chapter  1
20 Pages

Previous Crises

The global financial crisis that struck during the first decade of the 21st century was not the first economic crisis that the world has ever encountered, nor will it be the last. For whatever reason economic crises continue to occur and have often been mistaken for the boom-bust economic cycle. The current crisis has been described as the worst financial and economic crisis the world has encountered since the Great Depression of the 1930s. The GFC has, like other economic and financial crises, caused real economic damage.