As others pointed out, fix somehow captures the essence of recursion. Other answers already do a great job at explaining how fix works. So let's take a look from another angle and see how fix can be derived by generalising, starting from a specific problem: we want to implement the factorial function.
Let's first define a non recursive factorial function. We will use it later to "bootstrap" our recursive implementation.
factorial n = product [1..n]
We approximate the factorial function by a sequence of functions: for each natural number n, factorial_n coincides with factorial up to and including n. Clearly factorial_n converges towards factorial for n going towards infinity.
factorial_0 n = if n == 0 then 1 else undefined
factorial_1 n = n * factorial_0(n - 1)
factorial_2 n = n * factorial_1(n - 1)
factorial_3 n = n * factorial_2(n - 1)
...
Instead of writing factorial_n out by hand for every n, we implement a factory function that creates these for us. We do this by factoring the commonalities out and abstracting over the calls to factorial_[n - 1] by making them a parameter to the factory function.
factorialMaker f n = if n == 0 then 1 else n * f(n - 1)
Using this factory, we can create the same converging sequence of functions as above. For each factorial_n we need to pass a function that calculates the factorials up to n - 1. We simply use the factorial_[n - 1] from the previous step.
factorial_0 = factorialMaker undefined
factorial_1 = factorialMaker factorial_0
factorial_2 = factorialMaker factorial_1
factorial_3 = factorialMaker factorial_2
...
If we pass our real factorial function instead, we materialize the limit of the series.
factorial_inf = factorialMaker factorial
But since that limit is the real factorial function we have factorial = factorial_inf and thus
factorial = factorialMaker factorial
Which means that factorial is a fixed-point of factorialMaker.
Finally we derive the function fix, which returns factorial given factorialMaker. We do this by abstracting over factorialMaker and make it an argument to fix. (i.e. f corresponds to factorialMaker and fix f to factorial):
fix f = f (fix f)
Now we find factorial by calculating the fixed-point of factorialMaker.
factorial = fix factorialMaker