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| Boilerpipe Text | Great Recession
World map showing
real GDP growth rates
for 2009; countries in brown were in a recession.
Date
December 2007 – June 2009 (c. 1 year; 7 months)
Location
Worldwide
Type
Recession
Cause
(disputed)
US
housing
policy
Real-estate bubbles
bursting
Limited
financial regulation
Outcome
Impact differed geographically
The
Great Recession
was a period of market decline in economies around the world, particularly in the
western world
and surrounding countries, that occurred from late 2007 to mid-2009,
[
1
]
overlapping with the closely related
2008 financial crisis
. The scale and timing of the
recession
varied from country to country (see map).
[
2
]
[
3
]
At the time, the
International Monetary Fund
(IMF) concluded that it was the most severe economic and financial meltdown since the
Great Depression
.
The Great Recession was caused by many weaknesses that slowly developed in the financial system, along with a series of triggering events that began with the bursting of the United States
housing bubble
in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of
mortgage-backed securities
held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the
subprime mortgage crisis
.
The combination of banks being unable to provide funds to businesses and homeowners paying down debt rather than borrowing and spending resulted in the Great Recession. The recession officially began in the U.S. in December 2007 and lasted until June 2009, thus extending over 19 months.
[
4
]
[
5
]
As with most other recessions, it appears that no known formal theoretical or empirical model was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%.
[
6
]
The recession was not felt equally around the world; whereas most of the world's
developed economies
, particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly
China
,
India
and
Indonesia
, whose
economies grew
substantially during this period. Similarly,
Oceania
suffered
minimal impact
, in part due to its proximity to Asian markets.
Two
definitions
of the term "economic recession" exist: one sense referring generally to "a period of reduced economic activity"
[
7
]
and ongoing hardship; and a technical definition used in
economics
, which is
defined operationally
, specifically the
contraction phase
of a
business cycle
with two or more consecutive quarters of
GDP
contraction (negative GDP growth rate). The latter is typically used to influence abrupt changes in monetary policy.
Under the technical definition, the recession ended in the United States in June or July 2009.
[
8
]
[
9
]
[
10
]
[
11
]
Journalist
Robert Kuttner
has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation."
[
12
]
The Great Recession met the
IMF
criteria for being a
global recession
only in the single calendar year 2009.
[
13
]
[
14
]
That IMF definition requires a
decline in annual real
world GDP
per capita
. Despite the fact that quarterly data are being used as
recession
definition criteria by all
G20 members
, representing 85% of the
world GDP
,
[
15
]
the International Monetary Fund (IMF) has decided – in the absence of a complete data set – not to declare/measure global recessions according to quarterly GDP data. The
seasonally adjusted
PPP
‑weighted real GDP
for the G20‑zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct
quarter on quarter
decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level.
[
16
]
According to the U.S.
National Bureau of Economic Research
(the official arbiter of U.S. recessions), the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months.
[
5
]
[
17
]
A
bank run
at a branch of the
Northern Rock
bank in
Brighton
, England, on September 14, 2007, amid speculation of problems, prior to its
2008 nationalisation
The years leading up to the crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand.
[
18
]
Further, the U.S.
shadow banking system
(i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a
bank run
.
[
19
]
U.S.
mortgage-backed securities
, which had risks that were hard to assess, were marketed around the world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007.
[
20
]
The emergence of
subprime loan
losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and the fall of
Lehman Brothers
on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the
shadow banking system
, resulting in many large and well established
investment banks
and
commercial banks
in the United States and
Europe
suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts).
[
21
]
The global recession that followed resulted in a sharp drop in
international trade
, rising
unemployment
and slumping commodity prices.
[
22
]
Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the
Great Depression
of the 1930s.
[
23
]
[
24
]
Economist
Paul Krugman
once commented on this as seemingly the beginning of "a second Great Depression".
[
25
]
Governments and central banks responded with
fiscal policy
and
monetary policy
initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in
Keynesian
economic ideas on how to combat recessionary conditions. Economists advise that the stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rates should be withdrawn as soon as economies recover enough to "chart a path to
sustainable growth
".
[
26
]
[
27
]
[
28
]
The distribution of household incomes in the United States became more unequal during the post-2008
economic recovery
.
[
29
]
Income inequality in the United States
grew from 2005 to 2012 in more than two thirds of metropolitan areas.
[
30
]
Median household wealth fell 35% in the U.S., from $106,591 to $68,839 between 2005 and 2011.
[
31
]
The
inverted yield curve
in 2008 caused an elevated level of unemployment relative to job openings to get the
housing bubble
prices down.
Total job openings
Total quits
The great asset bubble:
[
32
]
1.
Central banks' gold reserves: $0.845 trillion
2.
M0 (paper money): $3.9 trillion
3.
Traditional (fractional reserve) banking assets: $39 trillion
4.
Shadow banking assets: $62 trillion
5.
Other assets: $290 trillion
6.
Bail-out money (early 2009): $1.9 trillion
The U.S.
Financial Crisis Inquiry Commission
, composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by:
Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages;
Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk;
An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis;
Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels."
[
33
]
There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to the majority and minority opinions of the FCIC, Commissioner
Peter J. Wallison
of the
American Enterprise Institute
(AEI) primarily blamed U.S. housing policy, including the actions of
Fannie
and
Freddie
, for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers."
[
34
]
In its "Declaration of the Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the
Group of 20
cited the following causes:
During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in the system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions.
[
35
]
Federal Reserve Chair
Ben Bernanke
testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a
run
on the
shadow banking system
that began in the middle of 2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the
private
sector included: financial institution dependence on unstable sources of short-term funding such as
repurchase agreements
or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in the
public
sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed "
Too big to fail
" institutions, monetary policy, and trade deficits.
[
4
]
U.S. residential and non-residential investment fell relative to GDP during the crisis.
There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include:
There was the equivalent of a
bank run
on the
shadow banking system
, which includes investment banks and other non-depository financial entities. This system had grown to rival the depository system in scale yet was not subject to the same regulatory safeguards. Its failure disrupted the flow of credit to consumers and corporations.
[
21
]
[
36
]
The
U.S. economy
was being driven by a housing bubble. When it burst, private residential investment (i.e., housing construction) fell by over four percent of GDP.
[
37
]
[
38
]
Consumption enabled by bubble-generated housing wealth also slowed. This created a gap in annual demand (GDP) of nearly $1 trillion. The U.S. government was unwilling to make up for this private sector shortfall.
[
39
]
[
40
]
Record levels of
household debt
accumulated in the decades preceding the crisis resulted in a
balance sheet recession
(similar to
debt deflation
) once housing prices began falling in 2006. Consumers began paying off debt, which reduces their consumption, slowing down the economy for an extended period while debt levels are reduced.
[
21
]
[
41
]
U.S. government policies encouraged home ownership even for those who could not afford it, contributing to lax lending standards, unsustainable housing price increases, and indebtedness.
[
42
]
Wealthy and middle-class
house flippers
with mid-to-good credit scores created a
speculative bubble
in house prices, and then wrecked local housing markets and financial institutions after they defaulted on their debt en masse.
[
43
]
Underlying narratives #1–3 is a hypothesis that growing
income inequality
and
wage stagnation
encouraged families to increase their
household debt
to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to
deregulate
or limit regulation of the shadow banking system.
[
44
]
[
45
]
[
46
]
Narrative #5 challenges the popular claim (narrative #4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution – and that these borrowers accounted for a disproportionate share of defaults.
[
47
]
Trade imbalances and debt bubbles
[
edit
]
U.S. households and financial businesses significantly increased borrowing (leverage) in the years leading up to the crisis.
The Economist
wrote in July 2012 that the inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis was the result."
[
48
]
In May 2008, NPR explained in their
Peabody Award
winning program "
The Giant Pool of Money
" that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around $35 trillion in 2000 to about $70 trillion by 2008. NPR explained this money came from various sources, "[b]ut the main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it."
[
49
]
Describing the crisis in Europe,
Paul Krugman
wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe."
[
50
]
Another narrative about the origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending.
While Alan Greenspan's role as
Chairman of the Federal Reserve
has been widely discussed, the main point of controversy remains the lowering of the
Federal funds rate
to 1% for more than a year, which, according to
Austrian theorists
, injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom.
[
51
]
There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by the need to take the U.S. economy out of the
early 2000s recession
caused by the bursting of the
dot-com bubble
: although by doing so he did not avert the crisis, but only postponed it.
[
52
]
[
53
]
High private debt levels
[
edit
]
US household debt relative to disposable income and GDP
U.S. Changes in Household Debt as a percentage of GDP for 1989–2016. Homeowners paying down debt for 2009–2012 was a headwind to the recovery. Economist
Carmen Reinhart
explained that this behavior tends to slow recoveries from financial crises relative to typical recessions.
[
54
]
Another narrative focuses on high levels of private debt in the US economy. USA
household debt
as a percentage of annual
disposable personal income
was 127% at the end of 2007, versus 77% in 1990.
[
55
]
[
56
]
Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and the following recovery weaker.
[
57
]
[
58
]
Robert Reich
claims the amount of debt in the US economy can be traced to
economic inequality
, assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards".
[
59
]
The IMF reported in April 2012: "Household debt soared in the years leading up to the downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and the stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, leading to the
2008 financial crisis
, many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and the United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household
deleveraging
by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults."
[
60
]
[
61
]
Pre-recession warnings
[
edit
]
The onset of the economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States:
[
62
]
Dean Baker
,
Wynne Godley
,
Fred Harrison
,
Michael Hudson
,
Eric Janszen
,
Med Jones
[
63
]
Steve Keen
,
Jakob Brøchner Madsen
, Jens Kjaer Sørensen,
Kurt Richebächer
,
Nouriel Roubini
,
Peter Schiff
, and
Robert Shiller
.
[
62
]
[
64
]
Housing price appreciation in selected countries, 2002–2008
By 2007, real estate bubbles were still under way in many parts of the world,
[
65
]
especially in the
United States
, France, the
United Kingdom
,
Spain
, the Netherlands, Australia, the United Arab Emirates,
New Zealand
,
Ireland
,
Poland
,
[
66
]
South Africa
,
Greece
,
Bulgaria
,
Croatia
,
[
67
]
Norway
,
Singapore
,
South Korea
,
Sweden
,
Finland
,
Argentina
,
[
68
]
the
Baltic states
,
India
,
Romania
,
Ukraine
and
China
.
[
69
]
U.S. Federal Reserve Chairman
Alan Greenspan
said in mid-2005 that "at a minimum, there's a little 'froth' [in the U.S. housing market]...it's hard not to see that there are a lot of local bubbles".
[
70
]
The Economist
, writing at the same time, went further, saying, "[T]he worldwide rise in house prices is the biggest bubble in history".
[
71
]
Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a
housing price crash
) that can result in many owners holding
negative equity
(a
mortgage
debt higher than the current value of the property).
Ineffective regulation
[
edit
]
Several sources have noted the failure of the US government to supervise or even require transparency of the
financial instruments
known as
derivatives
.
[
72
]
[
73
]
[
74
]
Derivatives such as
credit default swaps
(CDSs) were unregulated or barely regulated.
Michael Lewis
noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on the same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as
AIG
) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found.
[
75
]
When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of the obligation and defaulted; U.S. taxpayers paid over $100 billion to global financial institutions to honor AIG obligations, generating considerable outrage.
[
76
]
A 2008 investigative article in
The Washington Post
found leading government officials at the time (Federal Reserve Board Chairman
Alan Greenspan
, Treasury Secretary
Robert Rubin
, and
SEC
Chairman
Arthur Levitt
) vehemently opposed any regulation of derivatives. In 1998,
Brooksley E. Born
, head of the
Commodity Futures Trading Commission
, put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded
Congress
to pass a resolution preventing CFTC from regulating derivatives for another six months – when Born's term of office would expire.
[
73
]
Ultimately, it was the collapse of a specific kind of derivative, the
mortgage-backed security
, that triggered the economic crisis of 2008.
[
74
]
Shadow banking system
[
edit
]
Securitization markets were impaired during the crisis.
Paul Krugman wrote in 2009 that the
run
on the
shadow banking system
was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating the kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect".
[
77
]
[
78
]
During 2008, three of the largest U.S. investment banks either went bankrupt (
Lehman Brothers
) or were sold at
fire sale
prices to other banks (
Bear Stearns
and
Merrill Lynch
). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks,
Morgan Stanley
and
Goldman Sachs
, potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via the Federal Reserve.
[
79
]
[
80
]
Further,
American International Group
(AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over $100 billion of U.S. taxpayer money was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks.
[
76
]
Economist
Gary Gorton
wrote in May 2009
Unlike the historical banking panics of the 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing the repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent.
[
81
]
The
Financial Crisis Inquiry Commission
reported in January 2011:
In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a
lender of last resort
, federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in the 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without the protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards.
[
33
]
The
Gramm–Leach–Bliley Act
(1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been
blamed
for the crisis, by
Nobel Prize
–winning economist
Joseph Stiglitz
among others.
[
82
]
Regulations encouraging lax lending standards
[
edit
]
Peter Wallison and Edward Pinto of the
American Enterprise Institute
, which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies.
[
83
]
[
84
]
They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD the power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established.
[
85
]
However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis.
[
33
]
Further, since housing bubbles appeared in multiple countries in Europe as well, the FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble.
[
33
]
The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed,
[
86
]
with
Paul Krugman
referring to it as "imaginary history".
[
87
]
One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best.
[
33
]
A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for the top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies.
[
88
]
This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk.
[
89
]
The
2008 financial crisis
and the
Great Recession
were described as a symptom of another, deeper crisis by a number of economists. For example,
Ravi Batra
argues that growing inequality of
financial capitalism
produces speculative bubbles that burst and result in depression and major
political changes
.
[
90
]
[
91
]
Feminist economists
Ailsa McKay
and
Margunn Bjørnholt
argue that the
2008 financial crisis
and the response to it revealed a crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within
feminist economics
and
ecological economics
that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as the planet.
[
92
]
Effects on the United States
[
edit
]
Several major U.S. economic variables had recovered from the 2007–2009
Subprime mortgage crisis
and Great Recession by the 2013–2014 time period.
U.S. Real GDP – Contributions to Percent Change by Component 2007–2009
Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell $650 billion (4.3%) and did not recover its $15 trillion pre-recession level until Q3 2011.
[
93
]
Household net worth, which reflects the value of both stock markets and housing prices, fell $11.5 trillion (17.3%) and did not regain its pre-recession level of $66.4 trillion until Q3 2012.
[
94
]
The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014.
[
95
]
The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016.
[
96
]
A key dynamic slowing the recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a
private sector surplus
drove a sizable government deficit.
[
97
]
However, the federal government held spending at about $3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of
austerity
. Then-Fed Chair
Ben Bernanke
explained during November 2012 several of the economic headwinds that slowed the recovery:
The housing sector did not rebound, as was the case in prior recession recoveries, as the sector was severely damaged during the crisis. Millions of foreclosures had created a large surplus of properties and consumers were paying down their debts rather than purchasing homes.
Credit for borrowing and spending by individuals (or investing by corporations) was not readily available as banks paid down their debts.
Restrained government spending following initial stimulus efforts (i.e., austerity) was not sufficient to offset private sector weaknesses.
[
98
]
On the political front, widespread anger at
banking bailouts
and
stimulus
measures (begun by President
George W. Bush
and continued or expanded by
President Obama
) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of the bailouts. In 2008, TARP allocated $426.4 billion to various major financial institutions. However, the US collected $441.7 billion in return from these loans in 2010, recording a profit of $15.3 billion.
[
99
]
Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the
Tea Party
and the loss of Democratic majorities in subsequent elections. President Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014
.
[
100
]
As of January 2018
, bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $626B was invested, loaned, or granted due to various bailout measures, while $390B had been returned to the Treasury. The Treasury had earned another $323B in interest on bailout loans, resulting in an $87B profit.
[
101
]
Economic and political commentators have argued the Great Recession was also an important factor in the rise of populist sentiment that resulted in the election of right-wing populist
President Trump
in 2016, and left-wing populist
Bernie Sanders
'
candidacy
for the Democratic nomination.
[
102
]
[
103
]
[
104
]
[
105
]
Public Debt to GDP Ratio for Selected European Countries – 2008 to 2011. Source Data: Eurostat
The crisis in Europe generally progressed from banking system crises to sovereign debt crises, as many countries elected to bail out their banking systems using taxpayer money.
[
citation needed
]
Greece was different in that it faced large public debts rather than problems within its banking system. Several countries received bailout packages from the
troika
(European Commission, European Central Bank, International Monetary Fund), which also implemented a series of emergency measures.
Many European countries embarked on austerity programs, reducing their budget deficits relative to GDP from 2010 to 2011. For example, according to the
CIA World Factbook
Greece improved its budget deficit from 10.4% GDP in 2010 to 9.6% in 2011. Iceland, Italy, Ireland, Portugal, France, and Spain also improved their budget deficits from 2010 to 2011 relative to GDP.
[
106
]
[
107
]
However, with the exception of Germany, each of these countries had public-debt-to-GDP ratios that increased (i.e., worsened) from 2010 to 2011, as indicated in the chart at right. Greece's public-debt-to-GDP ratio increased from 143% in 2010 to 165% in 2011
[
106
]
to 185% in 2014. This indicates that despite improving budget deficits, GDP growth was not sufficient to support a decline (improvement) in the debt-to-GDP ratio for these countries during this period.
Eurostat
reported that the debt to GDP ratio for the 17 Euro area countries together was 70.1% in 2008, 79.9% in 2009, 85.3% in 2010, and 87.2% in 2011.
[
107
]
[
108
]
According to the
CIA World Factbook
, from 2010 to 2011, the unemployment rates in Spain, Greece, Italy, Ireland, Portugal, and the UK increased. France had no significant changes, while in Germany and Iceland the unemployment rate declined.
[
106
]
Eurostat reported that
eurozone
unemployment reached record levels in September 2012 at 11.6%, up from 10.3% the prior year. Unemployment varied significantly by country.
[
109
]
Relationship between fiscal tightening (austerity) in
eurozone
countries with their GDP growth rate, 2008–2012
[
110
]
Economist
Martin Wolf
analysed the relationship between cumulative GDP growth from 2008 to 2012 and total reduction in budget deficits due to austerity policies (see chart) in several European countries during April 2012. He concluded that: "In all, there is no evidence here that large fiscal contractions [budget deficit reductions] bring benefits to confidence and growth that offset the direct effects of the contractions. They bring exactly what one would expect: small contractions bring recessions and big contractions bring depressions." Changes in budget balances (deficits or surpluses)
explained
approximately 53% of the change in GDP, according to the equation derived from the IMF data used in his analysis.
[
110
]
Economist
Paul Krugman
analysed the relationship between GDP and reduction in budget deficits for several European countries in April 2012 and concluded that austerity was slowing growth, similar to Martin Wolf. He also wrote: "... this also implies that 1 euro of austerity yields only about 0.4 euros of reduced deficit, even in the short run. No wonder, then, that the whole austerity enterprise is spiraling into disaster."
