In today’s world, which is more valuable – an economic perspective on art, or art’s perspective on economy?

WHAT ROLE DOES THE MEDIA PLAY DURING PERIODS OF ECONOMIC CRISIS?
Table of Contents
Introduction    3
Approaches to Understand Crisis— Narrativity    3
Theoretical Frameworks    3
Cultural Political Economy    3
Structural Performativity Theory    4
Constructivist Political Economy in Times of Crisis    4
World Economies and Crisis    5
History of Crisis    5
2008 Crisis and its Cause    5
Impact of 2008 Crisis on World Economies    5
Ideal Role of Media during Crisis    6
Role of Media during 2008 Crisis    6
Role played During Early Signs of Recession    6
Role Played During Recession    7
Impact of Media on World Awareness    8
Role of Social Media and its Impact on People    9
Conclusion    9
References    11
Introduction
Media has become an integrated part of everyone’s life. This is the modern media era where many forms of media channels are active and one switch available to everyone around the globe. Now, people do not need to wait for hours to know about what is going on in the world. It is said that globalization has interconnected the world together through trade and cultural exchange. It is not over to say that media is mainly responsible for actual connecting the world together. Through social media platform to the news broadcast, entire world is connected to each other in an easily accessible way.
Approaches to Understand Crisis— Narrativity
The best approach to explain the crisis is by using narrative crisis. The approach which media should use narrative crisis to explain the scenario. Instead of this media had used sensational approach to explain the scenario during the crisis. Narrative approach allows the person to understand the in-depth of the crisis. As suggested by Singh, Corner and Pavlovich (2015), narrative allows the person to provide practical meaning to the plot constructed, which includes the past, present and the future. In narrative approach, experience of past is integrated to provide the meaningful learning of the situation. It also examines the influence of situation on the future.
Narratives include social context, complicating events and gives the evaluating conclusion based on the situation to make a proper story, which is coherent in nature (Jessop, 2015). Narrative approach also includes long-term references to make a point of the relevant example. Narrative is used as a research methodology to identify all the details necessary to make the story. In context of crisis, narrative approach allows the person to identify the situation and give meaning to its impact by adding the past examples of the similar situation. Narrative approach helps in making sense of the situation and allows the people to understand the impact of relevance news on their life.
Theoretical Frameworks
Cultural Political Economy
Cultural political economy (CPE) is a method of the political economy that focuses on economic system and their allied parts such as influence of relation between human, natural and technical components. As defined by Robertson and Dale (2015), CPE is a part of the cultural mode in social sciences. It acts to counter material determinism and negligence of the culture in conventional approaches in political economy. It helps to challenges the identity and gender discourse. This theory is used both as economization of culture and culturalization of economy.
In context of the crisis, media must use the CPE method to analyses the influence of economic crisis on the cultures all over the world (Chwieroth and Sinclair, 2013). This theory works best in giving relation between economy and culture. It was the role of media to take a stand in providing meaning to the situation. It is their duty to give the relevant solution after doing the proper research about the great depression, which had occurred in 2008. Great depression was the crisis, in which common person lacks the knowledge about what is going on and how it can create impact on their lives.
Structural Performativity Theory
Structure performativity is entangled with legality and politics. As mentioned by Joy, Belk and Bhardwaj (2015), performativity enables the person to analyze the legal or status to consider the political and social forces to construct and normalize the legal or political practice. Performativity is used to analyze legal and social issue of the structure. The subversive use of performativity helps in identifying crisis.
In context of crisis, performativity views on finance and economy shifts attention from representation of crisis. The story narrated by the media shifted from mentioning the situation into self-fulfilling prophecy (Hay, 1999). It is a duty of media to ensure that they give positive and negative aspect of the crisis. Media is responsible for supplying the fact; instead, it has shifted from the facts towards the perception.
Constructivist Political Economy in Times of Crisis
Constructivism brought the philosophical theme to the nature of the facts. Constructivist challenge the generation of substantial claims. As opined by Craig (2015), mostly social facts are usually constructed. These facts need to be challenged to reach the reality of the situation. Constructivism provides opportunity for the people develop strong business relationship based on the similar economy and culture (Abdelal, Blyth and Parsons, 2010). This theory assists in developing the international relations between the countries. Great depression has mainly affected the economy of the America. It has basically started from that country only. Constructivism helps in identifying the international relation between the countries and it also helps in finding the ways, in which countries with strong relationship can help each other during the crisis.
When failure of the major economic industries took place in America, America turns towards the countries, with which they have strong relationship (Broome, 2013). This is the time when media can help the people to understand the role of friendly countries to assists America during crisis. Role of media was to provide the understanding about the situation and direct the people to take necessary steps in saving them. Instead, media become main culprit in providing fragmented relationship to the people. It had also created panic situation, which worsen the situation.
World Economies and Crisis
History of Crisis
Economic crisis is also known as financial crisis. As suggested by Mi et al. (2017), economic crisis is situation when values of assets started losing its prices and gets lower than its normal prices. There are many reasons behind economic crisis. One of the main reasons behind crisis is deregulation in financial industry. The world has seen many economic crises in the history from financial panic of AD 33 to Turkish currency and debt crisis of 2018. The 2008 financial crisis has been considered the biggest crisis after great depression of 1929. As mentioned by Luchtenberg and Vu (2015), 2008 financial crisis occur despite Federal Reserve and treachery department put all their effort to prevent it.
2008 Crisis and its Cause
The 2008 crisis led to the great recession, which affects the rate of pricing. The housing prices fall to 3.18 per cent, which is far more than it occurs during great depression. Even after ending of the great recession, the unemployment rates reached 9 per cent, which was far higher than ever seen in any crisis. The sign of great recession was started shown in 2006 when the rates of the prices start falling (Brassett and Clarke, 2012). It is believed that realtors thought after overheated prices, the market would return to its sustainable phase but it was the starting of recession, which was realized in later stages as there were many homeowners whose credit is quite questionable (Stanley, 2014).
Impact of 2008 Crisis on World Economies
The crisis was originally started in America affecting banking system, largest insurance company, savings and loans but crisis does not limit itself to the boundaries of America. It crosses its boundary and touches various parts of the world. As suggested by Dom et al. (2016), United Kingdom and Europe had also been hurt brutally. The United...