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RECESSIONS AND DEPRESSIONS, 1. The Wall Street Crash The Great Depression…
RECESSIONS AND DEPRESSIONS
3. The Global Financial Crisis (2008)
Impact
Global downturn
Governments were forced to bail out financial institutions
Investment and growth slowed or stopped
Many countries (Portugal, Italy, Greece) were badly affected
Government bailouts
Freezing the economy
Reasons
Subprime mortgages
:
Credit crunch
Banking crisis
2. Black Monday (1987)
Reasons
1. The Wall Street Crash
The Great Depression (1929)
REASONS
:
Dow Jones lost 90% its value
End of days, lost 12% of its value
New York stock market went to freefall
Came to an end of Black Tuesday (29/10/1929)
IMPACT
10 years of worldwide economic depression
most severe financial crisis of modern times
Construction & manufacturing decline
Companies went bankrupt
Banks failed across America
Individuals lost investments, life savings
Production slowed, factories closed, staff laid off
Rapid fall in Hong Kong stock market
Widespread bankruptcies: Companies failed, savings lost
Impact
10-Year Depression: Long-lasting economic downturn.
Global contagion: Affected Europe world economy.
Lasting all the ways through to WW2