The Contemporary Great Recession And The Global Financial Crisis

953 words - 4 pages

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 new world recession became entered discursive communities and became discourses, it was transformed into an instrument of power, domination and economic colonization. This is one of the reasons why many intellectuals and academics claim that their discourses on the new world recession are the truth. For example, some nations believe that their macro-economic policy is the best solution to get out of this global financial crisis. They are spreading their roots to become the new hegemony.
However, these discourses also make possible the sharing of cues, ideas and values that contribute to a better understanding of the global financial crisis, its impacts, causes and implications. They facilitate the transmission of knowledge that is vital to find means to get out of the crisis and minimise the negative impacts of the recession. However, transmission also implies that these discourses influence people’s perception and conception of the new world recession. Hence, these discourses confer power to leaders and academics to manipulate the population to believe what they want the latter to believe.
The Great Recession of the late 2000s started with the subprime crisis in 2007 that has weakened the economy of almost all the big...

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