While the financial crisis is not necessarily a new issue, over the years we have become
more aware of the pressing problem that has affected our world in the past and
present. According to
Investopedia, a ‘financial crisis’ is defined as a situation in which the value
of financial institutions or assets drops rapidly. A financial crisis is often associated with a panic or a run
on the banks, in which investors sell off assets or withdraw money from savings
accounts with the expectation that the value of those assets will drop if they
remain at a financial institution.
Throughout this post, I will be addressing and discussing the role that the
financial crisis plays in our society.
Financially,
in 1929, The Great Depression was the first time that this crisis was brought
to our societies attention. Today,
being financially aware is the standard way of consuming and investing
financial resources. NewsOK
addressed that the financial crisis has gripped the global economy and is
fueling resentment that could force people into a crisis where they lost sight
of the crisis at hand. They also
state that this crisis has become the deepest recession since World War
II. Though the past and present
seem so distant from each other, we still face identical challenges in our world
today.
Sometimes
we forget how resourceful our economy is in the present. Often, we find ourselves taking our
resources for granted. The Lessons
of Easter Island makes us aware of how easy attainable our wants and needs can
be met. In Easter Island, they did
not have the technology we are accessible to now. They used natural resources such as wood and vegetation to
survive. They used these resources
for agricultural gain, cooking materials, household goods, and travel. They were consumers who took from the
environment and never gave back to it.
As a society and population
today, we have been looking for ways to learn from our past of over
consumption. This will help
address a solution for our financial issues we have recently encountered in the
present. According to Ecosystems
and Human Well-Being, it states, economic and financial interventions provide
powerful instruments to regulate the use of ecosystem goods and services. Today, we don’t necessarily need to be
scared of our over consumptions but we need to look to the past for guidance on
how to make it more environmentally friendly.
Now
that the financial crisis has been addressed, do you believe that it is a
crisis to be scared of or just a way of life?