[
111
]
Britain's
decision to leave the European Union
in 2016 has been partly attributed to the after-effects of the Great Recession on the country.
[
112
]
[
113
]
[
114
]
[
115
]
[
116
]
Effects on democracy
[
edit
]
During the Great Recession and in the immediate aftermath,
Bangladesh
,
Ukraine
,
Honduras
,
Guatemala
,
Palestine
, and
Hong Kong
went from democracies to a mix of democracy and authoritarianism and
Madagascar
, the
Gambia
,
Ethiopia
,
Russia
, and
Fiji
went from mixed regimes to authoritarian ones. While each country had democratic backsliding for different reasons, economic calamity has long been known to contribute to instability that can cause authoritarian forces to take hold.
[
117
]
Countries that avoided recession
[
edit
]
Sydney
's
financial district
at night. Throughout the Great Recession, the
Australian economy
remained resilient and stable.
[
118
]
[
119
]
Poland
was the only member of the
European Union
to avoid a GDP recession during the Great Recession. As of December 2009, the Polish economy had not entered recession nor even contracted, while its IMF 2010 GDP growth forecast of 1.9 percent was expected to be upgraded.
[
120
]
[
121
]
[
122
]
Analysts identified several causes for the positive economic development in Poland: Extremely low levels of bank lending and a relatively small mortgage market; the relatively recent dismantling of EU trade barriers and the resulting surge in demand for Polish goods since 2004; Poland being the recipient of direct EU funding since 2004; lack of over-dependence on a single export sector; a tradition of government fiscal responsibility; a relatively large internal market; the free-floating
Polish zloty
; low labour costs attracting continued foreign direct investment; economic difficulties at the start of the decade, which prompted austerity measures in advance of the world crisis.
[
citation needed
]
While
India
,
Uzbekistan
,
China
, and
Iran
experienced slowing growth, they did not enter recessions.
South Korea
narrowly avoided technical recession in the first quarter of 2009.
[
123
]
The
International Energy Agency
stated in mid September that South Korea could be the only
large
[
clarify
]
OECD
country to avoid recession for the whole of 2009.
[
124
]
Australia
avoided a technical recession after experiencing only one quarter of negative growth in the fourth quarter of 2008, with GDP returning to positive in the first quarter of 2009.
[
125
]
[
126
]
The
2008 financial crisis
did not affect developing countries to a great extent. Experts see several reasons: Africa was not affected because it is not fully integrated in the world market. Latin America and Asia seemed better prepared, since they have experienced crises before. In Latin America, for example, banking laws and regulations are very stringent. Bruno Wenn of the German DEG suggests that Western countries could learn from these countries when it comes to regulations of financial markets.
[
127
]
Timeline of effects
[
edit
]
The few recessions appearing early in 2006–07 are commonly never associated to be part of the Great Recession, which is illustrated by the fact that only two countries (Iceland and Jamaica) were in recession in Q4 2007.
One year before the maximum, in Q1 2008, only six countries were in recession (Iceland, Sweden, Finland, Ireland, Portugal and New Zealand). The number of countries in recession was 25 in Q2 2008, 39 in Q3 2008 and 53 in Q4 2008. At the steepest part of the Great Recession in Q1 2009, a total of 59 out of 71 countries were simultaneously in recession. The number of countries in recession was 37 in Q2 2009, 13 in Q3 2009 and 11 in Q4 2009. One year after the maximum, in Q1 2010, only seven countries were in recession (Greece, Croatia, Romania, Iceland, Jamaica, Venezuela and Belize).
The recession data for the overall
G20
zone (representing 85% of all
GWP
), depict that the Great Recession existed as a
global recession
throughout Q3 2008 until Q1 2009.
Subsequent follow-up recessions in 2010–2013 were confined to Belize, El Salvador, Paraguay, Jamaica, Japan, Taiwan, New Zealand and 24 out of 50
European countries
(including Greece). As of October 2014, only five out of the 71 countries with available quarterly data (Cyprus, Italy, Croatia, Belize and El Salvador), were still in ongoing recessions.
[
16
]
[
128
]
The many follow-up recessions hitting the European countries, are commonly referred to as being direct repercussions of the
European debt crisis
.
Country specific details about recession timelines
[
edit
]
Iceland fell into an economic depression in 2008 following the collapse of its banking system (
see
2008–2011 Icelandic financial crisis
). By mid-2012 Iceland is regarded as one of Europe's recovery success stories largely as a result of a currency devaluation that has effectively reduced wages by 50%--making exports more competitive.
[
129
]
The following countries had a recession starting in the fourth quarter of 2007: United States.
[
16
]
The following countries had a recession starting in the first quarter of 2008: Latvia,
[
130
]
Ireland,
[
131
]
New Zealand,
[
132
]
and Sweden.
[
16
]
The following countries/territories had a recession starting in the second quarter of 2008: Japan,
[
133
]
Hong Kong,
[
134
]
Singapore,
[
135
]
Italy,
[
136
]
Turkey,
[
16
]
Germany,
[
137
]
United Kingdom,
[
16
]
the eurozone,
[
138
]
the European Union,
[
16
]
and the OECD.
[
16
]
The following countries/territories had a recession starting in the third quarter of 2008:
Spain
,
[
139
]
and Taiwan.
[
140
]
The following countries/territories had a recession starting in the fourth quarter of 2008: Switzerland.
[
141
]
South Korea avoided recession with GDP returning positive at a 0.1% expansion in the first quarter of 2009.
[
142
]
Of the seven largest economies in the world by GDP, only China avoided a recession in 2008. In the year to the third quarter of 2008 China grew by 9%. Until recently Chinese officials considered 8% GDP growth to be required simply to create enough jobs for rural people moving to urban centres.
[
143
]
This figure may more accurately be considered to be 5–7% now
[
when?
]
that the main growth in working population is receding.
[
citation needed
]
Ukraine went into technical depression in January 2009 with a GDP growth of −20%, when comparing on a monthly basis with the GDP level in January 2008.
[
144
]
Overall the Ukrainian real GDP fell 14.8% when comparing the entire part of 2009 with 2008.
[
145
]
When measured quarter-on-quarter by changes of seasonally adjusted real GDP, Ukraine was more precisely in recession/depression throughout the four quarters from Q2-2008 until Q1-2009 (with respective qoq-changes of: -0.1%, -0.5%, -9.3%, -10.3%), and the two quarters from Q3-2012 until Q4-2012 (with respective qoq-changes of: -1.5% and -0.8%).
[
146
]
Japan was in recovery in the middle of the decade 2000s but slipped back into recession and deflation in 2008.
[
147
]
The recession in Japan intensified in the fourth quarter of 2008 with a GDP growth of −12.7%,
[
148
]
and deepened further in the first quarter of 2009 with a GDP growth of −15.2%.
[
149
]
The
anti-austerity movement in Spain
, May 2011
Slovenian
anarchist
anti-fascist
protest due to the Great Recession
On February 26, 2009, an Economic Intelligence Briefing was added to the
daily intelligence briefings
prepared for the
President of the United States
. This addition reflects the assessment of U.S. intelligence agencies that the
2008 financial crisis
presented a serious threat to international stability.
[
150
]
Business Week
stated in March 2009 that global political instability was rising fast because of the
2008 financial crisis
and is creating new challenges that need managing.
[
151
]
The Associated Press reported in March 2009 that: United States "Director of National Intelligence Dennis Blair has said the economic weakness could lead to political instability in many developing nations."
[
152
]
Even some developed countries are seeing political instability.
[
153
]
NPR reports that David Gordon, a former intelligence officer who now leads research at the
Eurasia Group
, said: "Many, if not most, of the big countries out there have room to accommodate economic downturns without having large-scale political instability if we're in a recession of normal length. If you're in a much longer-run downturn, then all bets are off."
[
154
]
Political scientists have argued that the economic stasis triggered social churning that got expressed through protests on a variety of issues across the developing world. In Brazil, disaffected youth rallied against a minor bus-fare hike
[
155
]
and in Israel, they protested against high rents in Tel Aviv. In all these cases, the ostensible immediate cause of the protest was amplified by the underlying social suffering induced by the great recession.
In January 2009, the government leaders of Iceland were forced to call elections two years early after the people of Iceland staged mass protests and clashed with the police because of the government's handling of the economy.
[
153
]
Hundreds of thousands protested in France against President Sarkozy's economic policies.
[
156
]
Prompted by the
2008 Latvian financial crisis
, the opposition and trade unions there organised a rally against the cabinet of premier Ivars Godmanis. The rally gathered some 10–20 thousand people. In the evening the rally turned into a
riot
. The crowd moved to the building of the parliament and attempted to force their way into it, but were repelled by the state's police. In late February many Greeks took part in a massive general strike because of the economic situation and they shut down schools, airports, and many other services in Greece.
[
157
]
Police and protesters clashed in Lithuania where people protesting the economic conditions were shot with rubber bullets.
[
158
]
Communists and others rallied in Moscow to protest the Russian government's economic plans.
[
159
]
However the impact was mild in Russia, whose economy gained from high oil prices.
[
160
]
Asian countries saw various degrees of protest.
[
161
]
Protests have also occurred in China as demands from the west for exports have been dramatically reduced and unemployment has increased. Beyond these initial protests, the protest movement has grown and continued in 2011. In late 2011, the
Occupy Wall Street
protest took place in the United States, spawning several offshoots that came to be known as the
Occupy movement
.
In 2012 the economic difficulties in Spain increased support for secession movements. In Catalonia, support for the
secession movement
expanded. On September 11, a
pro-independence march
drew a crowd that police estimated at 1.5 million.
[
162
]
The
2008 financial crisis
led to emergency interventions in many national financial systems. As the crisis developed into genuine recession in many major economies, economic stimulus meant to revive economic growth became the most common policy tool. After having implemented rescue plans for the banking system, major developed and emerging countries announced plans to relieve their economies. In particular, economic stimulus plans were announced in
China
, the
United States
, and the
European Union
.
[
163
]
In the final quarter of 2008, the
G-20 group of major economies
assumed a new significance as a focus of economic and financial crisis management.
The crisis accelerated the
financialization
of states around the world, as governments increased the use of market instruments to achieve public goals through approaches like bond issuance, securitization of state assets, and creating
sovereign funds
.
[
164
]
: 9
United States policy responses
[
edit
]
Federal Reserve holdings of Treasury and mortgage-backed securities
The U.S. government passed the
Emergency Economic Stabilization Act of 2008
(EESA or TARP) during October 2008. This law included $700 billion in funding for the "
Troubled Assets Relief Program
" (TARP). Following a model initiated by the
United Kingdom bank rescue package
,
[
165
]
[
166
]
$205 billion was used in the
Capital Purchase Program
to lend funds to banks in exchange for dividend-paying preferred stock.
[
167
]
[
168
]
On February 17, 2009, U.S. President
Barack Obama
signed the
American Recovery and Reinvestment Act of 2009
, an $787 billion stimulus package with a broad spectrum of spending and tax cuts.
[
169
]
Over $75 billion of the package was specifically allocated to programs which help struggling homeowners. This program was referred to as the Homeowner Affordability and Stability Plan.
[
170
]
The U.S. Federal Reserve (central bank) lowered interest rates and significantly expanded the money supply to help address the crisis.
The New York Times
reported in February 2013 that the Fed continued to support the economy with various monetary stimulus measures: "The Fed, which has amassed almost $3 trillion in Treasury and mortgage-backed securities to promote more borrowing and lending, is expanding those holdings by $85 billion a month until it sees clear improvement in the labor market. It plans to hold short-term interest rates near zero even longer, at least until the unemployment rate falls below 6.5 percent."
[
171
]
The U.S. Federal reserve established some swap agreements to help banks' liquidity crisis, although this emergency liquidity only benefitted a dozen countries and excluded most developing economies.
[
172
]
: 267
Asia-Pacific policy responses
[
edit
]
On September 15, 2008, China cut its interest rate for the first time since 2002. Indonesia reduced its overnight rate, at which commercial banks can borrow overnight funds from the central bank, by two percentage points to 10.25 percent. The
Reserve Bank of Australia
injected nearly $1.5 billion into the banking system, nearly three times as much as the market's estimated requirement. The
Reserve Bank of India
added almost $1.32 billion, through a refinance operation, its biggest in at least a month.
[
173
]
On November 9, 2008, the
Chinese economic stimulus program
, a RMB¥ 4 trillion ($586 billion) stimulus package, was announced by the central government of the People's Republic of China in its biggest move to stop the
2008 financial crisis
from affecting the world's second largest economy. A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan ($586 billion) in infrastructure and social welfare by the end of 2010. The stimulus package was invested in key areas such as housing, rural infrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building, tax cuts, and finance. China's massive stimulus was also an important contributor to overall global recovery.
[
174
]
: 34
In addition to helping stabilize the global economy, China's stimulus and also provided an opportunity for China to retool its domestic infrastructure.
[
175
]
During the
2008 financial crisis
, the
BSE Sensex
experienced a sharp decline. It dropped from over 21,000 points in January 2008 to below 8,000 points in October 2008.
[
176
]
Later that month, China's export driven economy was starting to feel the impact of the economic slowdown in the United States and Europe despite the government already cutting key interest rates three times in less than two months in a bid to spur economic expansion. On November 28, 2008, the
Ministry of Finance of the People's Republic of China
and the
State Administration of Taxation
jointly announced a rise in export tax rebate rates on some labour-intensive goods. These additional tax rebates took place on December 1, 2008.
[
177
]
During the People's Bank of China helped address banks' liquidity crisis by signing swap agreements with numerous other countries to provide them with liquidity based on the
renminbi
.
[
172
]
: 267
In Taiwan, the central bank on September 16, 2008, said it would cut its required reserve ratios for the first time in eight years. The central bank added $3.59 billion into the foreign-currency interbank market the same day. Bank of Japan pumped $29.3 billion into the financial system on September 17, 2008, and the Reserve Bank of Australia added $3.45 billion the same day.
[
178
]
In developing and emerging economies, responses to the global crisis mainly consisted in low-rates monetary policy (Asia and the Middle East mainly) coupled with the depreciation of the currency against the dollar. There were also stimulus plans in some Asian countries, in the Middle East and in Argentina. In Asia, plans generally amounted to 1 to 3% of GDP, with the notable exception of
China
, which announced a plan accounting for 16% of GDP (6% of GDP per year).
European policy responses
[
edit
]
Until September 2008, European policy measures were limited to a small number of countries (Spain and Italy). In both countries, the measures were dedicated to households (tax rebates) reform of the taxation system to support specific sectors such as housing. The European Commission proposed a
€200 billion stimulus plan
to be implemented at the European level by the countries. At the beginning of 2009, the UK and Spain completed their initial plans, while Germany announced a new plan.
On September 29, 2008, the Belgian, Luxembourg and Dutch authorities partially nationalised
Fortis
. The German government bailed out
Hypo Real Estate
.
On October 8, 2008, the British Government announced a
bank rescue package
of around £500 billion
[
179
]
($850 billion at the time). The plan comprised three parts. The first £200 billion would be made in regard to the banks in liquidity stack. The second part would consist of the state government increasing the capital market within the banks. Along with this, £50 billion would be made available if the banks needed it, finally the government would write off any eligible lending between the British banks with a limit to £250 billion.
[
citation needed
]
In early December 2008, German Finance Minister
Peer Steinbrück
indicated a lack of belief in a "Great Rescue Plan" and reluctance to spend more money addressing the crisis.
[
180
]
In March 2009, The European Union Presidency confirmed that the EU was at the time strongly resisting the US pressure to increase European budget deficits.
[
181
]
From 2010, the United Kingdom began a fiscal consolidation program to reduce debt and deficit levels while at the same time stimulating economic recovery.
[
182
]
Other European countries also began fiscal consolidation with similar aims.
[
183
]
Bank bailouts
in the United Kingdom
and
in the United States
in proportion to their GDPs
Most political responses to the
2008 financial crisis
were taken, as seen above, by individual nations. Some coordination took place at the European level, but the need to cooperate at the global level has led leaders to activate the
G-20 major economies
entity. A first summit dedicated to the crisis took place, at the Heads of state level in November 2008 (
2008 G-20 Washington summit
).
The
G-20 countries
met in a summit held in
November 2008 in Washington
to address the economic crisis. Apart from proposals on international financial regulation, they pledged to take measures to support their economy and to coordinate them, and refused any resort to protectionism.
Another G-20 summit
was held in London in April 2009. Finance ministers and central banks leaders of the G-20 met in
Horsham
, England, on March to prepare the summit, and pledged to restore global growth as soon as possible. They decided to coordinate their actions and to stimulate demand and employment. They also pledged to fight against all forms of
protectionism
and to maintain trade and foreign investments. These actions will cost $1.1tn.
[
184
]
They also committed to maintain the supply of credit by providing more liquidity and recapitalising the banking system, and to implement rapidly the stimulus plans. As for central bankers, they pledged to maintain low-rates policies as long as necessary. Finally, the leaders decided to help emerging and developing countries, through a strengthening of the IMF.
Policy recommendations
[
edit
]
The IMF stated in September 2010 that the
2008 financial crisis
would not end without a major decrease in unemployment as hundreds of millions of people were unemployed worldwide. The IMF urged governments to expand social safety nets and to generate job creation even as they are under pressure to cut spending. The IMF also encouraged governments to invest in skills training for the unemployed and even governments of countries, similar to that of Greece, with major debt risk to first focus on long-term economic recovery by creating jobs.
[
185
]
Raising interest rates
[
edit
]
The
Bank of Israel
was the first to raise interest rates after the global recession began.
[
186
]
It increased rates in August 2009.
[
186
]
On October 6, 2009,
Australia
became the first G20 country to raise its main interest rate, with the
Reserve Bank of Australia
moving rates up from 3.00% to 3.25%.
[
187
]
The
Norges Bank
of
Norway
and the
Reserve Bank of India
raised interest rates in March 2010.
[
188
]
On November 2, 2017, the
Bank of England
raised interest rates for the first time since March 2009 from 0.25% to 0.5% in an attempt to curb inflation.
Comparisons with the Great Depression
[
edit
]
On April 17, 2009, the then head of the IMF
Dominique Strauss-Kahn
said that there was a chance that certain countries may not implement the proper policies to avoid feedback mechanisms that could eventually turn the recession into a depression. "The free-fall in the global economy may be starting to abate, with a recovery emerging in 2010, but this depends crucially on the right policies being adopted today." The IMF pointed out that unlike the Great Depression, this recession was synchronised by global integration of markets. Such synchronized recessions were explained to last longer than typical economic downturns and have slower recoveries.
[
189
]
Olivier Blanchard
, IMF Chief Economist, stated that the percentage of workers laid off for long stints has been rising with each downturn for decades but the figures have surged this time. "Long-term unemployment is alarmingly high: in the United States, half the unemployed have been out of work for over six months, something we have not seen since the Great Depression." The IMF also stated that a link between rising inequality within Western economies and deflating demand may exist. The last time that the
wealth gap
reached such skewed extremes was in 1928–1929.
