The Global Economic Recession Phenomenon: A Realistic Policy Option the Way Out

Abstract

The impact of Global economic recession was examined in the context of the political economy approach. The approach illuminates the causes dimensions and effects of global economic recession. It examined global economic recession as a variable between Micro and Macro factors in fiscal and monetary policies of the elitist economic managers and state government in the international economic system. It portrayed global economic recession as demise of political and economic capability and ineffectiveness of capitalism up surge of free markets and greed of those who failed to anticipate the consequences of their actions. It affirms that the political and economic implications of global economic recession can be ameliorated through concerted efforts between states in the international economic system and national governments; under a broad regulatory framework devoid of greed to share and sustain economic growth in the beleaguered financial sector.

Keywords: Global Economy, Economic Recession, Government, Micro, Macro etc.