The contemporary Great Recession and the global financial crisis

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.