[
190
]
2000s commodities boom
2008 financial crisis
Basel Accords
Collateralized debt obligation
COVID-19 recession
Economic bubble
Fractional-reserve banking
Great Recession in Asia
Great Recession in Europe
Great Recession in the United States
Great Regression
International relations since 1989
Kondratiev wave
Lost Decade
Peak oil
Recession pop
Savings and loan crisis
Stock market crash
Stock market crashes in India
^
"US Business Cycle Expansions and Contractions"
, United States NBER, or National Bureau of Economic Research, updated March 14, 2023. This government agency dates the Great Recession as starting in December 2007 and bottoming-out in June 2009.
^
"World Economic Situation and Prospects 2013"
. Development Policy and Analysis Division of the UN secretariat
. Retrieved
December 19,
2012
.
^
United Nations (January 15, 2013).
World Economic Situation and Prospects 2013
(trade paperback) (1st ed.). United Nations. p. 200.
ISBN
978-9211091663
.
The global economy continues to struggle with post-crisis adjustments
^
a
b
Bernanke, Ben (September 2, 2010).
"Causes of the Recent Financial and Economic Crisis"
. Retrieved
February 15,
2021
.
^
a
b
US Business Cycle Expansions and Contractions
Archived
September 25, 2008, at the
Wayback Machine
, NBER, accessed August 9, 2012.
^
Park, Byeong U.; Simar, Léopold; Zelenyuk, Valentin (2020).
"Forecasting of recessions via dynamic probit for time series: Replication and extension of Kauppi and Saikkonen (2008)"
.
Empirical Economics
.
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:
379–
392.
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## Contents
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- [(Top)](https://en.wikipedia.org/wiki/Great_Recession)
- [1 Terminology](https://en.wikipedia.org/wiki/Great_Recession#Terminology)
- [2 Overview](https://en.wikipedia.org/wiki/Great_Recession#Overview)
- [3 Causes](https://en.wikipedia.org/wiki/Great_Recession#Causes)
Toggle Causes subsection
- [3\.1 Panel reports](https://en.wikipedia.org/wiki/Great_Recession#Panel_reports)
- [3\.2 Narratives](https://en.wikipedia.org/wiki/Great_Recession#Narratives)
- [3\.3 Trade imbalances and debt bubbles](https://en.wikipedia.org/wiki/Great_Recession#Trade_imbalances_and_debt_bubbles)
- [3\.4 Monetary policy](https://en.wikipedia.org/wiki/Great_Recession#Monetary_policy)
- [3\.5 High private debt levels](https://en.wikipedia.org/wiki/Great_Recession#High_private_debt_levels)
- [3\.6 Pre-recession warnings](https://en.wikipedia.org/wiki/Great_Recession#Pre-recession_warnings)
- [3\.7 Housing bubbles](https://en.wikipedia.org/wiki/Great_Recession#Housing_bubbles)
- [3\.8 Ineffective regulation](https://en.wikipedia.org/wiki/Great_Recession#Ineffective_regulation)
- [3\.8.1 Derivatives](https://en.wikipedia.org/wiki/Great_Recession#Derivatives)
- [3\.8.2 Shadow banking system](https://en.wikipedia.org/wiki/Great_Recession#Shadow_banking_system)
- [3\.9 Regulations encouraging lax lending standards](https://en.wikipedia.org/wiki/Great_Recession#Regulations_encouraging_lax_lending_standards)
- [3\.10 Systemic crisis](https://en.wikipedia.org/wiki/Great_Recession#Systemic_crisis)
- [4 Effects](https://en.wikipedia.org/wiki/Great_Recession#Effects)
Toggle Effects subsection
- [4\.1 Effects on the United States](https://en.wikipedia.org/wiki/Great_Recession#Effects_on_the_United_States)
- [4\.2 Effects on Europe](https://en.wikipedia.org/wiki/Great_Recession#Effects_on_Europe)
- [4\.3 Effects on democracy](https://en.wikipedia.org/wiki/Great_Recession#Effects_on_democracy)
- [4\.4 Countries that avoided recession](https://en.wikipedia.org/wiki/Great_Recession#Countries_that_avoided_recession)
- [5 Timeline of effects](https://en.wikipedia.org/wiki/Great_Recession#Timeline_of_effects)
Toggle Timeline of effects subsection
- [5\.1 Country specific details about recession timelines](https://en.wikipedia.org/wiki/Great_Recession#Country_specific_details_about_recession_timelines)
- [6 Political instability related to the economic crisis](https://en.wikipedia.org/wiki/Great_Recession#Political_instability_related_to_the_economic_crisis)
- [7 Policy responses](https://en.wikipedia.org/wiki/Great_Recession#Policy_responses)
Toggle Policy responses subsection
- [7\.1 United States policy responses](https://en.wikipedia.org/wiki/Great_Recession#United_States_policy_responses)
- [7\.2 Asia-Pacific policy responses](https://en.wikipedia.org/wiki/Great_Recession#Asia-Pacific_policy_responses)
- [7\.3 European policy responses](https://en.wikipedia.org/wiki/Great_Recession#European_policy_responses)
- [7\.4 Global responses](https://en.wikipedia.org/wiki/Great_Recession#Global_responses)
- [8 Policy recommendations](https://en.wikipedia.org/wiki/Great_Recession#Policy_recommendations)
Toggle Policy recommendations subsection
- [8\.1 IMF recommendation](https://en.wikipedia.org/wiki/Great_Recession#IMF_recommendation)
- [8\.2 Raising interest rates](https://en.wikipedia.org/wiki/Great_Recession#Raising_interest_rates)
- [9 Comparisons with the Great Depression](https://en.wikipedia.org/wiki/Great_Recession#Comparisons_with_the_Great_Depression)
- [10 See also](https://en.wikipedia.org/wiki/Great_Recession#See_also)
- [11 References](https://en.wikipedia.org/wiki/Great_Recession#References)
- [12 Further reading](https://en.wikipedia.org/wiki/Great_Recession#Further_reading)
- [13 External links](https://en.wikipedia.org/wiki/Great_Recession#External_links)
Toggle the table of contents
# Great Recession
51 languages
- [Ænglisc](https://ang.wikipedia.org/wiki/Gr%C4%93at_Ebbung "Grēat Ebbung – Old English")
- [العربية](https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%B1%D9%83%D9%88%D8%AF_%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A_2008 "الركود الاقتصادي 2008 – Arabic")
- [Asturianu](https://ast.wikipedia.org/wiki/Gran_Recesi%C3%B3n "Gran Recesión – Asturian")
- [Azərbaycanca](https://az.wikipedia.org/wiki/D%C3%BCnya_iqtisadi_b%C3%B6hran%C4%B1_\(2008%E2%80%932012\) "Dünya iqtisadi böhranı (2008–2012) – Azerbaijani")
- [Žemaitėška](https://bat-smg.wikipedia.org/wiki/2008-2009_metu_akanuom%C4%97n%C4%97_svieta_kr%C4%97z%C4%97 "2008-2009 metu akanuomėnė svieta krėzė – Samogitian")
- [Беларуская](https://be.wikipedia.org/wiki/%D0%A1%D1%83%D1%81%D0%B2%D0%B5%D1%82%D0%BD%D1%8B_%D1%8D%D0%BA%D0%B0%D0%BD%D0%B0%D0%BC%D1%96%D1%87%D0%BD%D1%8B_%D0%BA%D1%80%D1%8B%D0%B7%D1%96%D1%81_\(2008%E2%80%942013\) "Сусветны эканамічны крызіс (2008—2013) – Belarusian")
- [Български](https://bg.wikipedia.org/wiki/%D0%A1%D0%B2%D0%B5%D1%82%D0%BE%D0%B2%D0%BD%D0%B0_%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0_\(2007_%E2%80%93_2009\) "Световна икономическа криза (2007 – 2009) – Bulgarian")
- [Bosanski](https://bs.wikipedia.org/wiki/Velika_recesija "Velika recesija – Bosnian")
- [Català](https://ca.wikipedia.org/wiki/Recessi%C3%B3_global_2008-2012 "Recessió global 2008-2012 – Catalan")
- [Čeština](https://cs.wikipedia.org/wiki/Velk%C3%A1_recese "Velká recese – Czech")
- [Cymraeg](https://cy.wikipedia.org/wiki/Dirwasgiad_Mawr_2008-2012 "Dirwasgiad Mawr 2008-2012 – Welsh")
- [Dansk](https://da.wikipedia.org/wiki/Den_store_recession "Den store recession – Danish")
- [Deutsch](https://de.wikipedia.org/wiki/Gro%C3%9Fe_Rezession "Große Rezession – German")
- [Ελληνικά](https://el.wikipedia.org/wiki/%CE%9C%CE%B5%CE%B3%CE%AC%CE%BB%CE%B7_%CE%8E%CF%86%CE%B5%CF%83%CE%B7_2008 "Μεγάλη Ύφεση 2008 – Greek")
- [Esperanto](https://eo.wikipedia.org/wiki/Ekonomia_krizo_de_2008 "Ekonomia krizo de 2008 – Esperanto")
- [Español](https://es.wikipedia.org/wiki/Gran_Recesi%C3%B3n "Gran Recesión – Spanish")
- [Eesti](https://et.wikipedia.org/wiki/Suur_majandussurutis "Suur majandussurutis – Estonian")
- [Euskara](https://eu.wikipedia.org/wiki/Atzeraldi_Handia "Atzeraldi Handia – Basque")
- [فارسی](https://fa.wikipedia.org/wiki/%D8%B1%DA%A9%D9%88%D8%AF_%D8%A8%D8%B2%D8%B1%DA%AF_%D9%85%D8%A7%D9%84%DB%8C "رکود بزرگ مالی – Persian")
- [Suomi](https://fi.wikipedia.org/wiki/Taantuma_\(2008%E2%80%932009\) "Taantuma (2008–2009) – Finnish")
- [Français](https://fr.wikipedia.org/wiki/Grande_R%C3%A9cession_de_2008 "Grande Récession de 2008 – French")
- [Galego](https://gl.wikipedia.org/wiki/Crise_econ%C3%B3mica_de_2008-2013 "Crise económica de 2008-2013 – Galician")
- [עברית](https://he.wikipedia.org/wiki/%D7%94%D7%9E%D7%99%D7%AA%D7%95%D7%9F_%D7%94%D7%92%D7%93%D7%95%D7%9C "המיתון הגדול – Hebrew")
- [हिन्दी](https://hi.wikipedia.org/wiki/2000_%E0%A4%95%E0%A5%87_%E0%A4%A6%E0%A4%B6%E0%A4%95_%E0%A4%95%E0%A5%87_%E0%A4%89%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A4%B0%E0%A4%BE%E0%A4%B0%E0%A5%8D%E0%A4%A6%E0%A5%8D%E0%A4%A7_%E0%A4%95%E0%A5%80_%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%AE%E0%A4%82%E0%A4%A6%E0%A5%80 "2000 के दशक के उत्तरार्द्ध की आर्थिक मंदी – Hindi")
- [Magyar](https://hu.wikipedia.org/wiki/2008-ban_kirobbant_gazdas%C3%A1gi_vil%C3%A1gv%C3%A1ls%C3%A1g "2008-ban kirobbant gazdasági világválság – Hungarian")
- [Հայերեն](https://hy.wikipedia.org/wiki/%D5%80%D5%A1%D5%B4%D5%A1%D5%B7%D5%AD%D5%A1%D6%80%D5%B0%D5%A1%D5%B5%D5%AB%D5%B6_%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6_%D5%B3%D5%A3%D5%B6%D5%A1%D5%AA%D5%A1%D5%B4_\(2007-2010\) "Համաշխարհային տնտեսական ճգնաժամ (2007-2010) – Armenian")
- [Bahasa Indonesia](https://id.wikipedia.org/wiki/Resesi_Besar "Resesi Besar – Indonesian")
- [Italiano](https://it.wikipedia.org/wiki/Grande_recessione "Grande recessione – Italian")
- [日本語](https://ja.wikipedia.org/wiki/%E3%82%B0%E3%83%AC%E3%83%BC%E3%83%88%E3%83%BB%E3%83%AA%E3%82%BB%E3%83%83%E3%82%B7%E3%83%A7%E3%83%B3 "グレート・リセッション – Japanese")
- [ქართული](https://ka.wikipedia.org/wiki/%E1%83%92%E1%83%9A%E1%83%9D%E1%83%91%E1%83%90%E1%83%9A%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%A4%E1%83%98%E1%83%9C%E1%83%90%E1%83%9C%E1%83%A1%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%99%E1%83%A0%E1%83%98%E1%83%96%E1%83%98%E1%83%A1%E1%83%98_\(2008\) "გლობალური ფინანსური კრიზისი (2008) – Georgian")
- [한국어](https://ko.wikipedia.org/wiki/%EB%8C%80%EC%B9%A8%EC%B2%B4 "대침체 – Korean")
- [Македонски](https://mk.wikipedia.org/wiki/%D0%93%D0%BE%D0%BB%D0%B5%D0%BC%D0%B0%D1%82%D0%B0_%D1%80%D0%B5%D1%86%D0%B5%D1%81%D0%B8%D1%98%D0%B0 "Големата рецесија – Macedonian")
- [मराठी](https://mr.wikipedia.org/wiki/%E0%A4%AE%E0%A4%B9%E0%A4%BE%E0%A4%AE%E0%A4%82%E0%A4%A6%E0%A5%80_\(%E0%A5%A8%E0%A5%A6%E0%A5%A6%E0%A5%AD-%E0%A5%A8%E0%A5%A6%E0%A5%A6%E0%A5%AF\) "महामंदी (२००७-२००९) – Marathi")
- [Bahasa Melayu](https://ms.wikipedia.org/wiki/Krisis_ekonomi_2008 "Krisis ekonomi 2008 – Malay")
- [پښتو](https://ps.wikipedia.org/wiki/%D8%B3%D8%AA%D8%B1_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A_%D8%B3%D9%88%DA%93%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1%D9%8A "ستر اقتصادي سوړبازاري – Pashto")
- [Português](https://pt.wikipedia.org/wiki/Grande_Recess%C3%A3o "Grande Recessão – Portuguese")
- [Română](https://ro.wikipedia.org/wiki/Marea_Recesiune "Marea Recesiune – Romanian")
- [Русский](https://ru.wikipedia.org/wiki/%D0%9C%D0%B8%D1%80%D0%BE%D0%B2%D0%BE%D0%B9_%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B8%D0%B9_%D0%BA%D1%80%D0%B8%D0%B7%D0%B8%D1%81_\(%D1%81_2008\) "Мировой экономический кризис (с 2008) – Russian")
- [Саха тыла](https://sah.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%B0%D0%B9_%D0%BA%D1%80%D0%B8%D0%B7%D0%B8%D1%81 "Финансовай кризис – Yakut")
- [Srpskohrvatski / српскохрватски](https://sh.wikipedia.org/wiki/Velika_recesija "Velika recesija – Serbo-Croatian")
- [Simple English](https://simple.wikipedia.org/wiki/Great_Recession "Great Recession – Simple English")
- [Shqip](https://sq.wikipedia.org/wiki/Recesioni_i_madh "Recesioni i madh – Albanian")
- [Српски / srpski](https://sr.wikipedia.org/wiki/%D0%A1%D0%B2%D0%B5%D1%82%D1%81%D0%BA%D0%B0_%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%81%D0%BA%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0 "Светска економска криза – Serbian")
- [Svenska](https://sv.wikipedia.org/wiki/Stora_recessionen "Stora recessionen – Swedish")
- [தமிழ்](https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AF%86%E0%AE%B0%E0%AF%81%E0%AE%AE%E0%AF%8D_%E0%AE%AA%E0%AF%8A%E0%AE%B0%E0%AF%81%E0%AE%B3%E0%AE%BF%E0%AE%AF%E0%AE%B2%E0%AF%8D_%E0%AE%A8%E0%AE%BF%E0%AE%B2%E0%AF%88%E0%AE%A4%E0%AF%8D_%E0%AE%A4%E0%AF%87%E0%AE%95%E0%AF%8D%E0%AE%95%E0%AE%AE%E0%AF%8D "பெரும் பொருளியல் நிலைத் தேக்கம் – Tamil")
- [ไทย](https://th.wikipedia.org/wiki/%E0%B8%A0%E0%B8%B2%E0%B8%A7%E0%B8%B0%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%81%E0%B8%B4%E0%B8%88%E0%B8%96%E0%B8%94%E0%B8%96%E0%B8%AD%E0%B8%A2%E0%B8%84%E0%B8%A3%E0%B8%B1%E0%B9%89%E0%B8%87%E0%B9%83%E0%B8%AB%E0%B8%8D%E0%B9%88 "ภาวะเศรษฐกิจถดถอยครั้งใหญ่ – Thai")
- [Türkçe](https://tr.wikipedia.org/wiki/B%C3%BCy%C3%BCk_Durgunluk "Büyük Durgunluk – Turkish")
- [Українська](https://uk.wikipedia.org/wiki/%D0%A1%D0%B2%D1%96%D1%82%D0%BE%D0%B2%D0%B0_%D1%84%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%BE-%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%96%D1%87%D0%BD%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0 "Світова фінансово-економічна криза – Ukrainian")
- [Vèneto](https://vec.wikipedia.org/wiki/Granda_recesion "Granda recesion – Venetian")
- [Tiếng Việt](https://vi.wikipedia.org/wiki/%C4%90%E1%BA%A1i_suy_tho%C3%A1i "Đại suy thoái – Vietnamese")
- [中文](https://zh.wikipedia.org/wiki/%E7%BB%8F%E6%B5%8E%E5%A4%A7%E8%A1%B0%E9%80%80 "经济大衰退 – Chinese")
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From Wikipedia, the free encyclopedia
2007–2009 international economic decline
For background on financial market events beginning in 2007, see [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"). For the 2020 recession, see [COVID-19 recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession").
