw a military coup and took over the government. He becomes the president and he exercised very intensive economic policy called ¡®5-year Economic Development Plan¡¯ for four times. (62) Through the twenty years of the economic development the unemployment percentage of Korea drops from 8.4% in 1962 to 4.8% in 1969 and remains near 4% after all. (63)
            After the assassination of President Park in 26, October in 1979, and new military power overthrew the government and General Chun acquires the presidency. He continued strong intervention of government in industry and continued the policies pursued by the former president. (64) The unemployment percentage remains similar to former years near 4%. (65)
            After President Chun, the democratic government emerges in South Korea. The domestic industry was developing well because of its acceleration by many policies in the past and domestic economy becomes better. The unemployment percentage becomes 2.5% in 1988 and remains near 2% until the IMF crisis comes in 1997 and triples the number of unemployed people (66)

. V. Conclusion
            Unemployment is an economic phenomenon which occurs with the emergence of industrial society. Industrial society introduced capitals and mass production system in industry. Unemployment became a big issue as industrial society develops. Studies on the unemployment are done and concluded that the general unemployment occurs because of the effective demand. Unemployment in the global scale occurs when effective demand does not meet the expectation of the producers, supply of goods. However, historical approach needs more than economic reasons.
            To explain the history of unemployment, the right question to be asked is not 'Why does unemployment happen?' because there are clear economical theories and answers for that. The right question would be 'What made effective demand decrease?' or 'What event caused frictional unemployment?'. Unemployment is much related to the social events that happen in the world or a country. In global scale, the industrial revolution, World War I and II and the Great Depression were the factors which affected global unemployment phenomenon. Industrial revolution provided much demand for labor than its supply so the unemployment rate was very low. However, after few decades after industrial revolution, the supply of labor exceeds the demand of labor in industry due to urbanization and population concentration. World War I and World War II made many countries to implement war-time industry policies and government directly controls the industry. More jobs were provided because of the ammunitions and supply for the war and manpower was not sufficient because of the manpower in the military. Both wars have great negative influence on the economy in many countries which directly participated in and suffered from. Exceptionally, United States, the nation which benefited from the war had its economy developed while other nations suffered from increase in unemployment rate and economical panic situation. The Great Depression was another factor that decreased effective demand relatively to effective supply. The Great Depression stroke many industrial countries and global unemployment increase happened in those days. In the national scale, frictional unemployment and structural unemployment and voluntary unemployment can be observed. Generally, unemployment percentage was low when government exercises intervention the industry and controls over. The United Kingdom and the United States had low unemployment percentage during the war-time industry and South Korea had low unemployment percentage under the military government.
            Unemployment is caused directly by economic factors but in a bigger scale, it is caused by complicate chains of events in history. History of unemployment cannot be narrated without historical background to explain and apply the economic approach.


Notes (1)      Article : Unemployment, from Encyclopedia Britannica.
(2)      Majewski 1986 Technological unemployment and under employment
(3)      Before the Industrial Revolution, from SchoolsHistory.org.uk
(4)      Before the Industrial Revolution, from SchoolsHistory.org.uk
(5)      Article : Industrial Revolution, from Wikipedia
(6)      Article : Industrial Revolution, from Wikipedia
(7)      Majewski 1986, Child Labor
(8)      Nardinelli 2008
(9)      Article : Industrial Revolution, from Naver Online Encyclopedia
(10)      Article : Industrial Society, from Wikipedia
(11)      Reeve, Andrew : Industrial Society, from Political Dictionary, Answers.com
(12)      Article : Unemployment, from Encyclopedia Britannica. .
(13)      Article : Unemployment, from Naver Online Encyclopedia
(14)      Article : Unemployment, from Naver Online Encyclopedia
(15)      Article : Theory of Effective Demand, from Naver Online Encyclopedia
(16)      Article : Theory of Effective Demand, from Naver Online Encyclopedia
(17)      Lee 2006 p.500
(18)      Hubbard 2006 p.507
(19)      Article : Unemployment, from Naver Online Encyclopedia
(20)      Article : Voluntary Unemployment, from Naver Online Encyclopedia
(21)      Article : Voluntary Unemployment, from Naver Online Encyclopedia
(22)      Lee 2006 pp.636-637
(23)      Article : Frictional Unemployment, from Naver Online Encyclopedia
(24)      Article : Unemployment, from Wikipedia
(25)      Lee 2006 pp.636-637
(26)      Article : Unemployment, from Naver Online Encyclopedia
(27)      Article : Reserve Army of Labor, from :Wikipedia
(28)      Article : Reserve Army of Labor, from :Wikipedia
(29)      Article : Unemployment, from Naver Online Encyclopedia
(30)      IHS E pp.159-161
(31)      IHS E pp.159-161
(32)      Article : Economic History of the United Kingdom, from Wikipedia
(33)      Article : Economic History of the United Kingdom, from Wikipedia
(34)      IHS E pp.159-161
(35)      Article : Economic History of the United Kingdom, from Wikipedia
(36)      Article : Second Industrial Revolution, from Wikipedia
(37)      Bubbles & Troubles
(38)      Article : Long Depression, from Wikipedia , IHS E pp.159-161
(40)      IHS E pp.159-161
(41)      Gray 1918
(42)      Gray 1918, IHS E pp.159-161
(44)      Article : World War I, from Wikipedia
(45)      Article : Economic History of the United Kingdom, from Wikipedia
(46)      IHS E pp.159-161
(47)      IHS E pp.159-161
(48)      IHS E pp.159-161
(49)      Article : Economic History of the United Kingdom, from Wikipedia
(50)      IHS E pp.159-161
(51)      Article : Economic History of the United States, from Wikipedia , IHS Am pp.111-112
(53)      Watkins I
(54)      IHS Am pp.111-112
(55)      Article : Economic History of the United States, from Wikipedia
(56)      Article : Economic History of the United States, from Wikipedia , Watkins II, IHS Am pp.111-112
(59)      Article : Economic History of the United States, from Wikipedia
(60)      IHS Am pp.111-112
(61)      IHS AAO pp.108-110
(62)      Hong 2005 pp.51-176
(63)      IHS AAO pp.108-110
(64)      KH 2008 pp.247-248
(65)      IHS AAO pp.108-110
(66)      IHS AAO pp.108-110


