Recent Global Economic crisis - Essay Example

have stories to share with my off springs, whereby, I can tell them that I have seen the world economy booming as it has been over the past few years, and then see it moving down into deep recession somewhere from the mid of 2007. I seek tremendous interest in economy and economics, and this kind of a mega event is truly something that will not be forgotten in the books for a long time. My aspiration for this ‘mess’ comes from the times when I read about the Great Depression in various text books, saw pictures of those times, read analytics and various texts related to the strategies that led to it, how the affected and concerned people and groups tried formulating strategies to move out of the ‘mess’, the failing strategies, the successful strategies and so on.

Other than that, what also aspired me was how nations fell into the ‘mess’ and how the magnitude of hit varied from nation to nation. Over all, that whole era was an aspiration to me, making me think how would I react under these circumstances as a common man, as a student, as a strategy formulator or even as a nation’s head. Though not a pleasant moment, but I have been given this chance to re-live the Great Depression and get a feel of things and how the difference can be made. Globalization: Globalization is the single variable that has turned the world into a global village, and merged the economies into a global economy.

Thus, globalization is a critical concept while discussing the ‘messes. Conflict: Conflicts of interest and of thoughts and ideas is what actually leads to a ‘mess’ and this one is no exception. There is a big conflict of interest in the growing wealth of an individual vs. the growing wealth of a nation, as certain portion of the former has to be sacrificed as taxes for a nation, and as interest for banks to keep moving, as an example. National taxes are proportional to the wealth, but bank interest is similar to a clock that keeps ticking, irrespective of the