Not to be confused with [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") or [Great Resignation](https://en.wikipedia.org/wiki/Great_Resignation "Great Resignation").
| | |
|---|---|
| [](https://en.wikipedia.org/wiki/File:GDP_Real_Growth_in_2009.svg)World map showing [real GDP growth rates](https://en.wikipedia.org/wiki/List_of_countries_by_real_GDP_growth_rate "List of countries by real GDP growth rate") for 2009; countries in brown were in a recession. | |
| Date | December 2007 – June 2009 (c. 1 year; 7 months) |
| Location | [Worldwide](https://en.wikipedia.org/wiki/Global_recession "Global recession") |
| Type | [Recession](https://en.wikipedia.org/wiki/Recession "Recession") |
| Cause | *(disputed)* US [housing](https://en.wikipedia.org/wiki/Housing_in_the_United_States "Housing in the United States") policy [Real-estate bubbles](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble") bursting Limited [financial regulation](https://en.wikipedia.org/wiki/Financial_regulation "Financial regulation") |
| Outcome | Impact differed geographically |
| |
|---|
| Part of a series on the |
| [Great Recession]() |
| Major aspects [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") [2000s United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") [2000s United States housing market correction](https://en.wikipedia.org/wiki/2000s_United_States_housing_market_correction "2000s United States housing market correction") [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [2008–2010 automotive industry crisis](https://en.wikipedia.org/wiki/2008%E2%80%932010_automotive_industry_crisis "2008–2010 automotive industry crisis") [Dodd–Frank Wall Street Reform and Consumer Protection Act](https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act "Dodd–Frank Wall Street Reform and Consumer Protection Act") [Euro area crisis](https://en.wikipedia.org/wiki/Euro_area_crisis "Euro area crisis") |
| [Causes](https://en.wikipedia.org/wiki/Causes_of_the_Great_Recession "Causes of the Great Recession") [Causes of the European debt crisis](https://en.wikipedia.org/wiki/Causes_of_the_European_debt_crisis "Causes of the European debt crisis") [Causes of the 2000s United States housing bubble](https://en.wikipedia.org/wiki/Causes_of_the_2000s_United_States_housing_bubble "Causes of the 2000s United States housing bubble") [Credit rating agencies and the subprime crisis](https://en.wikipedia.org/wiki/Credit_rating_agencies_and_the_subprime_crisis "Credit rating agencies and the subprime crisis") [Government policies and the subprime mortgage crisis](https://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis "Government policies and the subprime mortgage crisis") |
| [Summit meetings](https://en.wikipedia.org/wiki/Summit_meetings "Summit meetings") [34th G8 summit](https://en.wikipedia.org/wiki/34th_G8_summit "34th G8 summit") (July 2008) [G-20 Washington summit](https://en.wikipedia.org/wiki/2008_G-20_Washington_summit "2008 G-20 Washington summit") (November 2008) [APEC Peru](https://en.wikipedia.org/wiki/APEC_Peru_2008 "APEC Peru 2008") (November 2008) [China–Japan–South Korea trilateral summit](https://en.wikipedia.org/wiki/China%E2%80%93Japan%E2%80%93South_Korea_trilateral_summit "China–Japan–South Korea trilateral summit") (December 2008) [G-20 London Summit](https://en.wikipedia.org/wiki/2009_G-20_London_Summit "2009 G-20 London Summit") (April 2009) |
| Government response and policy proposals [2008 European Union stimulus plan](https://en.wikipedia.org/wiki/2008_European_Union_stimulus_plan "2008 European Union stimulus plan") [2008–2009 Keynesian resurgence](https://en.wikipedia.org/wiki/2008%E2%80%932009_Keynesian_resurgence "2008–2009 Keynesian resurgence") [American Recovery and Reinvestment Act of 2009](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009") [Banking (Special Provisions) Act 2008](https://en.wikipedia.org/wiki/Banking_\(Special_Provisions\)_Act_2008 "Banking (Special Provisions) Act 2008") [Chinese economic stimulus program](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_program "Chinese economic stimulus program") [Economic Stimulus Act of 2008](https://en.wikipedia.org/wiki/Economic_Stimulus_Act_of_2008 "Economic Stimulus Act of 2008") [Emergency Economic Stabilization Act of 2008](https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008 "Emergency Economic Stabilization Act of 2008") [Federal Reserve responses to the subprime crisis](https://en.wikipedia.org/wiki/Federal_Reserve_responses_to_the_subprime_crisis "Federal Reserve responses to the subprime crisis") [Government intervention during the subprime mortgage crisis](https://en.wikipedia.org/wiki/Government_intervention_during_the_subprime_mortgage_crisis "Government intervention during the subprime mortgage crisis") [Green New Deal](https://en.wikipedia.org/wiki/Green_New_Deal "Green New Deal") [Housing and Economic Recovery Act of 2008](https://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008 "Housing and Economic Recovery Act of 2008") [National fiscal policy response to the Great Recession](https://en.wikipedia.org/wiki/National_fiscal_policy_response_to_the_Great_Recession "National fiscal policy response to the Great Recession") [Regulatory responses to the subprime crisis](https://en.wikipedia.org/wiki/Regulatory_responses_to_the_subprime_crisis "Regulatory responses to the subprime crisis") [Subprime mortgage crisis solutions debate](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis_solutions_debate "Subprime mortgage crisis solutions debate") [Term Asset-Backed Securities Loan Facility](https://en.wikipedia.org/wiki/Term_Asset-Backed_Securities_Loan_Facility "Term Asset-Backed Securities Loan Facility") [Troubled Asset Relief Program](https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program "Troubled Asset Relief Program") |
| [Business failures](https://en.wikipedia.org/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession "List of banks acquired or bankrupted during the Great Recession") [American International Group](https://en.wikipedia.org/wiki/American_International_Group "American International Group") [Chrysler](https://en.wikipedia.org/wiki/Chrysler "Chrysler") [Citigroup](https://en.wikipedia.org/wiki/Citigroup "Citigroup") [Fannie Mae](https://en.wikipedia.org/wiki/Fannie_Mae "Fannie Mae") [Freddie Mac](https://en.wikipedia.org/wiki/Freddie_Mac "Freddie Mac") [General Motors](https://en.wikipedia.org/wiki/General_Motors "General Motors") [Lehman Brothers](https://en.wikipedia.org/wiki/Collapse_of_Lehman_Brothers "Collapse of Lehman Brothers") [Royal Bank of Scotland Group](https://en.wikipedia.org/wiki/NatWest_Group "NatWest Group") [UBS](https://en.wikipedia.org/wiki/UBS "UBS") |
| Regions [Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [Americas](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [South America](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States") [Asia](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [Europe](https://en.wikipedia.org/wiki/Great_Recession_in_Europe "Great Recession in Europe") [Oceania](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") |
| [Timeline](https://en.wikipedia.org/wiki/Timeline_of_the_Great_Recession "Timeline of the Great Recession") |
| [v](https://en.wikipedia.org/wiki/Template:Great_Recession_series "Template:Great Recession series") [t](https://en.wikipedia.org/wiki/Template_talk:Great_Recession_series "Template talk:Great Recession series") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Great_Recession_series "Special:EditPage/Template:Great Recession series") |
The **Great Recession** was a period of market decline in economies around the world, particularly in the [western world](https://en.wikipedia.org/wiki/Western_world "Western world") and surrounding countries, that occurred from late 2007 to mid-2009,[\[1\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-NBRE_dates-1) overlapping with the closely related [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"). The scale and timing of the [recession](https://en.wikipedia.org/wiki/Recession "Recession") varied from country to country (see map).[\[2\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-DPAD121912-2)[\[3\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-UN011513-3) At the time, the [International Monetary Fund](https://en.wikipedia.org/wiki/International_Monetary_Fund "International Monetary Fund") (IMF) concluded that it was the most severe economic and financial meltdown since the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression").
The Great Recession was caused by many weaknesses that slowly developed in the financial system, along with a series of triggering events that began with the bursting of the United States [housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of [mortgage-backed securities](https://en.wikipedia.org/wiki/Mortgage-backed_securities "Mortgage-backed securities") held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the [subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis").
The combination of banks being unable to provide funds to businesses and homeowners paying down debt rather than borrowing and spending resulted in the Great Recession. The recession officially began in the U.S. in December 2007 and lasted until June 2009, thus extending over 19 months.[\[4\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-BernankeFCIC1-4)[\[5\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-nber.org-5) As with most other recessions, it appears that no known formal theoretical or empirical model was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%.[\[6\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-6)
The recession was not felt equally around the world; whereas most of the world's [developed economies](https://en.wikipedia.org/wiki/Developed_economies "Developed economies"), particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly [China](https://en.wikipedia.org/wiki/Economy_of_China "Economy of China"), [India](https://en.wikipedia.org/wiki/Economy_of_India "Economy of India") and [Indonesia](https://en.wikipedia.org/wiki/Economy_of_Indonesia "Economy of Indonesia"), whose [economies grew](https://en.wikipedia.org/wiki/Economic_growth "Economic growth") substantially during this period. Similarly, [Oceania](https://en.wikipedia.org/wiki/Oceania "Oceania") suffered [minimal impact](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania"), in part due to its proximity to Asian markets.
## Terminology
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=1 "Edit section: Terminology")\]
Two [definitions](https://en.wikipedia.org/wiki/Semantics "Semantics") of the term "economic recession" exist: one sense referring generally to "a period of reduced economic activity"[\[7\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Merriam-Webster_recession-7) and ongoing hardship; and a technical definition used in [economics](https://en.wikipedia.org/wiki/Economics "Economics"), which is [defined operationally](https://en.wikipedia.org/wiki/Operational_definition "Operational definition"), specifically the [contraction phase](https://en.wikipedia.org/wiki/Inflection_point "Inflection point") of a [business cycle](https://en.wikipedia.org/wiki/Business_cycle "Business cycle") with two or more consecutive quarters of [GDP](https://en.wikipedia.org/wiki/GDP "GDP") contraction (negative GDP growth rate). The latter is typically used to influence abrupt changes in monetary policy.
Under the technical definition, the recession ended in the United States in June or July 2009.[\[8\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-8)[\[9\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-9)[\[10\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-10)[\[11\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-11)
Journalist [Robert Kuttner](https://en.wikipedia.org/wiki/Robert_Kuttner "Robert Kuttner") has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation."[\[12\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-12)
## Overview
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=2 "Edit section: Overview")\]
The Great Recession met the [IMF](https://en.wikipedia.org/wiki/IMF "IMF") criteria for being a [global recession](https://en.wikipedia.org/wiki/Global_recession "Global recession") only in the single calendar year 2009.[\[13\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-New_IMF_Global_Recession_definition-13)[\[14\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-IMF_WEO_2009-14) That IMF definition requires a *decline in annual real [world GDP](https://en.wikipedia.org/wiki/Gross_world_product "Gross world product") per capita*. Despite the fact that quarterly data are being used as [recession](https://en.wikipedia.org/wiki/Recession "Recession") definition criteria by all [G20 members](https://en.wikipedia.org/wiki/G20 "G20"), representing 85% of the [world GDP](https://en.wikipedia.org/wiki/Gross_world_product "Gross world product"),[\[15\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-15) the International Monetary Fund (IMF) has decided – in the absence of a complete data set – not to declare/measure global recessions according to quarterly GDP data. The *seasonally adjusted [PPP](https://en.wikipedia.org/wiki/Purchasing_power_parity "Purchasing power parity")‑weighted real GDP* for the G20‑zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct [quarter on quarter](https://en.wikipedia.org/wiki/Quarter_on_quarter "Quarter on quarter") decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)
According to the U.S. [National Bureau of Economic Research](https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research "National Bureau of Economic Research") (the official arbiter of U.S. recessions), the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months.[\[5\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-nber.org-5)[\[17\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-17)
[](https://en.wikipedia.org/wiki/File:Northern_Rock_Queue.jpg)
A [bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run") at a branch of the [Northern Rock](https://en.wikipedia.org/wiki/Northern_Rock "Northern Rock") bank in [Brighton](https://en.wikipedia.org/wiki/Brighton "Brighton"), England, on September 14, 2007, amid speculation of problems, prior to its [2008 nationalisation](https://en.wikipedia.org/wiki/Nationalisation_of_Northern_Rock "Nationalisation of Northern Rock")
The years leading up to the crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand.[\[18\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-18) Further, the U.S. [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system") (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a [bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run").[\[19\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-19)
U.S. [mortgage-backed securities](https://en.wikipedia.org/wiki/Mortgage-backed_securities "Mortgage-backed securities"), which had risks that were hard to assess, were marketed around the world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007.[\[20\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-20)
The emergence of [subprime loan](https://en.wikipedia.org/wiki/Subprime_loan "Subprime loan") losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and the fall of [Lehman Brothers](https://en.wikipedia.org/wiki/Lehman_Brothers "Lehman Brothers") on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system"), resulting in many large and well established [investment banks](https://en.wikipedia.org/wiki/Investment_bank "Investment bank") and [commercial banks](https://en.wikipedia.org/wiki/Commercial_bank "Commercial bank") in the United States and [Europe](https://en.wikipedia.org/wiki/Europe "Europe") suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts).[\[21\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-KrugmanGeithner1-21)
The global recession that followed resulted in a sharp drop in [international trade](https://en.wikipedia.org/wiki/International_trade "International trade"), rising [unemployment](https://en.wikipedia.org/wiki/Unemployment "Unemployment") and slumping commodity prices.[\[22\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-22) Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") of the 1930s.[\[23\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-23)[\[24\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-24) Economist [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") once commented on this as seemingly the beginning of "a second Great Depression".[\[25\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-25)
Governments and central banks responded with [fiscal policy](https://en.wikipedia.org/wiki/Fiscal_policy "Fiscal policy") and [monetary policy](https://en.wikipedia.org/wiki/Monetary_policy "Monetary policy") initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in [Keynesian](https://en.wikipedia.org/wiki/Keynesian "Keynesian") economic ideas on how to combat recessionary conditions. Economists advise that the stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rates should be withdrawn as soon as economies recover enough to "chart a path to [sustainable growth](https://en.wikipedia.org/wiki/Sustainable_growth "Sustainable growth")".[\[26\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-26)[\[27\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-27)[\[28\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-28)
The distribution of household incomes in the United States became more unequal during the post-2008 [economic recovery](https://en.wikipedia.org/wiki/Economic_recovery "Economic recovery").[\[29\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Appelbaum-29) [Income inequality in the United States](https://en.wikipedia.org/wiki/Income_inequality_in_the_United_States "Income inequality in the United States") grew from 2005 to 2012 in more than two thirds of metropolitan areas.[\[30\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-isChokshi-30) Median household wealth fell 35% in the U.S., from \$106,591 to \$68,839 between 2005 and 2011.[\[31\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Kurtzleben-31)
## Causes
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=3 "Edit section: Causes")\]
Main article: [Causes of the Great Recession](https://en.wikipedia.org/wiki/Causes_of_the_Great_Recession "Causes of the Great Recession")
Further information: [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis")
[](https://en.wikipedia.org/wiki/File:Jobs_and_quits_rate.webp)
The [inverted yield curve](https://en.wikipedia.org/wiki/Inverted_yield_curve "Inverted yield curve") in 2008 caused an elevated level of unemployment relative to job openings to get the [housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") prices down.
[Total unemployed people](https://en.wikipedia.org/wiki/Unemployment_in_the_United_States "Unemployment in the United States")
Total job openings
Total quits
### Panel reports
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=4 "Edit section: Panel reports")\]
| | |
|---|---|
|  | The examples and perspective in this section **deal primarily with US-centric section and do not represent a [worldwide view](https://en.wikipedia.org/wiki/Wikipedia:WikiProject_Countering_systemic_bias "Wikipedia:WikiProject Countering systemic bias") of the subject**. You may [improve this section](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit), discuss the issue on the [talk page](https://en.wikipedia.org/wiki/Talk:Great_Recession "Talk:Great Recession"), or create a new section, as appropriate. *(March 2026)* *([Learn how and when to remove this message](https://en.wikipedia.org/wiki/Help:Maintenance_template_removal "Help:Maintenance template removal"))* |
[](https://en.wikipedia.org/wiki/File:The_Great_Asset_Bubble.svg)
The great asset bubble:[\[32\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-32)
**1\.** Central banks' gold reserves: \$0.845 trillion
**2\.** M0 (paper money): \$3.9 trillion
**3\.** Traditional (fractional reserve) banking assets: \$39 trillion
**4\.** Shadow banking assets: \$62 trillion
**5\.** Other assets: \$290 trillion
**6\.** Bail-out money (early 2009): \$1.9 trillion
The U.S. [Financial Crisis Inquiry Commission](https://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission "Financial Crisis Inquiry Commission"), composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by:
- Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages;
- Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk;
- An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis;
- Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels."[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33)
There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to the majority and minority opinions of the FCIC, Commissioner [Peter J. Wallison](https://en.wikipedia.org/wiki/Peter_J._Wallison "Peter J. Wallison") of the [American Enterprise Institute](https://en.wikipedia.org/wiki/American_Enterprise_Institute "American Enterprise Institute") (AEI) primarily blamed U.S. housing policy, including the actions of [Fannie](https://en.wikipedia.org/wiki/Fannie_Mae "Fannie Mae") and [Freddie](https://en.wikipedia.org/wiki/Freddie_Mac "Freddie Mac"), for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers."[\[34\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-34)
In its "Declaration of the Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the [Group of 20](https://en.wikipedia.org/wiki/Group_of_20 "Group of 20") cited the following causes:
> During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in the system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions.[\[35\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-35)
Federal Reserve Chair [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system") that began in the middle of 2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the *private* sector included: financial institution dependence on unstable sources of short-term funding such as [repurchase agreements](https://en.wikipedia.org/wiki/Repurchase_agreements "Repurchase agreements") or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in the *public* sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed "[Too big to fail](https://en.wikipedia.org/wiki/Too_big_to_fail "Too big to fail")" institutions, monetary policy, and trade deficits.[\[4\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-BernankeFCIC1-4)
### Narratives
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=5 "Edit section: Narratives")\]
[](https://en.wikipedia.org/wiki/File:U.S._Fixed_Investment_as_Pct_GDP.png)
U.S. residential and non-residential investment fell relative to GDP during the crisis.
There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include:
1. There was the equivalent of a [bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system"), which includes investment banks and other non-depository financial entities. This system had grown to rival the depository system in scale yet was not subject to the same regulatory safeguards. Its failure disrupted the flow of credit to consumers and corporations.[\[21\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-KrugmanGeithner1-21)[\[36\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-frbatlanta.org-36)
2. The [U.S. economy](https://en.wikipedia.org/wiki/U.S._economy "U.S. economy") was being driven by a housing bubble. When it burst, private residential investment (i.e., housing construction) fell by over four percent of GDP.[\[37\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-37)[\[38\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-38) Consumption enabled by bubble-generated housing wealth also slowed. This created a gap in annual demand (GDP) of nearly \$1 trillion. The U.S. government was unwilling to make up for this private sector shortfall.[\[39\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-39)[\[40\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-40)
3. Record levels of [household debt](https://en.wikipedia.org/wiki/Household_debt "Household debt") accumulated in the decades preceding the crisis resulted in a [balance sheet recession](https://en.wikipedia.org/wiki/Balance_sheet_recession "Balance sheet recession") (similar to [debt deflation](https://en.wikipedia.org/wiki/Debt_deflation "Debt deflation")) once housing prices began falling in 2006. Consumers began paying off debt, which reduces their consumption, slowing down the economy for an extended period while debt levels are reduced.[\[21\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-KrugmanGeithner1-21)[\[41\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Mian_and_Sufi2014-41)
4. U.S. government policies encouraged home ownership even for those who could not afford it, contributing to lax lending standards, unsustainable housing price increases, and indebtedness.[\[42\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Sowell_2009-42)
5. Wealthy and middle-class [house flippers](https://en.wikipedia.org/wiki/Flipping "Flipping") with mid-to-good credit scores created a [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") in house prices, and then wrecked local housing markets and financial institutions after they defaulted on their debt en masse.[\[43\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-43)
Underlying narratives \#1–3 is a hypothesis that growing [income inequality](https://en.wikipedia.org/wiki/Income_inequality_in_the_United_States "Income inequality in the United States") and [wage stagnation](https://en.wikipedia.org/wiki/Household_income_in_the_United_States "Household income in the United States") encouraged families to increase their [household debt](https://en.wikipedia.org/wiki/Household_debt "Household debt") to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to [deregulate](https://en.wikipedia.org/wiki/Deregulate "Deregulate") or limit regulation of the shadow banking system.[\[44\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-44)[\[45\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-45)[\[46\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-46)
Narrative \#5 challenges the popular claim (narrative \#4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution – and that these borrowers accounted for a disproportionate share of defaults.[\[47\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-47)
### Trade imbalances and debt bubbles
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=6 "Edit section: Trade imbalances and debt bubbles")\]
[](https://en.wikipedia.org/wiki/File:US_Private_Debt_to_GDP_by_Sector.png)
U.S. households and financial businesses significantly increased borrowing (leverage) in the years leading up to the crisis.
