A Cultural Problem, an Economic Crisis - 1099 Words

In the past two years, Western society has experienced what many of its leaders have called the worst financial crisis since the Great Depression. At the very least, it has been the worst period of instability that our younger generations have ever seen in their lifetimes. But unlike other financial crises that have largely been triggered by external forces, such as the oil embargoes of the 1970’s, this latest one was a product of our own internal policies and practices; even more so, of our cultural outlooks on the very notion of finance, credit, and debt itself. Specifically, the financial crisis that has just come to pass was the result of the new culture of neo-liberalism and the hyper-individuality and debt-based consumption that it†¦show more content†¦This higher-level shift in the modes of production in Western society has been one of the major sources of the cultural shift that has led to our modern state of affairs. From Fordism to the post-war, entire fam ilies would form professional identities around the head of the household’s employer. With the shift in the modes and local of production that neo-liberal globalization however, the current generations cannot form such attachment or association. As Barry puts it, â€Å"the new flexible form of capitalism has transformed the work experience and as a result ‘people can’t identify themselves with a particular labour or with a single employer’†. So then, if someone of the current generation, by virtue of the neo-liberal system into which they have been born, cannot form a profession identity like their fathers or grandfathers had, what does that leave? Smart points out that, without the confidence or security that employment held before modern global neo-liberalism, people have increasingly formed their identities around their time off the clock. Personal and cultural identities have formed, indeed entire sub-cultures of society have formed around the activities that people choose to participate in when they are not working. Consumption of the goods that are produced by overseas markets has thus become the new economic culture of Western society, soShow MoreRelatedEu s Action Regarding The Syrian Refugee Crisis1641 Words   |  7 Pages Despite Luxembourg being the smallest member of the European Union, it is very vocal about its concerns regarding the Syrian refugee crisis since Schengen infringes of their sovereignty. How ever, Luxembourg is also the wealthiest and may be able to help provide for the Syrians. Luxembourg is very critical of the EU’s action regarding the Syrian refugee crisis. Luxembourg has offered to take in 400 refugees in the coming years (Turner). 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