The economic crisis of was a financial fear in the United States, and the worst economic downfall in 20 years. The continuous failure of businesses and banks created a panic in the overall economic recession. As many as 5, businesses failed and unemployment was on a rise · This essay on Global Economic Crisis was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly Essay On Economic Crisis Words4 Pages Economic crisis is a situation in which the economy of a country experiences a sudden downturn brought on by a financial crisis. An economy facing an economic crisis will most likely experience a falling GDP, a drying up of liquidity and rising/falling prices due to inflation/deflation
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Economic crisis is destructive to social organization. It affects the stability of markets, assets, institutions and individuals. In most cases, the effects of economic crises on the individual are psychologically but not publicly noticed.
There is no solid political institution designed to handle this sophisticated issue, essay on economic crisis. Although there are several approaches for managing the economic crisis in shape credit to thorough research works, they are not focused on the consideration of the consequences of the financial collapse for the individuals.
In this research, sufficient is paid to the analysis of social and psychological constraint that individuals should overcome during the crisis. In particular, there is an urgent necessity review the misunderstandings and shortcoming of governmental polices that was more focused on reducing poverty and increasing funding rather than on providing social help and analysis cultural environment. Therefore, the views of this argumentative paper mostly based on the consideration of the economic crisis with regard to social and moral aspect and on the analysis of governmental wrong policies within this period, essay on economic crisis.
Economic crisis reveals the instability of significant financial institutions that led to a collapse of the entire state economy. Society was forced to quickly adjust to new economical and political environment and to introduce rapid changes to their traditional way of life. In addition, economic crisis also had a considerable impact on individual psychology. Therefore, the collapse of significant financial institutions resulted not only in a deplorable economic and political situation.
The financial crisis also led to social and psychological instability in society. The problem is that this issue is poorly addressed by scientists and economists who are more focused on the analysis of statistics and overall rates of essay on economic crisis and poverty, essay on economic crisis.
In addition, this paper will also pay attention to consequences of the downturn of the World Bank for society in order to present a clearer image of the social and cultural situation in a period, essay on economic crisis.
It has been recognized that financial crisis in various countries have become more interconnected due to the rise of globalization and the establishment of integration tendencies Ravion Martin,p.
Therefore, as the financial crisis is based on global issues, it more likely to have a mixed impact on the developing countries and some individuals with different level of social vulnerability. In particular, the global financial crisis also has serious consequences for those individuals who are influenced by poor schooling and nutrition in low-income families. Therefore, the economic crisis response to social and psychological instability failed because governmental police was ignoring the key human and physical values of poor individuals and society in essay on economic crisis Ravallion,p.
In developed economies, the effects of economic crisis negatively influence families and discourage them to raise their children, which also led to the demographic decline. Giuliano and Spilimbergo state that financial crisis is closely connected with psychological failure of individuals.
They have essay on economic crisis confirmed the connection between economic crises and rise of social vulnerability:.
The experience of the dramatic essay on economic crisis during the Great Depression had a large impact on people and, essay on economic crisis, ultimately, helped forge the social beliefs and attitudes that sustained a political system for many years Guiliano and Spilimbergo,n. They had to overcome numerous adversities and control the newly emerged circumstances.
A special consideration requires cultural issues, because dramatic shifts in political and economic life greatly influence conventions of cultural life. The financial collapse can be compared with the Great Depression in 30s of the past century, essay on economic crisis. The failure of the world banking system and subprime mortgage crisis led to the economic recession in the United States and in other leading countries. There are also assumptions that the economic decline under consideration is associated with the bank collapse in that was reinforced by monetary policy Goel,p.
However, the strategies directed at the crisis elimination were not consistent enough and, as a result, it had related consequences for the situation in According to Shamanthe essay on economic crisis of the economic crisis was initiated by the instability and crisis in the banking sphere which is the core of the economic system, essay on economic crisis.
Shaman also states that bank is considered to be a critical point in tacking and reducing poverty and, essay on economic crisis, its failure led to recession in the social sphere. The decline was also predetermined by bank polices and strategies based on secrecy and bureaucracy. Goel holds similar views and provides viable solutions to this problem:.
Governments have attempted to eliminate or mitigate financial crises by regulating the financial sector. Governmental Interventions for the economic crisis are based though raising funds to support affected organizations, institutions, and individuals. There is also the assumption that the failure of this form of intervention is due to inconsistent governmental police and inability of essay on economic crisis to persuade donors and investors to restore the funding.
In addition, the pressures on banking institutions, and the World Bank in particular, are enormous. The point is that an inefficient bank system will not be able to resist the poverty due to serious problems in internal governance reforms Shaman,p, essay on economic crisis. At this point, it should be noted that there are no specific concerns revealed by the government in handling psychological effects of the financial crisis on individuals and society in general.
In developing economies, specifically in Africa, the political and economic welfare of investors may be aggravated by the rise of corrupt administrators. Therefore, it is necessary to introduce change to governmental structure and banking organization that will insure the international community with economic and social stability. In addition, such reorganizations can make the government and the World Bank more resistant to economic crises, essay on economic crisis.
Moreover, inability to protect the developing economies and wrong policies and strategies implied to solving this issues create a serious threat for increasing poverty in the course of economic crisis development. In addition, short-term and myopic responses of the government during the crisis led to increase of social vulnerability. Paradoxically, western economics propagandizing democracy failed to react to the problem of poverty and education.
The recession of signification financial institution led to deplorable situation in economic, political, and social spheres. In particular, the crisis had a considerable impact on cultural and psychological instability.
This issue was poorly addressed by economists and government that was more focused on considering the employment and essay on economic crisis rates rather than providing changes to domestic economy. The research has proved that the main underpinning for deep economic and psychological depression in was a failure to meet the specific needs of concrete individuals, essay on economic crisis.
In particular, a special consideration deserves cultural and historic issues that interpret the economic crisis as insufficient and inconsistent policy in Therefore, the consequences for the crisis were predetermined by the intrinsic cultural, historic, and social problems in society. Goel, S. Crisis Management: Master the Skills to Prevent Disasters. India: Global India Publications, Ltd.
Guiliano, P. Ravallion, M. Development Research Group, World Bank, H Street Washington DCUSA. Shaman, D. The World Bank Unveiled: Inside the Revolutionary Struggle for Transperancy. US: Essay on economic crisis Brothers Publishers. Need a custom Analytical Essay sample written from scratch by professional specifically for you? certified writers online. Select a citation style:. Economic Crisis and Its Social and Psychological Constraint.
We use cookies to give you the best experience possible. If you continue, we will assume that you agree to our Cookies Policy. Table of Contents. Abstract Introduction Connection between Economic Crisis and Social Development Governmental Interventions Conclusion Reference List.
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· Essay about financial crisis should outline the main reasons of the crisis in the country, its negative effects on the economic growth and society well-being. The next step is to present potential ways how to predict and prevent possible crises in the future according to essay basics structure.5/5(88) Essay Sample Check Writing Quality Ethical Dilemmas During the Financial Crisis A financial crisis can be described as a specific situation in which a company, business or production firm loses the value of its assets rapidly and enormously leading to low cost of the assets The major sign of an economic crisis is the falling of GDP, the drying up of liquidity and rising or falling of prices generated by inflation or deflation. One form of economic crisis is the recession. The National Bureau of Economic Research is defining economic recessions as "a
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