*[The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist")* wrote in July 2012 that the inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis was the result."[\[48\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-48)
In May 2008, NPR explained in their [Peabody Award](https://en.wikipedia.org/wiki/Peabody_Award "Peabody Award") winning program "[The Giant Pool of Money](https://en.wikipedia.org/wiki/The_Giant_Pool_of_Money "The Giant Pool of Money")" that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around \$35 trillion in 2000 to about \$70 trillion by 2008. NPR explained this money came from various sources, "\[b\]ut the main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it."[\[49\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-49)
Describing the crisis in Europe, [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe."[\[50\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-50)
### Monetary policy
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=7 "Edit section: Monetary policy")\]
Another narrative about the origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending.
While Alan Greenspan's role as [Chairman of the Federal Reserve](https://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve "Chairman of the Federal Reserve") has been widely discussed, the main point of controversy remains the lowering of the [Federal funds rate](https://en.wikipedia.org/wiki/Federal_funds_rate "Federal funds rate") to 1% for more than a year, which, according to [Austrian theorists](https://en.wikipedia.org/wiki/Austrian_School "Austrian School"), injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom.[\[51\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-51) There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by the need to take the U.S. economy out of the [early 2000s recession](https://en.wikipedia.org/wiki/Early_2000s_recession "Early 2000s recession") caused by the bursting of the [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble"): although by doing so he did not avert the crisis, but only postponed it.[\[52\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-52)[\[53\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-53)
### High private debt levels
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=8 "Edit section: High private debt levels")\]
[](https://en.wikipedia.org/wiki/File:U.S._Household_Debt_Relative_to_Disposable_Income_and_GDP.png)
US household debt relative to disposable income and GDP
[](https://en.wikipedia.org/wiki/File:Change_in_household_debt_-_v1.png)
U.S. Changes in Household Debt as a percentage of GDP for 1989–2016. Homeowners paying down debt for 2009–2012 was a headwind to the recovery. Economist [Carmen Reinhart](https://en.wikipedia.org/wiki/Carmen_Reinhart "Carmen Reinhart") explained that this behavior tends to slow recoveries from financial crises relative to typical recessions.[\[54\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-54)
Another narrative focuses on high levels of private debt in the US economy. USA [household debt](https://en.wikipedia.org/wiki/Household_debt "Household debt") as a percentage of annual [disposable personal income](https://en.wikipedia.org/wiki/Disposable_personal_income "Disposable personal income") was 127% at the end of 2007, versus 77% in 1990.[\[55\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-The_End_of_the_Affair-55)[\[56\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-56) Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and the following recovery weaker.[\[57\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-57)[\[58\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-58) [Robert Reich](https://en.wikipedia.org/wiki/Robert_Reich "Robert Reich") claims the amount of debt in the US economy can be traced to [economic inequality](https://en.wikipedia.org/wiki/Economic_inequality "Economic inequality"), assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards".[\[59\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-huff_inequality-59)
The IMF reported in April 2012: "Household debt soared in the years leading up to the downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and the stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, leading to the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"), many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and the United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household [deleveraging](https://en.wikipedia.org/wiki/Deleveraging "Deleveraging") by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults."[\[60\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-imf.org-60)[\[61\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-61)
### Pre-recession warnings
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=9 "Edit section: Pre-recession warnings")\]
The onset of the economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States:[\[62\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Bezemer-62) [Dean Baker](https://en.wikipedia.org/wiki/Dean_Baker "Dean Baker"), [Wynne Godley](https://en.wikipedia.org/wiki/Wynne_Godley "Wynne Godley"), [Fred Harrison](https://en.wikipedia.org/wiki/Fred_Harrison_\(author\) "Fred Harrison (author)"), [Michael Hudson](https://en.wikipedia.org/wiki/Michael_Hudson_\(economist\) "Michael Hudson (economist)"), [Eric Janszen](https://en.wikipedia.org/w/index.php?title=Eric_Janszen&action=edit&redlink=1 "Eric Janszen (page does not exist)"), [Med Jones](https://en.wikipedia.org/wiki/Med_Jones "Med Jones")[\[63\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-63) [Steve Keen](https://en.wikipedia.org/wiki/Steve_Keen "Steve Keen"), [Jakob Brøchner Madsen](https://en.wikipedia.org/wiki/Jakob_Br%C3%B8chner_Madsen "Jakob Brøchner Madsen"), Jens Kjaer Sørensen, [Kurt Richebächer](https://en.wikipedia.org/wiki/Kurt_Richeb%C3%A4cher "Kurt Richebächer"), [Nouriel Roubini](https://en.wikipedia.org/wiki/Nouriel_Roubini "Nouriel Roubini"), [Peter Schiff](https://en.wikipedia.org/wiki/Peter_Schiff "Peter Schiff"), and [Robert Shiller](https://en.wikipedia.org/wiki/Robert_Shiller "Robert Shiller").[\[62\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Bezemer-62)[\[64\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-64)
### Housing bubbles
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=10 "Edit section: Housing bubbles")\]
Further information: [Real-estate bubble](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble")
[](https://en.wikipedia.org/wiki/File:FCIC_-_Housing_Bubbles_in_Multiple_Countries_2002-2008.png)
Housing price appreciation in selected countries, 2002–2008
By 2007, real estate bubbles were still under way in many parts of the world,[\[65\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-65) especially in the [United States](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble"), France, the [United Kingdom](https://en.wikipedia.org/wiki/British_property_bubble "British property bubble"), [Spain](https://en.wikipedia.org/wiki/2008%E2%80%932014_Spanish_real_estate_crisis "2008–2014 Spanish real estate crisis"), the Netherlands, Australia, the United Arab Emirates, [New Zealand](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble"), [Ireland](https://en.wikipedia.org/wiki/Irish_property_bubble "Irish property bubble"), [Poland](https://en.wikipedia.org/wiki/Polish_property_bubble "Polish property bubble"),[\[66\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-66) [South Africa](https://en.wikipedia.org/wiki/South_Africa "South Africa"), [Greece](https://en.wikipedia.org/wiki/Greece "Greece"), [Bulgaria](https://en.wikipedia.org/wiki/Bulgaria "Bulgaria"), [Croatia](https://en.wikipedia.org/wiki/Croatia "Croatia"),[\[67\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-67) [Norway](https://en.wikipedia.org/wiki/Norway "Norway"), [Singapore](https://en.wikipedia.org/wiki/Singapore "Singapore"), [South Korea](https://en.wikipedia.org/wiki/South_Korea "South Korea"), [Sweden](https://en.wikipedia.org/wiki/Sweden "Sweden"), [Finland](https://en.wikipedia.org/wiki/Finland "Finland"), [Argentina](https://en.wikipedia.org/wiki/Argentina "Argentina"),[\[68\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-68) the [Baltic states](https://en.wikipedia.org/wiki/Baltic_states "Baltic states"), [India](https://en.wikipedia.org/wiki/India "India"), [Romania](https://en.wikipedia.org/wiki/Romania "Romania"), [Ukraine](https://en.wikipedia.org/wiki/Ukraine "Ukraine") and [China](https://en.wikipedia.org/wiki/China "China").[\[69\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-69) U.S. Federal Reserve Chairman [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") said in mid-2005 that "at a minimum, there's a little 'froth' \[in the U.S. housing market\]...it's hard not to see that there are a lot of local bubbles".[\[70\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-70)
*[The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist")*, writing at the same time, went further, saying, "\[T\]he worldwide rise in house prices is the biggest bubble in history".[\[71\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-71) Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a *housing price crash*) that can result in many owners holding [negative equity](https://en.wikipedia.org/wiki/Negative_equity "Negative equity") (a [mortgage](https://en.wikipedia.org/wiki/Mortgage "Mortgage") debt higher than the current value of the property).
### Ineffective regulation
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=11 "Edit section: Ineffective regulation")\]
#### Derivatives
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=12 "Edit section: Derivatives")\]
Several sources have noted the failure of the US government to supervise or even require transparency of the [financial instruments](https://en.wikipedia.org/wiki/Financial_instruments "Financial instruments") known as [derivatives](https://en.wikipedia.org/wiki/Derivative_\(finance\) "Derivative (finance)").[\[72\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-72)[\[73\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-devils-73)[\[74\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-faiola-74) Derivatives such as [credit default swaps](https://en.wikipedia.org/wiki/Credit_default_swap "Credit default swap") (CDSs) were unregulated or barely regulated. [Michael Lewis](https://en.wikipedia.org/wiki/Michael_Lewis "Michael Lewis") noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on the same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as [AIG](https://en.wikipedia.org/wiki/AIG "AIG")) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found.[\[75\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-75) When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of the obligation and defaulted; U.S. taxpayers paid over \$100 billion to global financial institutions to honor AIG obligations, generating considerable outrage.[\[76\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Scott_Lanman-76)
A 2008 investigative article in *[The Washington Post](https://en.wikipedia.org/wiki/The_Washington_Post "The Washington Post")* found leading government officials at the time (Federal Reserve Board Chairman [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"), Treasury Secretary [Robert Rubin](https://en.wikipedia.org/wiki/Robert_Rubin "Robert Rubin"), and [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") Chairman [Arthur Levitt](https://en.wikipedia.org/wiki/Arthur_Levitt "Arthur Levitt")) vehemently opposed any regulation of derivatives. In 1998, [Brooksley E. Born](https://en.wikipedia.org/wiki/Brooksley_E._Born "Brooksley E. Born"), head of the [Commodity Futures Trading Commission](https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission "Commodity Futures Trading Commission"), put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded [Congress](https://en.wikipedia.org/wiki/United_States_Congress "United States Congress") to pass a resolution preventing CFTC from regulating derivatives for another six months – when Born's term of office would expire.[\[73\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-devils-73) Ultimately, it was the collapse of a specific kind of derivative, the [mortgage-backed security](https://en.wikipedia.org/wiki/Mortgage-backed_security "Mortgage-backed security"), that triggered the economic crisis of 2008.[\[74\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-faiola-74)
#### Shadow banking system
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=13 "Edit section: Shadow banking system")\]
[](https://en.wikipedia.org/wiki/File:Securitization_Market_Activity.png)
Securitization markets were impaired during the crisis.
Paul Krugman wrote in 2009 that the [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system") was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating the kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect".[\[77\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Krugman_2009-77)[\[78\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-78)
During 2008, three of the largest U.S. investment banks either went bankrupt ([Lehman Brothers](https://en.wikipedia.org/wiki/Lehman_Brothers "Lehman Brothers")) or were sold at [fire sale](https://en.wikipedia.org/wiki/Fire_sale "Fire sale") prices to other banks ([Bear Stearns](https://en.wikipedia.org/wiki/Bear_Stearns "Bear Stearns") and [Merrill Lynch](https://en.wikipedia.org/wiki/Merrill_Lynch "Merrill Lynch")). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks, [Morgan Stanley](https://en.wikipedia.org/wiki/Morgan_Stanley "Morgan Stanley") and [Goldman Sachs](https://en.wikipedia.org/wiki/Goldman_Sachs "Goldman Sachs"), potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via the Federal Reserve.[\[79\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-79)[\[80\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-80) Further, [American International Group](https://en.wikipedia.org/wiki/American_International_Group "American International Group") (AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over \$100 billion of U.S. taxpayer money was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks.[\[76\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Scott_Lanman-76)
Economist [Gary Gorton](https://en.wikipedia.org/wiki/Gary_Gorton "Gary Gorton") wrote in May 2009
> Unlike the historical banking panics of the 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing the repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent.[\[81\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-81)
The [Financial Crisis Inquiry Commission](https://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission "Financial Crisis Inquiry Commission") reported in January 2011:
> In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a [lender of last resort](https://en.wikipedia.org/wiki/Lender_of_last_resort "Lender of last resort"), federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in the 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without the protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33)
The [Gramm–Leach–Bliley Act](https://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act "Gramm–Leach–Bliley Act") (1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been [blamed](https://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act#Controversy "Gramm–Leach–Bliley Act") for the crisis, by [Nobel Prize](https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences "Nobel Memorial Prize in Economic Sciences")–winning economist [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz") among others.[\[82\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-82)
### Regulations encouraging lax lending standards
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=14 "Edit section: Regulations encouraging lax lending standards")\]
Peter Wallison and Edward Pinto of the [American Enterprise Institute](https://en.wikipedia.org/wiki/American_Enterprise_Institute "American Enterprise Institute"), which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies.[\[83\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-83)[\[84\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-84) They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD the power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established.[\[85\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Wallison_1-85)
However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33) Further, since housing bubbles appeared in multiple countries in Europe as well, the FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33) The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed,[\[86\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-86) with [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") referring to it as "imaginary history".[\[87\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-87)
One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33) A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for the top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies.[\[88\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-88) This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk.[\[89\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-89)
### Systemic crisis
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=15 "Edit section: Systemic crisis")\]
The [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the [Great Recession]() were described as a symptom of another, deeper crisis by a number of economists. For example, [Ravi Batra](https://en.wikipedia.org/wiki/Ravi_Batra "Ravi Batra") argues that growing inequality of [financial capitalism](https://en.wikipedia.org/wiki/Financial_capitalism "Financial capitalism") produces speculative bubbles that burst and result in depression and major [political changes](https://en.wikipedia.org/wiki/The_Downfall_of_Capitalism_and_Communism "The Downfall of Capitalism and Communism").[\[90\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-90)[\[91\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-91) Feminist economists [Ailsa McKay](https://en.wikipedia.org/wiki/Ailsa_McKay "Ailsa McKay") and [Margunn Bjørnholt](https://en.wikipedia.org/wiki/Margunn_Bj%C3%B8rnholt "Margunn Bjørnholt") argue that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the response to it revealed a crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within [feminist economics](https://en.wikipedia.org/wiki/Feminist_economics "Feminist economics") and [ecological economics](https://en.wikipedia.org/wiki/Ecological_economics "Ecological economics") that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as the planet.[\[92\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-92)
## Effects
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=16 "Edit section: Effects")\]
Main article: [Effects of the Great Recession](https://en.wikipedia.org/wiki/Effects_of_the_Great_Recession "Effects of the Great Recession")
### Effects on the United States
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=17 "Edit section: Effects on the United States")\]
Further information: [Great Recession in the United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States"), [Unemployment in the United States](https://en.wikipedia.org/wiki/Unemployment_in_the_United_States "Unemployment in the United States"), and [National debt of the United States](https://en.wikipedia.org/wiki/National_debt_of_the_United_States "National debt of the United States")
[](https://en.wikipedia.org/wiki/File:U.S._economic_recovery_scorecard.png)
Several major U.S. economic variables had recovered from the 2007–2009 [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") and Great Recession by the 2013–2014 time period.
[](https://en.wikipedia.org/wiki/File:U.S._GDP_Contribution_to_Change_2007-2009.png)
U.S. Real GDP – Contributions to Percent Change by Component 2007–2009
Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell \$650 billion (4.3%) and did not recover its \$15 trillion pre-recession level until Q3 2011.[\[93\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-93) Household net worth, which reflects the value of both stock markets and housing prices, fell \$11.5 trillion (17.3%) and did not regain its pre-recession level of \$66.4 trillion until Q3 2012.[\[94\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-94) The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014.[\[95\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-95) The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016.[\[96\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-96)
A key dynamic slowing the recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a [private sector surplus](https://en.wikipedia.org/wiki/Sectoral_balances "Sectoral balances") drove a sizable government deficit.[\[97\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-NPI-97) However, the federal government held spending at about \$3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of [austerity](https://en.wikipedia.org/wiki/Austerity "Austerity"). Then-Fed Chair [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") explained during November 2012 several of the economic headwinds that slowed the recovery:
- The housing sector did not rebound, as was the case in prior recession recoveries, as the sector was severely damaged during the crisis. Millions of foreclosures had created a large surplus of properties and consumers were paying down their debts rather than purchasing homes.
- Credit for borrowing and spending by individuals (or investing by corporations) was not readily available as banks paid down their debts.
- Restrained government spending following initial stimulus efforts (i.e., austerity) was not sufficient to offset private sector weaknesses.[\[98\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Bernanke_Recovery-98)
On the political front, widespread anger at [banking bailouts](https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program "Troubled Asset Relief Program") and [stimulus](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009") measures (begun by President [George W. Bush](https://en.wikipedia.org/wiki/George_W._Bush "George W. Bush") and continued or expanded by [President Obama](https://en.wikipedia.org/wiki/President_Obama "President Obama")) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of the bailouts. In 2008, TARP allocated \$426.4 billion to various major financial institutions. However, the US collected \$441.7 billion in return from these loans in 2010, recording a profit of \$15.3 billion.[\[99\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-99) Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the [Tea Party](https://en.wikipedia.org/wiki/Tea_Party_movement "Tea Party movement") and the loss of Democratic majorities in subsequent elections. President Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014[\[update\]](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit).[\[100\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-100) As of January 2018[\[update\]](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit), bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of \$626B was invested, loaned, or granted due to various bailout measures, while \$390B had been returned to the Treasury. The Treasury had earned another \$323B in interest on bailout loans, resulting in an \$87B profit.[\[101\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-101) Economic and political commentators have argued the Great Recession was also an important factor in the rise of populist sentiment that resulted in the election of right-wing populist [President Trump](https://en.wikipedia.org/wiki/President_Trump "President Trump") in 2016, and left-wing populist [Bernie Sanders](https://en.wikipedia.org/wiki/Bernie_Sanders "Bernie Sanders")' [candidacy](https://en.wikipedia.org/wiki/Bernie_Sanders_2016_presidential_campaign "Bernie Sanders 2016 presidential campaign") for the Democratic nomination.[\[102\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-102)[\[103\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-103)[\[104\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-independent-104)[\[105\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-105)
### Effects on Europe
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=18 "Edit section: Effects on Europe")\]
Further information: [European debt crisis](https://en.wikipedia.org/wiki/European_debt_crisis "European debt crisis"), [Austerity](https://en.wikipedia.org/wiki/Austerity "Austerity"), and [Great Recession in Europe](https://en.wikipedia.org/wiki/Great_Recession_in_Europe "Great Recession in Europe")
[](https://en.wikipedia.org/wiki/File:Eurozone_Countries_Public_Debt_to_GDP_Ratio_2010_vs._2011.png)
Public Debt to GDP Ratio for Selected European Countries – 2008 to 2011. Source Data: Eurostat
The crisis in Europe generally progressed from banking system crises to sovereign debt crises, as many countries elected to bail out their banking systems using taxpayer money.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] Greece was different in that it faced large public debts rather than problems within its banking system. Several countries received bailout packages from the [troika](https://en.wikipedia.org/wiki/European_troika "European troika") (European Commission, European Central Bank, International Monetary Fund), which also implemented a series of emergency measures.
