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This paper presents a review of an article by Shaman David entitled ‘The 2007–2010 World Economic Crises’. It is an informative article which’s the primary audience is the global academic community. Specifically, the paper is an essential research material and has addressed relevant points on the topic of Economic Crisis, (Social Sciences/ Psychology: Effects on the Individual or Society). The choice for the selection of this article is based on the fact that it has reasonably addressed the 2007 world economic crisis up to when the crisis is recessing in the present year. This, therefore, makes the article a good base for judgment of very recent approaches to discussing the effects of economic crises on society and on the individual specifically. The article advocates a need for research as a vital tool for curtailing effects of economic crises in the following words: “There is need for all research institutes to carefully examine an expected dramatic decline in global economic growth for 2009” (Shaman, 2010, p. 1).
Summary of Author’s Thesis
The article strongly discriminates against deregulatory policies that favor developed nations in times of economic crises. The main idea of the article opines that the poor’s impact mitigation, preservation of local functionalities of economic sectors, and continual investments into crucial developments are necessary for handling economic crises. It has also identified the need in dealing with economic crises. This view is shared by Roberts (2009, p.12) as follows:
Policymakers rely on a mix of government spending and tax cuts to address the imbalances in the economy during an economic crisis, by promoting price stability and renewed economic growth. However, the little discussion appears to focus explicitly on quantifying the cost of economic crises in terms of human lives, especially the lives of the most vulnerable members of society, infants (Roberts, 2009, p. 12).
These views are objective and acceptable. For the effects of economic crises to be properly managed, concrete policies, not mere lip-services, must be systematically ensured. The individual must be reawakened socially and kept in a balanced position as much as possible. It is clear the effects of economic crises on the individual and society are quite costly, and there is a need for more commitment in addressing the sensitive issue, and this must never be politicized or compromised in any form.
One impressive research model for addressing the effects of economic crises on the individual and society is in monitoring parameters such as mortality rates in children and women, rate of job losses, and rate of school drop-outs – as these are some of the hugest reflections of effects of economic crises on society. A good means of accessing resources for carrying out research for the purpose of curtailing the effects of economic crises is for the government to liaise effectively with social organizations and public-private partnerships as stated by Bushman (2010).
This paper has reviewed an informative article by Shaman. The opinion of the author on the subject of the effects of economic crises on society is compared with those of a few other researchers. The views shared by the authors on the need for intensified policies in curtailing the effects of economic crises are acceptable. There is, indeed, a need for developed economies to support poor economies in times of economic crises through donations which must be a product of thorough research.
Bushman, Q. E. (2010). Courses of the 2007 Global Economic Crash. Ghana: Banjo books.
Roberts, S. H. (2009). The Effect of Economic Crises on Society. London: Equinox Publishers.
Shaman, D. G. (2010). The 2007-2010 Worldwide Economic Crises. Journal of Democracy, 4 (3), 2-15.