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Different events occur every day and every hour; some phenomena operate a twenty-four hours a day. They have the most significant impact on society because they transform society at different levels. Inflation is the depreciation of money due to rising prices, which affects and transforms society around the clock. Inflation affects society in terms of culture, values, and norms as well as at the macro level.
From a cultural perspective, inflation causes society to develop new behavior patterns regarding selling and purchasing goods. A culture of consuming low-quality goods at a low price before prices rise emerges because then society cannot maintain the same standard of living (Gaetano, 2021). The cultural concept says that inflation affects the desire of consumers to purchase goods for material or spiritual enrichment. Regarding values and norms concept, inflation leads to changes in social behavior due to the increased poverty (}ivkov et al., 2020). Inflation can lead to an increase in crime because purchasing power is reduced, and society does not have the opportunity to buy goods. As a consequence, social tensions grow, and from the point of view of the macro-level concept, society becomes more and more stratified. Inflation increases global inequality, small business stops, and corporations do not take responsibility for rising prices. Gradual or dramatic price increases affect the ability of world communities to interact, trade, and build international relations.
Thus, inflation occurs around the clock and affects the way societies develop. According to the cultural point of view, inflation exacerbates attitudes toward the goods of material and spiritual culture. In addition, societys values and norms are changing poverty, crime, and inequality are becoming increasingly important. At the macro level, these processes develop rapidly because society is no longer capable of effective interaction because of the impossibility of a profitable exchange of goods.
References
Gaetano, G. de. (2021). Inflation What does the academic research say? MAN Institute. Web.
}ivkov,D., Kova
evi, J. & Papi-Blagojevi, N. (2020). Measuring the effects of inflation and inflation uncertainty on output growth in the central and eastern European countries. Baltic Journal of Economics, 20(2), 218-242. Web.
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