Recession

Georgiana-Virginia Bonea and Horia Mihai

Journal of Community Positive Practices, 2024, issue 4, 132-160

Abstract: This study analyzes the social consequences of the recession in Romania, viewing it not merely as an economic downturn but as a catalyst for significant social transformations. It explores issues such as unequal income distribution, labor market changes, and access to basic services to highlight contemporary social realities. Utilizing secondary data, the study examines macro-social indicators to assess societal progress or regression over time. The research identifies a key limitation in aligning established recession theories with current data, noting that traditional recession indicators have been reactive to past events. The contemporary socio-economic context has adopted unprecedented management strategies, challenging established economic indicators. The findings reveal that despite traditional recession indicators like GDP, poverty rates, and unemployment not showing typical recessionary trends, the social reality suggests a deeper economic crisis. Measures like generating inflation to counter global economic pressures are unsustainable, leading to devalued personal savings, increased taxes, and higher costs for essentials. The study recommends government actions including increased infrastructure investment, tax policy adjustments to stimulate growth and equity, enhanced contributions to social and health programs, and regulatory policies to ensure economic stability. Progressive taxation is emphasized as a critical measure to reduce social inequalities and resource disparities, promoting a more equitable and caring society. This approach is seen as essential to managing recession impacts and supporting vulnerable populations.

Keywords: recession; economy; crisis; inflation; COVID-19 (search for similar items in EconPapers)
Date: 2024
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https://jppc.ro/index.php/jppc/article/download/874/476 First version, 2024 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:cta:jcppxx:4247

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