The corrective intensity is directly proportional to the amount of collective greed (conscious or subconscious) that was prevalent in the earlier period.
Its victims are individuals and the systems that surfed the greed wave. But the 'corrected' would be the individuals or systems that totally disregarded, in order to achieve their selfish needs, either the connection to the basic principles (ethics) or the connection with the grassroots(ordinary people).
A new order and learning has to come out of every such phase.
A recession can also be within the personal scheme of things and this personal phase need not have anything to do with the outside world scenario.