preview

The contemporary Great Recession and the global financial crisis

analytical Essay
1023 words
1023 words
bookmark

Since the advent of the subprime crisis in 2007 that it is commonly believed to have led to the Great recession and to the present global financial crisis, these issues have been subject to much research. In fact, no one can claim that the Great Recession and the global financial crisis have been under-researched. In fact, the new world recession has been analysed from different angles and perspectives. Historians, economists, financial experts, psychologists, anthropologists and other experts in academic, financial, economic and other fields of research are still analysing the contemporary global financial crisis. There is ample information on the new world recession, and upcoming documentations are bringing new knowledge on this newsworthy issue and topical research subject. While some researchers are focusing on the recession at national levels such as on the economy of the United Kingdom or on the United States of America economic market, others have tackled the subject from a global perspective focus on the recession on international trades and global markets. All these theoretical, technical and academic documents are complementary and indicate one thing: that the new world recession has entered discourse communities and contemporary academic and intellectual discourses. Building on Foucault's conception, it can be said that new world recession has entered political, academic, social, financial and other public discursive fields. It is a concept that has been constructed by academics, intellectuals, politicians and leaders as intellectual and academic discourses. Hence, these discourses influence people’s perceptions and conceptions of their realities in that they help people give meanings to their realities. Once, the ne... ... middle of paper ... ...ts on small economies that are dependent on the former. There is a relationship of inter-independence that should not be undermined. Hence, if the global recession lingers, in the long term, it will be catastrophic to small economies that will take more time compared to the big economies to recover. For example, big economies have cut-down their imports and exports and for most small economies, their exports are one of their main economic pillars as a source of revenue. Similarly, following loss of income, the tourism sector in many small economies has declined that led to a drastic downturn in revenue. Moreover, there is a displacement of people from these big nations to some small countries. This migratory movement is negatively impacting on the labour market in the hosting countries whereby these foreigners are perceived as stealing the jobs of the local people.

In this essay, the author

  • Explains that since the subprime crisis in 2007, the great recession and the global financial crisis have been subject to much research.
  • Opines that the new world recession has entered discourse communities and contemporary academic and intellectual discourses.
  • Analyzes how foucault's conception of the new world recession has entered political, academic, social, financial, and other public discourses.
  • Explains that many intellectuals and academics claim that their discourses on the new world recession are the truth.
  • Explains that discourses facilitate the sharing of cues, ideas and values that contribute to a better understanding of the global financial crisis, its impacts, causes and implications.
  • Explains that the great recession of the late 2000s started with the subprime crisis in 2007 that has weakened the economy of almost all the big nations.
  • Explains that the great recession affected the united states of america and the eurozone, which negatively impacted the entire world economy. this crisis is being more detrimental to some countries than others.
  • Explains that the global recession has been mostly detrimental to the leading economies that are experiencing a dramatic downfall worse than that of the 1930s. however, this crisis has made the currency market more volatile.
  • Explains that although it is impossible to predict the extent of the recession impacts, it's universally acknowledged that it causes broad-spectrum damages in big and small economies.
  • Argues that when big economies are in recession, it negatively impacts on small economies that are dependent on the former.
Get Access