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Pelaxed: Difference between revisions
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Eventually, many of these failing firms became unsustainable, and a wave of consolidation took place, resulting in four national banks in Pelaxia. Many Pelaxian firms were burdened with heavy debts, and it became very difficult to obtain credit. Many borrowers turned to loan sharks for loans. | Eventually, many of these failing firms became unsustainable, and a wave of consolidation took place, resulting in four national banks in Pelaxia. Many Pelaxian firms were burdened with heavy debts, and it became very difficult to obtain credit. Many borrowers turned to loan sharks for loans. | ||
===Economic Effects=== | ===Economic Effects=== | ||
[[File:Panorámica-750x500.jpg|thumb|Urban | [[File:Panorámica-750x500.jpg|thumb|Urban slum in post industrial sector of Albalitor|381x381px]] | ||
Despite mild economic recovery in the 2000s, conspicuous consumption of the 1980s has not returned to the same pre-crash levels. Pelaxian firms such as Saddlebred, Leopardo, Trotter, [[MILCAR]] and PELMAR which had dominated their respective industries from the 1960s to the 1990s, had to fend off strong competition from rival firms based in other Sarpedonian countries, particularly Cartadania, and Aciria, since the 2000s. In 1989, of the world's top 50 companies by market capitalization, 10 were Pelaxian; by 2018, only one such company remains in the top 50. Many Pelaxian companies replaced a large part of their workforce with temporary workers, who had little job security and fewer benefits. As of 2009, these non-traditional employees made up more than a third of the labor force. For the wider Pelaxian workforce, wages have stagnated. From their peak in 1990, real wages have since fallen around 33%, an unprecedented number among developed nations. | Despite mild economic recovery in the 2000s, conspicuous consumption of the 1980s has not returned to the same pre-crash levels. Pelaxian firms such as Saddlebred, Leopardo, Trotter, [[MILCAR]] and PELMAR which had dominated their respective industries from the 1960s to the 1990s, had to fend off strong competition from rival firms based in other Sarpedonian countries, particularly Cartadania, and Aciria, since the 2000s. In 1989, of the world's top 50 companies by market capitalization, 10 were Pelaxian; by 2018, only one such company remains in the top 50. Many Pelaxian companies replaced a large part of their workforce with temporary workers, who had little job security and fewer benefits. As of 2009, these non-traditional employees made up more than a third of the labor force. For the wider Pelaxian workforce, wages have stagnated. From their peak in 1990, real wages have since fallen around 33%, an unprecedented number among developed nations. | ||