Global Recession and The Lost Generation

Devin Savaskan                                                                                                                                               

11/11/13             

 

                In 2008, the world watched in horror as Lehman Brothers, one of the largest most important lending institutions in the modern era, filed for bankruptcy and shut its doors. Five years later, the globe is slowly beginning to pull itself out of a rut. However, the social impacts of the global recession maybe the most long lasting impact. The destruction of opportunity in the past couple years has already greatly affected the youth of many regions. It has left them incapable of facing the challenges of the modern economy and frustrated in their inability to do so. The global recession has led to a lost generation that can greatly lead to the polarization of future politics.

            Economic policies to combat recession in Europe have truly reflected the mindset of 1980s conservative re-birth. The global recession has turned Europe into a powder keg of youth unemployment. Greece and Spain alone see youth unemployment above fifty percent, with the whole continent reaching levels just below twenty-five. Europe, stuck in the German dominated union that it is in, must decide between government programs and austerity. Austerity is the policy of cutting government finances in hopes of balancing a budget. While in the long run it could lead to true growth, in the short term it can only prolong pain within an economy. The economy of France, Spain, Greece and many other struggling nations continues to shrink. Welfare programs are continuously depleted, and industries continue to cut workers as a means of improving profits in hard times. This along with previously mentioned youth complacency, are the building blocks of radicalism. Greece and Spain have been ground zero, for the rebirth of European fascism. The Golden Dawn party, a recently instituted government party in the Greek Parliament has been increasingly reported of having extremely racist, and revolutionary members. On the other hand, France has seen a resurgence of socialism even electing a socialist leaning prime minister. These extremes were created by the hopelessness surrounding the youth in hard times.  For Europe, the policies of austerity, while potentially beneficial in the long run, have the short run possibility of pushing a whole generation into extremism and unemployment.

            The global recession has also hit a more troubled region of the globe, the Middle East. Countries such as Tunisia, Egypt, and Syria, have for years been run by tyrannical secular dictators with no regard for the people they govern. However, most of those dictators for years have gotten by with atrocious policies with little angst from their civilians. That all changed in late 2009 with the emergence of the Arab Spring. The revolutionary movements which have taken hold of the Middle East stem from the unrest caused by the global recession. Much like in Europe, the youth of Arab countries have lost their way. As job prospects shriveled up so did the patience of the people of these countries. And what began as mass protests turned into rallies and army’s. Also much like Europe, the Middle East has seen its share of radicals, such as Al-Qaeda influencing the youth during this period of Economic stand still.

            And what is to become of the same generation in the United States. The expectation of a college education in America is one not completely shared by foreign counterparts, however it may only be working to delay the inevitable. A continues number of students graduate only to discover their degrees maybe worthless in finding them employment. And while the movement of the ninety-nine percent movement lacked centralized leadership, the emergence of the Tea Party, the continued polarization of political parties, along with the major demographic shift taking place is enough to radicalize the youth in the United States as well. The longest lasting impact of the global recession, could be the complete radicalization, and polarization of an entire generations political views.