How has the recent economic crisis affected our sense of global culture and metropolitan life - Essay Example

Economic crisis has resulted due to a number of reasons. It is a result of improper policies implemented in the financial system which gives birth to numerous micro and macro economic problems. These reasons have varying severity and have affected the global economies of the world. The recent recession has webbed the entire global economies into its victimization and caused severe distress among both, developed and under-developed countries of the world. Recent economic crisis has paved way for inequality across many nations and has had a dampening impact upon their financial position.

This crisis has led to other severe crises and it is matter of global concern. Recent economic crisis have not only affected economic variables but has affected peoples’ sense of global culture and metropolitan life in numerous ways. There have been significant alterations in the economic structure, relative prices and patterns of consumption which have bolstered adverse impacts upon the peoples’ incomes, living patterns and their jobs, globally. However, it is also evident from the crisis that where there have been adverse impacts upon many people, there have been some people who have capitalized and gained from this situation of adversity.

However, this economic crisis has not affected each and every individual. Instead, it has impacted people who belong to the lower class. In many countries, this has uplifted social disparity and adversely affected groups of workers and may it be skilled or unskilled as there have been new entrants into the country through trade liberalization and other developments liked immigration of skilled personnel from third-world or developing countries. Furthermore, organized labor argues that this has not affected those groups or individuals who possess entrepreneurial ability along with educational and skilled background.

Due to the economic crisis, the governments in many countries have cut back their expenditure towards the