WHY HAVE THE GLOBAL FINANCIAL AND ECONOMIC CRISIS HAD SUCH AN UNEVEN IMPACT? (Essay Sample)
discussion to justify the uneven impact of global financial and economic crisissource..
WHY HAVE THE GLOBAL FINANCIAL AND ECONOMIC CRISIS HAD SUCH AN UNEVEN IMPACT?
Why have the Global Financial and Economic Crisis Had Such an Uneven Impact?
In 2008/2009, the world experienced a terrific financial crisis that stemmed from the housing market in the United States. Many economists consider the financial crisis as one of the worst recessions since the 1930s Great Depression. After prompting a mammoth effect on the economy of the US, the financial crisis expanded to other parts of the world with uneven impact on the society. More importantly, it crumbled economies, disadvantaged lives, and ruined financial corporations. For instance, the financial crisis led to the collapse of massive financial institutions, including Lehman Brothers, Freddie mac, and Fannie Mae. These collapses and related impacts led to uneven impacts in the society due to increased poverty and lost lives, especially of low-income families. Even though the global financial and economic crisis had widespread impact on all people, the impact was uneven because some countries could not afford the increased costs of life and continued reduction of output.
To begin with, the macroeconomic effects of the global financial and economic crisis resulted to significant effect on the lives of people. As Dolphin and Chappell (2010) reports, the levels of poverty that had been falling steadily was severe in low-income countries. The effects were uneven with the countries with economies integrated in global economy feeling the greatest impact. For instance, such economies experienced the biggest falls in exports and corresponding drops in remittances. A number of the poorest nations and particular regions within those nations insulated the factor that resulted into poverty, which is the isolation from the global markets and economy. The increased poverty in low-income countries accounted for the expanded rates of mortality. In sub-Saharan regions, for example, World Bank estimated that the crisis caused into 30,000 to 50,000 added infant deaths linked to other regions like the US where it was low.
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