Essay About Global Economic Recession

Essay About Global Economic Recession-15
While no explicit criteria exist to differentiate a depression from a severe recession, there is a near consensus among economists that the downturn of the late-2000s, during which U. GDP declined by 0.3% in 2008 and 2.8% in 2009 and unemployment briefly reached 10%, did not reach depression status.

While no explicit criteria exist to differentiate a depression from a severe recession, there is a near consensus among economists that the downturn of the late-2000s, during which U. GDP declined by 0.3% in 2008 and 2.8% in 2009 and unemployment briefly reached 10%, did not reach depression status.

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Will the current global economic recession have long-term geopolitical implications?

That is, will the recession lead to lasting structural changes in the international system?

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The Great Recession is a term that represents the sharp decline in economic activity during the late 2000s. recession, officially lasting from December 2007 to June 2009, and the ensuing global recession in 2009. The term The Great Recession is a play on the term The Great Depression.

The solvency of over-leveraged banks and financial institutions came to a breaking point beginning with the collapse of Bear Stearns in March 2008.

Things came to a head later that year with the bankruptcy of Lehman Brothers, the country’s fourth-largest investment bank, in September 2008.Next, there were too many financial firms taking on too much risk.The shadow banking system, which included investment firms, grew to rival the depository banking system but was not under the same scrutiny or regulation.This period is considered the most significant downturn since the Great Depression. The latter occurred during the 1930s and featured a gross domestic product (GDP) decline of more than 10% and an unemployment rate that at one point reached 25%. housing market went from boom to bust, and large amounts of mortgage-backed securities (MBS's) and derivatives lost significant value.The contagion quickly spread to other economies around the world, most notably in Europe.As a result of the Great Recession, the United States alone shed more than 8.7 million jobs, according to the U. Bureau of Labor Statistics, causing the unemployment rate to double.Further, American households lost roughly trillion of net worth as a result of the stock market plunge, according to the U. The Great Recession's official end date was June 2009.The Dodd-Frank Act enacted in 2010 by President Barack Obama gave the government control of failing financial institutions and the ability to establish consumer protections against predatory lending.Unauthorized posting of RAND PDFs to a non-RAND Web site is prohibited. For information on reprint and linking permissions, please visit the RAND Permissions page.The RAND Corporation is a nonprofit institution that helps improve policy and decisionmaking through research and analysis.

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