We cannot fully understand the present without at least some understanding of the past – The Great Recession of 2008-2011
We cannot fully understand the present without at least some understanding of the past – The Great Recession of 2008-2011.
Today’s global economic map is the outcome of a long period of evolution during which the structures and relationships of previous historical periods help to shape the structures and relationships of subsequent periods. In that sense, we cannot fully understand the present without at least some understanding of the past (Dicken 2011: 14). Discuss this statement with reference to the great recession of 2008-2011.
The Great Recession of 2008-2011 refers to the severe continuing worldwide economic
problems that started in December 2007 and took a considerably extreme down turn in the month
of September in 2008. Officially, it was declared to have ended in July 2009 even though for
ordinary street men and women the recession never ended given the ongoing unemployment
rates and ever rising gas and food prices. It has affected the full global economy. However, it has
had greater harm in some economies than others. The Great Recession of 2008-2011 is a major
international recession differentiated from other past global economic recessions by a range of
systemic disparities. It was sparked off by the financial crisis of late-2000s.
Historical Perspectives of the Great Recession of 2008-2011
According to Aalbers (2009, p.35), the ongoing financial crisis that sparked off the Great
Recession traces its root causes within the mortgage and housing markets. In most countries
especially the Western countries led by U.S, various mortgage lenders and companies began
lending money for homes to anyone and everyone, without considering their income and / or
credit rating during 2000s. For instance, throughout the 2000s, there were adverts all over every
possible media outlet calling and persuading people to obtain mortgage with no down money.
Lending rules were lowered so much so that even people with no source of income, no jobs, no
credit rating and no assets were able to obtain huge mortgages without a substantiation of income
(Aalbers 2009, p.38).
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