Bibliography
Note : websites quoted below were visited in November 2008.

IHS E      B.R.Mitchell, Unemployment, pp.189-191 in : International Historical statistics - Europe 1750-1988, M Stockton press, 1992
IHS Am      B.R.Mitchell, Unemployment, pp.111-112 in : International Historical statistics - Americas 1750-2000, Palgrave Macmillan, 2003
IHS AAO      B.R.Mitchell, Unemployment, pp.108-110 in : International Historical statistics ? Africa, Asia and Oceania 1750-2000, Palgrave Macmillan, 2003
Lee 2006      Jun Gu, Lee, Changyong Lee, Economics, Bobmunsa, 2006, in Korean
Hubbard 2006      Hubbard, R. Glenn, O¡¯Brien, Anthony Patrick : Equilibrium in the Labor Market , Economics, Pearson Education, 2006
Gray 1918      Gray, Howard. L : War time control of industry; the experience of England. London :Macmillan 1918; here online version posted on Internet Archive used < http://www.archive.org/stream/wartimecontrolof00grayrich/wartimecontrolof00grayrich_djvu.txt>
Hong 2005      Hong, HaSang, President Park, the CEO of Corporation Korea, Kugil Media, 2005, in Korean
KH 2008      The Expansion of Labor Class and Labor Movement, in : Korean History, Official Textbook for high school student, Ministry of Education and Human Resources, 2008, in Korean
Majewski 1986      John Majewski, The Industrial Revolution: Working Class Poverty or Prosperity?; scroll down for chapters Technological unemployment and under employment, Child Labor, FEE, Foundation for Economic Education. 1986 < http://www.fee.org/Publications/the-Freeman/article.asp?aid=1335>
Nardinelli 2008      Clark Nardinelli, Industrial Revolution and the Standard of Living, from The Concise Encyclopedia of Economics (2008) < http://www.econlib.org/library/Enc/IndustrialRevolutionandtheStandardofLiving.html>
Bubbles & Troubles      Long Depression, from Bubbles & Troubles < http://www.aboutpreciousmetals.com/Money_Economics/bubbles_troubles/long_depression.htm>
Watkins I      Thayer Watkins, The Depression of 1893-1898 San Jose State University, Department of Economics < http://www.sjsu.edu/faculty/watkins/dep1893.htm>
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EB      Unemployment¡± The New Encyclopedia Britannica, Micropedia Volume 12. 1998
School's History      Before the Industrial Revolution, from SchoolsHistory.org.uk. < http://www.schoolshistory.org.uk/IndustrialRevolution/beforeindustrialisation.htm>
Naver IR      Article : Industrial Revolution, from Doosan Encyber, Naver Online Encyclopedia, in Korean, < http://100.naver.com/100.nhn?docid=85403>
Naver U      Article : Unemployment, from Doosan Encyber, Naver Online Encyclopedia < http://100.naver.com/100.nhn?docid=102812>
Naver TED      Article : Theory of Effective Demand, from Doosan Encyber, Naver Online Encyclopedia < http://100.naver.com/100.nhn?docid=123174>
Naver VU      Article : Voluntary Unemployment, from Doosan Encyber, Naver Online Encyclopedia < http://100.naver.com/100.nhn?docid=131477>
Naver FU      Article : Frictional Unemployment, from Doosan Encyber, Naver Online Encyclopedia < http://100.naver.com/100.nhn?docid=102812>
Wik IR      Article : Industrial Revolution, from : Wikipedia < http://en.wikipedia.org/wiki/Industrial_revolution>
Wik IS      Article : Industrial Society, from Wikipedia < http://en.wikipedia.org/wiki/Industrial_society>
Wik RAL      Article : Reserve Army of Labor, from Wikipedia < http://en.wikipedia.org/wiki/Reserve_army_of_labour>
Wik EHUK      Articlle : Economic History of the United Kingdom, from Wikipedia < http://en.wikipedia.org/wiki/Economic_history_of_the_United_Kingdom>
Wik SIR      Article : Second Industrial Revolution, from : Wikipedia < http://en.wikipedia.org/wiki/Second_Industrial_Revolution>
Wik LD      Article : Long Depression, from : Wikipedia < http://en.wikipedia.org/wiki/Long_Depression>
Wik WWI      Article : World War I, from Wikipedia < http://en.wikipedia.org/wiki/World_War_I>
Wik EHUS      Article : Economic History of the United States, from : Wikipedia < http://en.wikipedia.org/wiki/Economic_history_of_the_united_states>


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