Newsletter | 《无依之地》中的“经济衰退”，是否正在向我们卷土重来？

When journalist Jessica Bruder began reporting her 2017 book Nomadland: Surviving America in the Twenty-First Century, the foreclosures and vaporized investments of the Great Recession were pushing many seniors to hit the road.

Bruder describes the nomads as “plug-and-play labour, the epitome of convenience for employers in search of seasonal staffing. They appear where and when they are needed. They bring their own homes … They aren’t around long enough to unionize. On jobs that are physically difficult, many are too tired even to socialize after their shifts.” As one 77-year-old worker told her: “They love retirees because we’re dependable. We’ll show up, work hard, and are basically slave labour.”

Some famous movie reviewers commented that “Nomadland” brings an intimate look into the nomadic lifestyle following the 2008 recession.

The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across the world; in most countries, it started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. The Great Depression is commonly used as an example of how intensely the global economy can decline.

The Great Depression started in the United States after a major fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929, (known as Black Tuesday). 

Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II.

The Great Depression had devastating effects in both rich and poor countries. Personal income, tax revenue, profits and prices dropped, while international trade fell by more than 50%. Unemployment in the U.S. rose to 23% and in some countries rose as high as 33%.

Cities around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming communities and rural areas suffered as crop prices fell by about 60%. Facing plummeting demand with few alternative sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most.

The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2006.

When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008.

This 2007–2008 phase was called the subprime mortgage crisis. The combination of banks unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in the Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months.

Subprime mortgages are home loans granted to borrowers with poor credit histories. Their home loans are considered high-risk loans.

With the housing boom in the United States in the early to mid-2000s, mortgage lenders seeking to capitalize on rising home prices were less restrictive in terms of the types of borrowers they approved for loans. And as housing prices continued to rise in North America and Western Europe, other financial institutions acquired thousands of these risky mortgages in bulk (typically in the form of mortgage-backed securities) as an investment, in hopes of a quick profit.

These decisions eventually proved catastrophic.