Many European countries embarked on austerity programs, reducing their budget deficits relative to GDP from 2010 to 2011. For example, according to the *[CIA World Factbook](https://en.wikipedia.org/wiki/CIA_World_Factbook "CIA World Factbook")* Greece improved its budget deficit from 10.4% GDP in 2010 to 9.6% in 2011. Iceland, Italy, Ireland, Portugal, France, and Spain also improved their budget deficits from 2010 to 2011 relative to GDP.[\[106\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-cia.gov-106)[\[107\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Eurostat1-107)
However, with the exception of Germany, each of these countries had public-debt-to-GDP ratios that increased (i.e., worsened) from 2010 to 2011, as indicated in the chart at right. Greece's public-debt-to-GDP ratio increased from 143% in 2010 to 165% in 2011[\[106\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-cia.gov-106) to 185% in 2014. This indicates that despite improving budget deficits, GDP growth was not sufficient to support a decline (improvement) in the debt-to-GDP ratio for these countries during this period. [Eurostat](https://en.wikipedia.org/wiki/Eurostat "Eurostat") reported that the debt to GDP ratio for the 17 Euro area countries together was 70.1% in 2008, 79.9% in 2009, 85.3% in 2010, and 87.2% in 2011.[\[107\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Eurostat1-107)[\[108\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-108)
According to the *CIA World Factbook*, from 2010 to 2011, the unemployment rates in Spain, Greece, Italy, Ireland, Portugal, and the UK increased. France had no significant changes, while in Germany and Iceland the unemployment rate declined.[\[106\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-cia.gov-106) Eurostat reported that [eurozone](https://en.wikipedia.org/wiki/Eurozone "Eurozone") unemployment reached record levels in September 2012 at 11.6%, up from 10.3% the prior year. Unemployment varied significantly by country.[\[109\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-109)
[](https://en.wikipedia.org/wiki/File:Eurozone-structural1.jpg)
Relationship between fiscal tightening (austerity) in [eurozone](https://en.wikipedia.org/wiki/Eurozone "Eurozone") countries with their GDP growth rate, 2008–2012[\[110\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-martin-110)
Economist [Martin Wolf](https://en.wikipedia.org/wiki/Martin_Wolf "Martin Wolf") analysed the relationship between cumulative GDP growth from 2008 to 2012 and total reduction in budget deficits due to austerity policies (see chart) in several European countries during April 2012. He concluded that: "In all, there is no evidence here that large fiscal contractions \[budget deficit reductions\] bring benefits to confidence and growth that offset the direct effects of the contractions. They bring exactly what one would expect: small contractions bring recessions and big contractions bring depressions." Changes in budget balances (deficits or surpluses) [explained](https://en.wikipedia.org/wiki/Coefficient_of_determination "Coefficient of determination") approximately 53% of the change in GDP, according to the equation derived from the IMF data used in his analysis.[\[110\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-martin-110)
Economist [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") analysed the relationship between GDP and reduction in budget deficits for several European countries in April 2012 and concluded that austerity was slowing growth, similar to Martin Wolf. He also wrote: "... this also implies that 1 euro of austerity yields only about 0.4 euros of reduced deficit, even in the short run. No wonder, then, that the whole austerity enterprise is spiraling into disaster."[\[111\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-111)
Britain's [decision to leave the European Union](https://en.wikipedia.org/wiki/Brexit "Brexit") in 2016 has been partly attributed to the after-effects of the Great Recession on the country.[\[112\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-112)[\[113\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-113)[\[114\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-114)[\[115\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-115)[\[116\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-116)
### Effects on democracy
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=19 "Edit section: Effects on democracy")\]
During the Great Recession and in the immediate aftermath, [Bangladesh](https://en.wikipedia.org/wiki/Bangladesh "Bangladesh"), [Ukraine](https://en.wikipedia.org/wiki/Ukraine "Ukraine"), [Honduras](https://en.wikipedia.org/wiki/Honduras "Honduras"), [Guatemala](https://en.wikipedia.org/wiki/Guatemala "Guatemala"), [Palestine](https://en.wikipedia.org/wiki/Palestine "Palestine"), and [Hong Kong](https://en.wikipedia.org/wiki/Hong_Kong "Hong Kong") went from democracies to a mix of democracy and authoritarianism and [Madagascar](https://en.wikipedia.org/wiki/Madagascar "Madagascar"), the [Gambia](https://en.wikipedia.org/wiki/Gambia "Gambia"), [Ethiopia](https://en.wikipedia.org/wiki/Ethiopia "Ethiopia"), [Russia](https://en.wikipedia.org/wiki/Russia "Russia"), and [Fiji](https://en.wikipedia.org/wiki/Fiji "Fiji") went from mixed regimes to authoritarian ones. While each country had democratic backsliding for different reasons, economic calamity has long been known to contribute to instability that can cause authoritarian forces to take hold.[\[117\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-117)
### Countries that avoided recession
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=20 "Edit section: Countries that avoided recession")\]
[](https://en.wikipedia.org/wiki/File:Sydney_City_from_Waverton.jpg)
[Sydney](https://en.wikipedia.org/wiki/Sydney "Sydney")'s [financial district](https://en.wikipedia.org/wiki/Sydney_CBD "Sydney CBD") at night. Throughout the Great Recession, the [Australian economy](https://en.wikipedia.org/wiki/Australian_economy "Australian economy") remained resilient and stable.[\[118\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-118)[\[119\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-119)
[Poland](https://en.wikipedia.org/wiki/Poland "Poland") was the only member of the [European Union](https://en.wikipedia.org/wiki/European_Union "European Union") to avoid a GDP recession during the Great Recession. As of December 2009, the Polish economy had not entered recession nor even contracted, while its IMF 2010 GDP growth forecast of 1.9 percent was expected to be upgraded.[\[120\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-120)[\[121\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-121)[\[122\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-122) Analysts identified several causes for the positive economic development in Poland: Extremely low levels of bank lending and a relatively small mortgage market; the relatively recent dismantling of EU trade barriers and the resulting surge in demand for Polish goods since 2004; Poland being the recipient of direct EU funding since 2004; lack of over-dependence on a single export sector; a tradition of government fiscal responsibility; a relatively large internal market; the free-floating [Polish zloty](https://en.wikipedia.org/wiki/Polish_zloty "Polish zloty"); low labour costs attracting continued foreign direct investment; economic difficulties at the start of the decade, which prompted austerity measures in advance of the world crisis.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
While [India](https://en.wikipedia.org/wiki/India "India"), [Uzbekistan](https://en.wikipedia.org/wiki/Uzbekistan "Uzbekistan"), [China](https://en.wikipedia.org/wiki/China "China"), and [Iran](https://en.wikipedia.org/wiki/Iran "Iran") experienced slowing growth, they did not enter recessions.
[South Korea](https://en.wikipedia.org/wiki/South_Korea "South Korea") narrowly avoided technical recession in the first quarter of 2009.[\[123\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-123) The [International Energy Agency](https://en.wikipedia.org/wiki/International_Energy_Agency "International Energy Agency") stated in mid September that South Korea could be the only large\[*[clarify](https://en.wikipedia.org/wiki/Wikipedia:Please_clarify "Wikipedia:Please clarify")*\] [OECD](https://en.wikipedia.org/wiki/OECD "OECD") country to avoid recession for the whole of 2009.[\[124\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-124)
[Australia](https://en.wikipedia.org/wiki/Australia "Australia") avoided a technical recession after experiencing only one quarter of negative growth in the fourth quarter of 2008, with GDP returning to positive in the first quarter of 2009.[\[125\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-125)[\[126\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-126)
The [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") did not affect developing countries to a great extent. Experts see several reasons: Africa was not affected because it is not fully integrated in the world market. Latin America and Asia seemed better prepared, since they have experienced crises before. In Latin America, for example, banking laws and regulations are very stringent. Bruno Wenn of the German DEG suggests that Western countries could learn from these countries when it comes to regulations of financial markets.[\[127\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-127)
## Timeline of effects
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=21 "Edit section: Timeline of effects")\]
Main article: [Timeline of the Great Recession](https://en.wikipedia.org/wiki/Timeline_of_the_Great_Recession "Timeline of the Great Recession")
The few recessions appearing early in 2006–07 are commonly never associated to be part of the Great Recession, which is illustrated by the fact that only two countries (Iceland and Jamaica) were in recession in Q4 2007.
One year before the maximum, in Q1 2008, only six countries were in recession (Iceland, Sweden, Finland, Ireland, Portugal and New Zealand). The number of countries in recession was 25 in Q2 2008, 39 in Q3 2008 and 53 in Q4 2008. At the steepest part of the Great Recession in Q1 2009, a total of 59 out of 71 countries were simultaneously in recession. The number of countries in recession was 37 in Q2 2009, 13 in Q3 2009 and 11 in Q4 2009. One year after the maximum, in Q1 2010, only seven countries were in recession (Greece, Croatia, Romania, Iceland, Jamaica, Venezuela and Belize).
The recession data for the overall [G20](https://en.wikipedia.org/wiki/G20 "G20") zone (representing 85% of all [GWP](https://en.wikipedia.org/wiki/Gross_world_product "Gross world product")), depict that the Great Recession existed as a [global recession](https://en.wikipedia.org/wiki/Global_recession "Global recession") throughout Q3 2008 until Q1 2009.
Subsequent follow-up recessions in 2010–2013 were confined to Belize, El Salvador, Paraguay, Jamaica, Japan, Taiwan, New Zealand and 24 out of 50 [European countries](https://en.wikipedia.org/wiki/European_countries "European countries") (including Greece). As of October 2014, only five out of the 71 countries with available quarterly data (Cyprus, Italy, Croatia, Belize and El Salvador), were still in ongoing recessions.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)[\[128\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Eurostat_quarterly_GDPs-128) The many follow-up recessions hitting the European countries, are commonly referred to as being direct repercussions of the [European debt crisis](https://en.wikipedia.org/wiki/European_debt_crisis "European debt crisis").
### Country specific details about recession timelines
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=22 "Edit section: Country specific details about recession timelines")\]
Iceland fell into an economic depression in 2008 following the collapse of its banking system (*see [2008–2011 Icelandic financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis "2008–2011 Icelandic financial crisis")*). By mid-2012 Iceland is regarded as one of Europe's recovery success stories largely as a result of a currency devaluation that has effectively reduced wages by 50%--making exports more competitive.[\[129\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-129)
The following countries had a recession starting in the fourth quarter of 2007: United States.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)
The following countries had a recession starting in the first quarter of 2008: Latvia,[\[130\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-130) Ireland,[\[131\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-131) New Zealand,[\[132\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-132) and Sweden.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)
The following countries/territories had a recession starting in the second quarter of 2008: Japan,[\[133\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-133) Hong Kong,[\[134\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-134) Singapore,[\[135\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-135) Italy,[\[136\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-136) Turkey,[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16) Germany,[\[137\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-137) United Kingdom,[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16) the eurozone,[\[138\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-138) the European Union,[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16) and the OECD.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)
The following countries/territories had a recession starting in the third quarter of 2008: [Spain](https://en.wikipedia.org/wiki/2008%E2%80%932014_Spanish_real_estate_crisis "2008–2014 Spanish real estate crisis"),[\[139\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-139) and Taiwan.[\[140\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-140)
The following countries/territories had a recession starting in the fourth quarter of 2008: Switzerland.[\[141\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-141)
South Korea avoided recession with GDP returning positive at a 0.1% expansion in the first quarter of 2009.[\[142\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-142)
Of the seven largest economies in the world by GDP, only China avoided a recession in 2008. In the year to the third quarter of 2008 China grew by 9%. Until recently Chinese officials considered 8% GDP growth to be required simply to create enough jobs for rural people moving to urban centres.[\[143\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-143) This figure may more accurately be considered to be 5–7% now\[*[when?](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items "Wikipedia:Manual of Style/Dates and numbers")*\] that the main growth in working population is receding.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
Ukraine went into technical depression in January 2009 with a GDP growth of −20%, when comparing on a monthly basis with the GDP level in January 2008.[\[144\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-144) Overall the Ukrainian real GDP fell 14.8% when comparing the entire part of 2009 with 2008.[\[145\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-145) When measured quarter-on-quarter by changes of seasonally adjusted real GDP, Ukraine was more precisely in recession/depression throughout the four quarters from Q2-2008 until Q1-2009 (with respective qoq-changes of: -0.1%, -0.5%, -9.3%, -10.3%), and the two quarters from Q3-2012 until Q4-2012 (with respective qoq-changes of: -1.5% and -0.8%).[\[146\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-146)
Japan was in recovery in the middle of the decade 2000s but slipped back into recession and deflation in 2008.[\[147\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-147) The recession in Japan intensified in the fourth quarter of 2008 with a GDP growth of −12.7%,[\[148\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-148) and deepened further in the first quarter of 2009 with a GDP growth of −15.2%.[\[149\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-149)
## Political instability related to the economic crisis
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=23 "Edit section: Political instability related to the economic crisis")\]
[](https://en.wikipedia.org/wiki/File:Movimiento_15M_valencia_20-05-2011.jpg)
The [anti-austerity movement in Spain](https://en.wikipedia.org/wiki/Anti-austerity_movement_in_Spain "Anti-austerity movement in Spain"), May 2011
[](https://en.wikipedia.org/wiki/File:Manifestacija_za_svobodo_sveta_\(3637020724\).jpg)
Slovenian [anarchist](https://en.wikipedia.org/wiki/Anarchist "Anarchist") [anti-fascist](https://en.wikipedia.org/wiki/Anti-fascist "Anti-fascist") protest due to the Great Recession
On February 26, 2009, an Economic Intelligence Briefing was added to the [daily intelligence briefings](https://en.wikipedia.org/wiki/President%27s_Daily_Brief "President's Daily Brief") prepared for the [President of the United States](https://en.wikipedia.org/wiki/President_of_the_United_States "President of the United States"). This addition reflects the assessment of U.S. intelligence agencies that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") presented a serious threat to international stability.[\[150\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-150)
*[Business Week](https://en.wikipedia.org/wiki/Business_Week "Business Week")* stated in March 2009 that global political instability was rising fast because of the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and is creating new challenges that need managing.[\[151\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-151) The Associated Press reported in March 2009 that: United States "Director of National Intelligence Dennis Blair has said the economic weakness could lead to political instability in many developing nations."[\[152\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-152) Even some developed countries are seeing political instability.[\[153\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-BBC1-153) NPR reports that David Gordon, a former intelligence officer who now leads research at the [Eurasia Group](https://en.wikipedia.org/wiki/Eurasia_Group "Eurasia Group"), said: "Many, if not most, of the big countries out there have room to accommodate economic downturns without having large-scale political instability if we're in a recession of normal length. If you're in a much longer-run downturn, then all bets are off."[\[154\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-154)
Political scientists have argued that the economic stasis triggered social churning that got expressed through protests on a variety of issues across the developing world. In Brazil, disaffected youth rallied against a minor bus-fare hike[\[155\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-nytReport-155) and in Israel, they protested against high rents in Tel Aviv. In all these cases, the ostensible immediate cause of the protest was amplified by the underlying social suffering induced by the great recession.
In January 2009, the government leaders of Iceland were forced to call elections two years early after the people of Iceland staged mass protests and clashed with the police because of the government's handling of the economy.[\[153\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-BBC1-153) Hundreds of thousands protested in France against President Sarkozy's economic policies.[\[156\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-156) Prompted by the [2008 Latvian financial crisis](https://en.wikipedia.org/wiki/2008_Latvian_financial_crisis "2008 Latvian financial crisis"), the opposition and trade unions there organised a rally against the cabinet of premier Ivars Godmanis. The rally gathered some 10–20 thousand people. In the evening the rally turned into a [riot](https://en.wikipedia.org/wiki/2009_Riga_riot "2009 Riga riot"). The crowd moved to the building of the parliament and attempted to force their way into it, but were repelled by the state's police. In late February many Greeks took part in a massive general strike because of the economic situation and they shut down schools, airports, and many other services in Greece.[\[157\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-157) Police and protesters clashed in Lithuania where people protesting the economic conditions were shot with rubber bullets.[\[158\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-158) Communists and others rallied in Moscow to protest the Russian government's economic plans.[\[159\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-159) However the impact was mild in Russia, whose economy gained from high oil prices.[\[160\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-160)
Asian countries saw various degrees of protest.[\[161\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-161) Protests have also occurred in China as demands from the west for exports have been dramatically reduced and unemployment has increased. Beyond these initial protests, the protest movement has grown and continued in 2011. In late 2011, the [Occupy Wall Street](https://en.wikipedia.org/wiki/Occupy_Wall_Street "Occupy Wall Street") protest took place in the United States, spawning several offshoots that came to be known as the [Occupy movement](https://en.wikipedia.org/wiki/Occupy_movement "Occupy movement").
In 2012 the economic difficulties in Spain increased support for secession movements. In Catalonia, support for the [secession movement](https://en.wikipedia.org/wiki/Catalan_separatism "Catalan separatism") expanded. On September 11, a [pro-independence march](https://en.wikipedia.org/wiki/2012_Catalan_independence_demonstration "2012 Catalan independence demonstration") drew a crowd that police estimated at 1.5 million.[\[162\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-162)
## Policy responses
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=24 "Edit section: Policy responses")\]
Main article: [National fiscal policy responses to the Great Recession](https://en.wikipedia.org/wiki/National_fiscal_policy_responses_to_the_Great_Recession "National fiscal policy responses to the Great Recession")
See also: [2008–2009 Keynesian resurgence](https://en.wikipedia.org/wiki/2008%E2%80%932009_Keynesian_resurgence "2008–2009 Keynesian resurgence")
The [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") led to emergency interventions in many national financial systems. As the crisis developed into genuine recession in many major economies, economic stimulus meant to revive economic growth became the most common policy tool. After having implemented rescue plans for the banking system, major developed and emerging countries announced plans to relieve their economies. In particular, economic stimulus plans were announced in [China](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_program "Chinese economic stimulus program"), the [United States](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009"), and the [European Union](https://en.wikipedia.org/wiki/2008_European_Union_stimulus_plan "2008 European Union stimulus plan").[\[163\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-163) In the final quarter of 2008, the [G-20 group of major economies](https://en.wikipedia.org/wiki/G-20_major_economies "G-20 major economies") assumed a new significance as a focus of economic and financial crisis management.
The crisis accelerated the [financialization](https://en.wikipedia.org/wiki/Financialization "Financialization") of states around the world, as governments increased the use of market instruments to achieve public goals through approaches like bond issuance, securitization of state assets, and creating [sovereign funds](https://en.wikipedia.org/wiki/Sovereign_wealth_fund "Sovereign wealth fund").[\[164\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:Chen-164): 9
### United States policy responses
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=25 "Edit section: United States policy responses")\]
Main article: [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis")
[](https://en.wikipedia.org/wiki/File:U.S._Federal_Reserve_-_Treasury_and_Mortgage-Backed_Securities_Held.png)
Federal Reserve holdings of Treasury and mortgage-backed securities
The U.S. government passed the [Emergency Economic Stabilization Act of 2008](https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008 "Emergency Economic Stabilization Act of 2008") (EESA or TARP) during October 2008. This law included \$700 billion in funding for the "[Troubled Assets Relief Program](https://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program "Troubled Assets Relief Program")" (TARP). Following a model initiated by the [United Kingdom bank rescue package](https://en.wikipedia.org/wiki/2008_United_Kingdom_bank_rescue_package "2008 United Kingdom bank rescue package"),[\[165\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Langley2015-165)[\[166\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-166) \$205 billion was used in the [Capital Purchase Program](https://en.wikipedia.org/wiki/Capital_Purchase_Program "Capital Purchase Program") to lend funds to banks in exchange for dividend-paying preferred stock.[\[167\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-167)[\[168\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-168)
On February 17, 2009, U.S. President [Barack Obama](https://en.wikipedia.org/wiki/Barack_Obama "Barack Obama") signed the [American Recovery and Reinvestment Act of 2009](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009"), an \$787 billion stimulus package with a broad spectrum of spending and tax cuts.[\[169\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-169) Over \$75 billion of the package was specifically allocated to programs which help struggling homeowners. This program was referred to as the Homeowner Affordability and Stability Plan.[\[170\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-170)
The U.S. Federal Reserve (central bank) lowered interest rates and significantly expanded the money supply to help address the crisis. *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")* reported in February 2013 that the Fed continued to support the economy with various monetary stimulus measures: "The Fed, which has amassed almost \$3 trillion in Treasury and mortgage-backed securities to promote more borrowing and lending, is expanding those holdings by \$85 billion a month until it sees clear improvement in the labor market. It plans to hold short-term interest rates near zero even longer, at least until the unemployment rate falls below 6.5 percent."[\[171\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-171)
The U.S. Federal reserve established some swap agreements to help banks' liquidity crisis, although this emergency liquidity only benefitted a dozen countries and excluded most developing economies.[\[172\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:024-172): 267
### Asia-Pacific policy responses
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=26 "Edit section: Asia-Pacific policy responses")\]
On September 15, 2008, China cut its interest rate for the first time since 2002. Indonesia reduced its overnight rate, at which commercial banks can borrow overnight funds from the central bank, by two percentage points to 10.25 percent. The [Reserve Bank of Australia](https://en.wikipedia.org/wiki/Reserve_Bank_of_Australia "Reserve Bank of Australia") injected nearly \$1.5 billion into the banking system, nearly three times as much as the market's estimated requirement. The [Reserve Bank of India](https://en.wikipedia.org/wiki/Reserve_Bank_of_India "Reserve Bank of India") added almost \$1.32 billion, through a refinance operation, its biggest in at least a month.[\[173\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-173)
On November 9, 2008, the [Chinese economic stimulus program](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_program "Chinese economic stimulus program"), a RMB¥ 4 trillion (\$586 billion) stimulus package, was announced by the central government of the People's Republic of China in its biggest move to stop the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") from affecting the world's second largest economy. A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan (\$586 billion) in infrastructure and social welfare by the end of 2010. The stimulus package was invested in key areas such as housing, rural infrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building, tax cuts, and finance. China's massive stimulus was also an important contributor to overall global recovery.[\[174\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:0-174): 34 In addition to helping stabilize the global economy, China's stimulus and also provided an opportunity for China to retool its domestic infrastructure.[\[175\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:45-175)
[](https://en.wikipedia.org/wiki/File:S%26P_BSE_SENSEX_chart.svg)
During the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"), the [BSE Sensex](https://en.wikipedia.org/wiki/BSE_Sensex "BSE Sensex") experienced a sharp decline. It dropped from over 21,000 points in January 2008 to below 8,000 points in October 2008.[\[176\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-176)
Later that month, China's export driven economy was starting to feel the impact of the economic slowdown in the United States and Europe despite the government already cutting key interest rates three times in less than two months in a bid to spur economic expansion. On November 28, 2008, the [Ministry of Finance of the People's Republic of China](https://en.wikipedia.org/wiki/Ministry_of_Finance_of_the_People%27s_Republic_of_China "Ministry of Finance of the People's Republic of China") and the [State Administration of Taxation](https://en.wikipedia.org/wiki/State_Administration_of_Taxation "State Administration of Taxation") jointly announced a rise in export tax rebate rates on some labour-intensive goods. These additional tax rebates took place on December 1, 2008.[\[177\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-177)
During the People's Bank of China helped address banks' liquidity crisis by signing swap agreements with numerous other countries to provide them with liquidity based on the [renminbi](https://en.wikipedia.org/wiki/Renminbi "Renminbi").[\[172\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:024-172): 267
In Taiwan, the central bank on September 16, 2008, said it would cut its required reserve ratios for the first time in eight years. The central bank added \$3.59 billion into the foreign-currency interbank market the same day. Bank of Japan pumped \$29.3 billion into the financial system on September 17, 2008, and the Reserve Bank of Australia added \$3.45 billion the same day.[\[178\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-World_Banks-178)
In developing and emerging economies, responses to the global crisis mainly consisted in low-rates monetary policy (Asia and the Middle East mainly) coupled with the depreciation of the currency against the dollar. There were also stimulus plans in some Asian countries, in the Middle East and in Argentina. In Asia, plans generally amounted to 1 to 3% of GDP, with the notable exception of [China](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_plan "Chinese economic stimulus plan"), which announced a plan accounting for 16% of GDP (6% of GDP per year).
### European policy responses
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=27 "Edit section: European policy responses")\]
Until September 2008, European policy measures were limited to a small number of countries (Spain and Italy). In both countries, the measures were dedicated to households (tax rebates) reform of the taxation system to support specific sectors such as housing. The European Commission proposed a [€200 billion stimulus plan](https://en.wikipedia.org/wiki/2008_European_Union_stimulus_plan "2008 European Union stimulus plan") to be implemented at the European level by the countries. At the beginning of 2009, the UK and Spain completed their initial plans, while Germany announced a new plan.
On September 29, 2008, the Belgian, Luxembourg and Dutch authorities partially nationalised [Fortis](https://en.wikipedia.org/wiki/Fortis_\(finance\) "Fortis (finance)"). The German government bailed out [Hypo Real Estate](https://en.wikipedia.org/wiki/Hypo_Real_Estate "Hypo Real Estate").
On October 8, 2008, the British Government announced a [bank rescue package](https://en.wikipedia.org/wiki/2008_United_Kingdom_bank_rescue_package "2008 United Kingdom bank rescue package") of around £500 billion[\[179\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-179) (\$850 billion at the time). The plan comprised three parts. The first £200 billion would be made in regard to the banks in liquidity stack. The second part would consist of the state government increasing the capital market within the banks. Along with this, £50 billion would be made available if the banks needed it, finally the government would write off any eligible lending between the British banks with a limit to £250 billion.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
In early December 2008, German Finance Minister [Peer Steinbrück](https://en.wikipedia.org/wiki/Peer_Steinbr%C3%BCck "Peer Steinbrück") indicated a lack of belief in a "Great Rescue Plan" and reluctance to spend more money addressing the crisis.[\[180\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-180) In March 2009, The European Union Presidency confirmed that the EU was at the time strongly resisting the US pressure to increase European budget deficits.[\[181\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-181)
From 2010, the United Kingdom began a fiscal consolidation program to reduce debt and deficit levels while at the same time stimulating economic recovery.[\[182\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-182) Other European countries also began fiscal consolidation with similar aims.[\[183\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-183)
### Global responses
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=28 "Edit section: Global responses")\]
[](https://en.wikipedia.org/wiki/File:UK_US_2008_October_bank_bailouts.svg)
Bank bailouts [in the United Kingdom](https://en.wikipedia.org/wiki/2008_United_Kingdom_bank_rescue_package "2008 United Kingdom bank rescue package") and [in the United States](https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program "Troubled Asset Relief Program") in proportion to their GDPs
Most political responses to the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") were taken, as seen above, by individual nations. Some coordination took place at the European level, but the need to cooperate at the global level has led leaders to activate the [G-20 major economies](https://en.wikipedia.org/wiki/G-20_major_economies "G-20 major economies") entity. A first summit dedicated to the crisis took place, at the Heads of state level in November 2008 ([2008 G-20 Washington summit](https://en.wikipedia.org/wiki/2008_G-20_Washington_summit "2008 G-20 Washington summit")).
The [G-20 countries](https://en.wikipedia.org/wiki/G-20_major_economies "G-20 major economies") met in a summit held in [November 2008 in Washington](https://en.wikipedia.org/wiki/2008_G-20_Washington_summit "2008 G-20 Washington summit") to address the economic crisis. Apart from proposals on international financial regulation, they pledged to take measures to support their economy and to coordinate them, and refused any resort to protectionism.
[Another G-20 summit](https://en.wikipedia.org/wiki/2009_G-20_London_Summit "2009 G-20 London Summit") was held in London in April 2009. Finance ministers and central banks leaders of the G-20 met in [Horsham](https://en.wikipedia.org/wiki/Horsham "Horsham"), England, on March to prepare the summit, and pledged to restore global growth as soon as possible. They decided to coordinate their actions and to stimulate demand and employment. They also pledged to fight against all forms of [protectionism](https://en.wikipedia.org/wiki/Protectionism "Protectionism") and to maintain trade and foreign investments. These actions will cost \$1.1tn.[\[184\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-184)
They also committed to maintain the supply of credit by providing more liquidity and recapitalising the banking system, and to implement rapidly the stimulus plans. As for central bankers, they pledged to maintain low-rates policies as long as necessary. Finally, the leaders decided to help emerging and developing countries, through a strengthening of the IMF.
## Policy recommendations
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=29 "Edit section: Policy recommendations")\]
### IMF recommendation
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=30 "Edit section: IMF recommendation")\]
The IMF stated in September 2010 that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") would not end without a major decrease in unemployment as hundreds of millions of people were unemployed worldwide. The IMF urged governments to expand social safety nets and to generate job creation even as they are under pressure to cut spending. The IMF also encouraged governments to invest in skills training for the unemployed and even governments of countries, similar to that of Greece, with major debt risk to first focus on long-term economic recovery by creating jobs.[\[185\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-185)
### Raising interest rates
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=31 "Edit section: Raising interest rates")\]
Further information: [Corporate debt bubble](https://en.wikipedia.org/wiki/Corporate_debt_bubble "Corporate debt bubble")
The [Bank of Israel](https://en.wikipedia.org/wiki/Bank_of_Israel "Bank of Israel") was the first to raise interest rates after the global recession began.[\[186\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-marketwatch.com-186) It increased rates in August 2009.[\[186\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-marketwatch.com-186)
On October 6, 2009, [Australia](https://en.wikipedia.org/wiki/Australia "Australia") became the first G20 country to raise its main interest rate, with the [Reserve Bank of Australia](https://en.wikipedia.org/wiki/Reserve_Bank_of_Australia "Reserve Bank of Australia") moving rates up from 3.00% to 3.25%.[\[187\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-187)
The [Norges Bank](https://en.wikipedia.org/wiki/Norges_Bank "Norges Bank") of [Norway](https://en.wikipedia.org/wiki/Norway "Norway") and the [Reserve Bank of India](https://en.wikipedia.org/wiki/Reserve_Bank_of_India "Reserve Bank of India") raised interest rates in March 2010.[\[188\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-nytimes.com-188)
On November 2, 2017, the [Bank of England](https://en.wikipedia.org/wiki/Bank_of_England "Bank of England") raised interest rates for the first time since March 2009 from 0.25% to 0.5% in an attempt to curb inflation.
## Comparisons with the Great Depression
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=32 "Edit section: Comparisons with the Great Depression")\]
Main article: [Comparisons between the Great Recession and the Great Depression](https://en.wikipedia.org/wiki/Comparisons_between_the_Great_Recession_and_the_Great_Depression "Comparisons between the Great Recession and the Great Depression")
On April 17, 2009, the then head of the IMF [Dominique Strauss-Kahn](https://en.wikipedia.org/wiki/Dominique_Strauss-Kahn "Dominique Strauss-Kahn") said that there was a chance that certain countries may not implement the proper policies to avoid feedback mechanisms that could eventually turn the recession into a depression. "The free-fall in the global economy may be starting to abate, with a recovery emerging in 2010, but this depends crucially on the right policies being adopted today." The IMF pointed out that unlike the Great Depression, this recession was synchronised by global integration of markets. Such synchronized recessions were explained to last longer than typical economic downturns and have slower recoveries.[\[189\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-189)
[Olivier Blanchard](https://en.wikipedia.org/wiki/Olivier_Blanchard "Olivier Blanchard"), IMF Chief Economist, stated that the percentage of workers laid off for long stints has been rising with each downturn for decades but the figures have surged this time. "Long-term unemployment is alarmingly high: in the United States, half the unemployed have been out of work for over six months, something we have not seen since the Great Depression." The IMF also stated that a link between rising inequality within Western economies and deflating demand may exist. The last time that the [wealth gap](https://en.wikipedia.org/wiki/Wealth_gap "Wealth gap") reached such skewed extremes was in 1928–1929.[\[190\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-190)
## See also
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=33 "Edit section: See also")\]
- [](https://en.wikipedia.org/wiki/File:Emblem-money.svg)[Economics portal](https://en.wikipedia.org/wiki/Portal:Economics "Portal:Economics")
- [Money portal](https://en.wikipedia.org/wiki/Portal:Money "Portal:Money")
- [](https://en.wikipedia.org/wiki/File:The_Blue_Marble,_AS17-148-22727.jpg)[World portal](https://en.wikipedia.org/wiki/Portal:World "Portal:World")
- [2000s portal](https://en.wikipedia.org/wiki/Portal:2000s "Portal:2000s")
- [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom")
- [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis")
- [Basel Accords](https://en.wikipedia.org/wiki/Basel_Accords "Basel Accords")
- [Collateralized debt obligation](https://en.wikipedia.org/wiki/Collateralized_debt_obligation "Collateralized debt obligation")
- [COVID-19 recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession")
- [Economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble")
- [Fractional-reserve banking](https://en.wikipedia.org/wiki/Fractional-reserve_banking "Fractional-reserve banking")
- [Great Recession in Asia](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia")
- [Great Recession in Europe](https://en.wikipedia.org/wiki/Great_Recession_in_Europe "Great Recession in Europe")
- [Great Recession in the United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States")
- [Great Regression](https://en.wikipedia.org/wiki/Great_Regression "Great Regression")
- [International relations since 1989](https://en.wikipedia.org/wiki/International_relations_since_1989 "International relations since 1989")
- [Kondratiev wave](https://en.wikipedia.org/wiki/Kondratiev_wave "Kondratiev wave")
- [Lost Decade](https://en.wikipedia.org/wiki/Lost_Decade_\(disambiguation\) "Lost Decade (disambiguation)")
- [Peak oil](https://en.wikipedia.org/wiki/Peak_oil "Peak oil")
- [Recession pop](https://en.wikipedia.org/wiki/Recession_pop "Recession pop")
- [Savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis")
- [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash")
- [Stock market crashes in India](https://en.wikipedia.org/wiki/Stock_market_crashes_in_India "Stock market crashes in India")
## References
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=34 "Edit section: References")\]
1. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-NBRE_dates_1-0)** ["US Business Cycle Expansions and Contractions"](https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions), United States NBER, or National Bureau of Economic Research, updated March 14, 2023. This government agency dates the Great Recession as starting in December 2007 and bottoming-out in June 2009.
2. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-DPAD121912_2-0)**
["World Economic Situation and Prospects 2013"](https://www.un.org/en/development/desa/policy/wesp/index.shtml). Development Policy and Analysis Division of the UN secretariat. Retrieved December 19, 2012.
3. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-UN011513_3-0)**
United Nations (January 15, 2013). *World Economic Situation and Prospects 2013* (trade paperback) (1st ed.). United Nations. p. 200. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-9211091663](https://en.wikipedia.org/wiki/Special:BookSources/978-9211091663 "Special:BookSources/978-9211091663")
. "The global economy continues to struggle with post-crisis adjustments"
4. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-BernankeFCIC1_4-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-BernankeFCIC1_4-1)
Bernanke, Ben (September 2, 2010). ["Causes of the Recent Financial and Economic Crisis"](https://www.federalreserve.gov/newsevents/testimony/bernanke20100902a.htm). Retrieved February 15, 2021.
5. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-nber.org_5-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-nber.org_5-1) [US Business Cycle Expansions and Contractions](https://www.nber.org/cycles/) [Archived](https://web.archive.org/web/20080925210636/https://www.nber.org/cycles/) September 25, 2008, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), NBER, accessed August 9, 2012.
6. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-6)**
Park, Byeong U.; Simar, Léopold; Zelenyuk, Valentin (2020). ["Forecasting of recessions via dynamic probit for time series: Replication and extension of Kauppi and Saikkonen (2008)"](https://link.springer.com/article/10.1007/s00181-019-01708-2). *Empirical Economics*. **58**: 379–392\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/s00181-019-01708-2](https://doi.org/10.1007%2Fs00181-019-01708-2). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[2078\.1/216348](https://hdl.handle.net/2078.1%2F216348).
7. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-Merriam-Webster_recession_7-0)**
Merriam-Webster (May 31, 2023), ["headword 'recession'"](http://www.merriam-webster.com/dictionary/recession), *Merriam-Webster Collegiate Dictionary online*.
8. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-8)**
[Hulbert, Mark](https://en.wikipedia.org/wiki/Mark_Hulbert "Mark Hulbert") (July 15, 2010). ["It's Dippy to Fret About a Double-Dip Recession"](https://www.barrons.com/articles/SB50001424052970203983104575367471896032724). *[Barron's](https://en.wikipedia.org/wiki/Barron%27s "Barron's")*.
9. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-9)** V.I. Keilis-Borok et al., [Pattern of Macroeconomic Indicators Preceding the End of an American Economic Recession.](http://www.jprr.org/index.php/jprr/article/view/106) [Archived](https://web.archive.org/web/20110716022254/http://www.jprr.org/index.php/jprr/article/view/106) July 16, 2011, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Journal of Pattern Recognition Research, JPRR Vol. 3 (1) 2008.
10. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-10)**
Wingfield, Brian (September 20, 2010). ["The End Of The Great Recession? Hardly"](https://www.forbes.com/sites/brianwingfield/2010/09/20/the-end-of-the-great-recession-hardly/). *Forbes*.
11. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-11)**
Evans-Schaefer, Steve (September 20, 2010). ["Street Rallies Around Official Recession End"](https://www.forbes.com/2010/09/20/briefing-markets-recession-over-stocks-rally.html). *Forbes*.
12. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-12)** Kuttner, Robert. *Debtors’ Prison: The Politics of Austerity Versus Possibility*. New York: Vintage Books, 2013, 40. \[*[ISBN missing](https://en.wikipedia.org/wiki/Wikipedia:Citing_sources "Wikipedia:Citing sources")*\]
13. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-New_IMF_Global_Recession_definition_13-0)**
Davis, Bob (April 22, 2009). ["What's a Global Recession?"](https://blogs.wsj.com/economics/2009/04/22/whats-a-global-recession/). *The Wall Street Journal*. Retrieved September 17, 2013.
14. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-IMF_WEO_2009_14-0)**
["World Economic Outlook – April 2009: Crisis and Recovery"](http://www.imf.org/external/pubs/ft/weo/2009/01/pdf/text.pdf) (PDF), *Box 1.1*, IMF, pp. 11–14, April 24, 2009, retrieved September 17, 2013
15. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-15)**
["Members"](https://web.archive.org/web/20150210155549/https://g20.org/about-g20/g20-members/). G20. Archived from [the original](https://g20.org/about-g20/g20-members/) on February 10, 2015. Retrieved January 15, 2014.
16. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stats.oecd.org_16-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stats.oecd.org_16-1) [***c***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stats.oecd.org_16-2) [***d***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stats.oecd.org_16-3) [***e***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stats.oecd.org_16-4) [***f***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stats.oecd.org_16-5) [***g***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stats.oecd.org_16-6) [***h***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stats.oecd.org_16-7)
["Quarterly National Accounts : Quarterly Growth Rates of real GDP, change over previous quarter"](https://web.archive.org/web/20230522195537/https://stats.oecd.org/WBOS/Index.aspx?QueryName=350&QueryType=View&Lang=en). Stats.oecd.org. Archived from [the original](http://stats.oecd.org/WBOS/Index.aspx?QueryName=350&QueryType=View&Lang=en) on May 22, 2023. Retrieved August 17, 2013.
17. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-17)**
["NBER Makes It Official: Recession Started in December 2007"](https://blogs.wsj.com/economics/2008/12/01/nber-makes-it-official-recession-started-in-december-2007/). *The Wall Street Journal*. December 1, 2008.
18. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-18)**
Wearden, Graeme (June 3, 2008). ["Oil prices: George Soros warns that speculators could trigger stock market crash"](https://www.theguardian.com/business/2008/jun/03/commodities). *The Guardian*. London. Retrieved April 10, 2009.
19. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-19)**
Andrews, Edmund L. (October 24, 2008). ["Greenspan Concedes Error on Regulation"](https://www.nytimes.com/2008/10/24/business/economy/24panel.html). *The New York Times*.
20. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-20)**
[Nouriel Roubini](https://en.wikipedia.org/wiki/Nouriel_Roubini "Nouriel Roubini") (January 15, 2009). ["A Global Breakdown of the Recession in 2009"](https://www.forbes.com/2009/01/14/global-recession-2009-oped-cx_nr_0115roubini.html). *Forbes*.
21. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-KrugmanGeithner1_21-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-KrugmanGeithner1_21-1) [***c***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-KrugmanGeithner1_21-2)
Krugman, Paul (July 10, 2014). ["Geithner: Does He Pass the Test?"](http://www.nybooks.com/articles/archives/2014/jul/10/geithner-does-he-pass-test/). *[The New York Review of Books](https://en.wikipedia.org/wiki/The_New_York_Review_of_Books "The New York Review of Books")*. Retrieved August 23, 2014.
22. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-22)**
Isidore, Chris (December 1, 2008). ["It's official: Recession since Dec '07"](https://money.cnn.com/2008/12/01/news/economy/recession/index.htm?postversion=2008120112). *CNN Money*. Retrieved April 10, 2009.
23. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-23)** David Lightman. [Congressional Budget Office compares downturn to Great Depression](http://www.mcclatchydc.com/251/story/60822.html) [Archived](https://web.archive.org/web/20090303075017/http://www.mcclatchydc.com/251/story/60822.html) March 3, 2009, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"). *McClatchy Washington Bureau.* January 27, 2009.
24. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-24)**
Finch, Julia (January 26, 2009). ["Twenty-five People at the Heart of the Meltdown"](https://www.theguardian.com/business/2009/jan/26/road-ruin-recession-individuals-economy). *The Guardian*. London. Retrieved April 10, 2009.
25. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-25)**
Krugman, Paul (January 4, 2009). ["Fighting Off Depression"](https://www.nytimes.com/2009/01/05/opinion/05krugman.html). *The New York Times*.
26. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-26)**
["IMF World Economic Outlook, April 2009: 'Exit strategies will be needed to transition fiscal and monetary policies from extraordinary short-term support to sustainable medium-term frameworks.' (p. 38)"](http://www.imf.org/external/pubs/ft/weo/2009/01/pdf/c1.pdf) (PDF). Retrieved January 21, 2010.
27. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-27)**
["Olivier Blanchard, the chief economist of the International Monetary Fund, "is advising officials around the world to keep economic stimulus programs in place no longer than necessary to chart a path to sustainable growth.""](https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMK3Z_HHbYM8). Bloomberg.com. May 30, 2005. Retrieved January 21, 2010.
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Cooke, Kristin (August 21, 2009). ["U.S deficit poses potential systemic risk: Taylor"](https://www.reuters.com/article/newsOne/idUKTRE57K5IV20090821?virtualBrandChannel=11611). Reuters.com. Retrieved January 21, 2010.
29. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-Appelbaum_29-0)**
Binyamin, Appelbaum (September 4, 2014). ["Fed Says Growth Lifts the Affluent, Leaving Behind Everyone Else"](https://www.nytimes.com/2014/09/05/business/economy/least-affluent-families-incomes-are-declining-fed-survey-shows.html). *The New York Times*. Retrieved September 13, 2014.
30. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-isChokshi_30-0)**
Chokshi, Niraj (August 11, 2014). ["Income inequality seems to be rising in more than 2 in 3 metro areas"](https://www.washingtonpost.com/blogs/govbeat/wp/2014/08/11/income-inequality-seems-to-be-rising-in-more-than-2-in-3-metro-areas/). *[The Washington Post](https://en.wikipedia.org/wiki/The_Washington_Post "The Washington Post")*. Retrieved September 13, 2014.
31. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-Kurtzleben_31-0)**
Kurtzleben, Danielle (August 23, 2014). ["Middle class households' wealth fell 35 percent from 2005 to 2011"](https://www.vox.com/2014/8/23/6057467/middle-class-households-wealth-fell-35-percent-from-2005-to-2011). *Vox*. Retrieved September 13, 2014.
32. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-32)**
Allen, Paddy (January 29, 2009). ["Global recession – where did all the money go?"](https://www.theguardian.com/business/dan-roberts-on-business-blog/interactive/2009/jan/29/financial-pyramid). *The Guardian*. London. Retrieved April 10, 2009.
33. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stanford1_33-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stanford1_33-1) [***c***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stanford1_33-2) [***d***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stanford1_33-3) [***e***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-stanford1_33-4)
["Financial Crisis Inquiry Report-Conclusions-January 2011"](http://fcic.law.stanford.edu/report/conclusions). Fcic.law.stanford.edu. March 10, 2011. Retrieved April 22, 2013.
34. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-34)**
["FCIC-Final Report Dissent of Wallison"](http://fcic-static.law.stanford.edu/cdn_media/fcic-reports/fcic_final_report_wallison_dissent.pdf) (PDF). January 2011.
35. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-35)**
["Declaration of G20"](https://georgewbush-whitehouse.archives.gov/news/releases/2008/11/20081115-1.html). Whitehouse.gov. November 2008.
36. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-frbatlanta.org_36-0)**
["Gary Gorton – NBER and Yale – Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007"](https://web.archive.org/web/20140620164026/http://www.frbatlanta.org/news/CONFEREN/09fmc/gorton.pdf) (PDF). May 2009. Archived from [the original](http://www.frbatlanta.org/news/CONFEREN/09fmc/gorton.pdf) (PDF) on June 20, 2014. Retrieved April 16, 2013.
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`{{cite news}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
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Herszenhorn, David M. (September 21, 2008). ["Administration Is Seeking \$700 Billion for Wall Street"](https://www.nytimes.com/2008/09/21/business/21cong.html). *The New York Times*. Retrieved May 24, 2010.
169. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-169)**
["Stimulus Package 2009"](http://news.bbc.co.uk/1/hi/business/7889897.stm). *BBC News*. February 14, 2009. Retrieved February 27, 2009.
170. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-170)**
["Obama-Homeowner Affordability and Stability Plan"](https://web.archive.org/web/20090219152954/http://www.treas.gov//initiatives//eesa//homeowner-affordability-plan//FactSheet.pdf) (PDF). Archived from [the original](http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/FactSheet.pdf) (PDF) on February 19, 2009.
171. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-171)**
Appelbaum, Binyamin (February 26, 2013). ["Fed Chairman Defends Stimulus Efforts"](https://www.nytimes.com/2013/02/27/business/economy/fed-chairman-defends-stimulus-efforts.html). *The New York Times*. Retrieved October 5, 2017.
172. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-:024_172-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-:024_172-1)
[Jin, Keyu](https://en.wikipedia.org/wiki/Keyu_Jin "Keyu Jin") (2023). *The New China Playbook: Beyond Socialism and Capitalism*. New York: Viking. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-9848-7828-1](https://en.wikipedia.org/wiki/Special:BookSources/978-1-9848-7828-1 "Special:BookSources/978-1-9848-7828-1")
.
173. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-173)**
["Asian central banks spend billions to prevent crash"](https://web.archive.org/web/20080919042036/http://www.iht.com/articles/2008/09/16/business/cbanks.php). *International Herald Tribune*. September 16, 2008. Archived from [the original](http://www.iht.com/articles/2008/09/16/business/cbanks.php) on September 19, 2008. Retrieved September 21, 2008.
174. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-:0_174-0)**
Massot, Pascale (2024). *China's Vulnerability Paradox: How the World's Largest Consumer Transformed Global Commodity Markets*. New York: [Oxford University Press](https://en.wikipedia.org/wiki/Oxford_University_Press "Oxford University Press"). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-19-777140-2](https://en.wikipedia.org/wiki/Special:BookSources/978-0-19-777140-2 "Special:BookSources/978-0-19-777140-2")
.
175. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-:45_175-0)**
[Mitter, Rana](https://en.wikipedia.org/wiki/Rana_Mitter "Rana Mitter") (2020). *China's Good War: How World War II is Shaping a New Nationalism*. Cambridge, Massachusetts: The Belknap Press of [Harvard University Press](https://en.wikipedia.org/wiki/Harvard_University_Press "Harvard University Press"). p. 8. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-674-98426-4](https://en.wikipedia.org/wiki/Special:BookSources/978-0-674-98426-4 "Special:BookSources/978-0-674-98426-4")
. [OCLC](https://en.wikipedia.org/wiki/OCLC_\(identifier\) "OCLC (identifier)") [1141442704](https://search.worldcat.org/oclc/1141442704).
176. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-176)**
["The Sensex journey: From 2008 to 2013"](https://www.ndtvprofit.com/business/the-sensex-journey-from-2008-to-2013-371137). [NDTV Profit](https://en.wikipedia.org/wiki/NDTV_Profit "NDTV Profit"). November 1, 2013.
177. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-177)**
["Chinese pharmaceutical exporters to benefit from latest tax rebates increases"](http://www.asia-manufacturing.com/news-232-chinesepharmaceutical-exporters-taxrebates-increases.html). [Asia Manufacturing Pharma](https://en.wikipedia.org/w/index.php?title=Asia_Manufacturing_Pharma&action=edit&redlink=1 "Asia Manufacturing Pharma (page does not exist)"). December 1, 2008. Retrieved December 1, 2008.
`{{cite news}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
178. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-World_Banks_178-0)**
["Germany Rescues Hypo Real Estate"](http://www.dw-world.de/dw/article/0,2144,3692522,00.html). [Deutsche Welle](https://en.wikipedia.org/wiki/Deutsche_Welle "Deutsche Welle"). October 6, 2008.
179. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-179)**
["Gordon Brown should say 'sorry'"](https://www.telegraph.co.uk/news/newstopics/politics/gordon-brown/4961897/Gordon-Brown-should-say-sorry-over-economy-minister-says.html). London: The Telegraph. March 9, 2009. Retrieved March 9, 2009.
\[*[dead link](https://en.wikipedia.org/wiki/Wikipedia:Link_rot "Wikipedia:Link rot")*\]
180. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-180)**
["It Doesn't Exist!"](http://www.newsweek.com/id/172613). *Newsweek.com*. December 6, 2008. Retrieved December 15, 2008.
181. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-181)**
Waterfield, Bruno (March 25, 2009). ["EU resists deficits"](https://web.archive.org/web/20090328125312/http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5048291/EU-presidency-US-and-UK-economic-recovery-plans-are-a-way-to-hell.html). *Telegraph.co.uk*. London. Archived from [the original](https://www.telegraph.co.uk/finance/financetopics/financialcrisis/5048291/EU-presidency-US-and-UK-economic-recovery-plans-are-a-way-to-hell.html) on March 28, 2009. Retrieved January 21, 2010.
182. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-182)**
["Cutting the deficit: three years down, five to go?"](http://www.ifs.org.uk/publications/6683). The Institute for Fiscal Studies. May 8, 2013. Retrieved February 2, 2016.
183. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-183)**
["EU fiscal consolidation after the financial crisis: Lessons from past experiences"](http://www.voxeu.org/article/eu-fiscal-consolidation-after-global-crisis-lessons-past-experiences). VOX CEPR's Policy Portal. October 2, 2010. Retrieved February 2, 2016.
184. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-184)**
["G20 leaders seal tn global deal"](http://news.bbc.co.uk/2/hi/business/7979483.stm). *BBC News*. April 2, 2009.
185. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-185)**
Alderman, Liz (September 13, 2010). ["I.M.F. Calls for Countries to Focus on Jobs"](https://www.nytimes.com/2010/09/14/business/global/14euro.html). *The New York Times*.
186. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-marketwatch.com_186-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-marketwatch.com_186-1)
["Israel rate cut suggests more emerging market cuts – Emerging Markets Report"](http://www.marketwatch.com/story/israels-surprise-rate-cut-may-mean-other-em-cuts-2011-09-26). MarketWatch. September 26, 2011. Retrieved May 15, 2012.
187. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-187)**
["Australia raises interest rates"](http://news.bbc.co.uk/2/hi/business/8291968.stm). BBC News. October 6, 2009. Retrieved January 21, 2010.
188. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-nytimes.com_188-0)**
["India's Central Bank Raises Interest Rates"](https://www.nytimes.com/2010/03/20/business/global/20rupee.html). *The New York Times*. March 19, 2010.
189. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-189)**
Evans, Ambrose (April 16, 2009). ["IMF warns over parallels to Great Depression"](https://web.archive.org/web/20090417185822/http://www.telegraph.co.uk/finance/financetopics/recession/5166956/IMF-warns-over-parallels-to-Great-Depression.html). *The Daily Telegraph*. London. Archived from [the original](https://www.telegraph.co.uk/finance/financetopics/recession/5166956/IMF-warns-over-parallels-to-Great-Depression.html) on April 17, 2009. Retrieved January 21, 2010.
190. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-190)**
["IMF fears 'social explosion' from world jobs crisis"](https://web.archive.org/web/20100915140526/http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8000561/IMF-fears-social-explosion-from-world-jobs-crisis.html). *The Daily Telegraph*. London. September 13, 2010. Archived from [the original](https://www.telegraph.co.uk/finance/financetopics/financialcrisis/8000561/IMF-fears-social-explosion-from-world-jobs-crisis.html) on September 15, 2010. Retrieved August 17, 2013.
## Further reading
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=35 "Edit section: Further reading")\]
- [Bernanke, Ben S.](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") (2015). *The Courage to Act: A Memoir of a Crisis and Its Aftermath*. New York: [W. W. Norton & Company](https://en.wikipedia.org/wiki/W._W._Norton_%26_Company "W. W. Norton & Company"). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0393247213](https://en.wikipedia.org/wiki/Special:BookSources/978-0393247213 "Special:BookSources/978-0393247213")
.
- [Coffee, John C.](https://en.wikipedia.org/wiki/John_C._Coffee "John C. Coffee") (2009). "What Went Wrong? An Initial Inquiry Into the Causes of the 2008 Financial Crisis". *Journal of Corporate Law Studies*. **9** (1): 1–22\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1080/14735970.2009.11421533](https://doi.org/10.1080%2F14735970.2009.11421533). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [153278046](https://api.semanticscholar.org/CorpusID:153278046).
- [Duménil, Gérard](https://en.wikipedia.org/wiki/G%C3%A9rard_Dum%C3%A9nil "Gérard Duménil"); Lévy, Dominique (2013). [*The Crisis of Neoliberalism*](http://www.hup.harvard.edu/catalog.php?isbn=9780674072244) (Reprint ed.). [Harvard University Press](https://en.wikipedia.org/wiki/Harvard_University_Press "Harvard University Press"). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-674-07224-4](https://en.wikipedia.org/wiki/Special:BookSources/978-0-674-07224-4 "Special:BookSources/978-0-674-07224-4")
.
- Gertler, Mark, and Simon Gilchrist. "What happened: Financial factors in the great recession." *Journal of Economic Perspectives* 32.3 (2018): 3–30. [online](https://scholar.google.com/scholar?output=instlink&q=info:9I1bXGbxqbcJ:scholar.google.com/&hl=en&as_sdt=0,27&as_ylo=2017&scillfp=12543900128079003130&oi=lle) [Archived](https://web.archive.org/web/20220305145415/https://scholar.google.com/scholar?output=instlink&q=info:9I1bXGbxqbcJ:scholar.google.com/&hl=en&as_sdt=0,27&as_ylo=2017&scillfp=12543900128079003130&oi=lle) March 5, 2022, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")
- Gorman, Tom (2010). [*The Complete Idiot's Guide to the Great Recession*](https://archive.org/details/completeidiotsgu0000gorm/page/n5/mode/2up).
- [Greenspan, Alan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") (2008) \[2007\]. [*The Age of Turbulence: Adventures in a New World*](https://en.wikipedia.org/wiki/The_Age_of_Turbulence "The Age of Turbulence"). New York: [Penguin Books](https://en.wikipedia.org/wiki/Penguin_Books "Penguin Books"). pp. 507–532\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0143114161](https://en.wikipedia.org/wiki/Special:BookSources/978-0143114161 "Special:BookSources/978-0143114161")
.
- [Greenspan, Alan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"); [Wooldridge, Adrian](https://en.wikipedia.org/wiki/Adrian_Wooldridge "Adrian Wooldridge") (2018). *Capitalism in America: A History*. New York: [Penguin Press](https://en.wikipedia.org/wiki/Penguin_Press "Penguin Press"). pp. 368–388\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0735222441](https://en.wikipedia.org/wiki/Special:BookSources/978-0735222441 "Special:BookSources/978-0735222441")
.
- Krugman, Paul (2009). *The Return of Depression Economics and the Crisis of 2008*; [excerpt](https://www.amazon.com/Return-Depression-Economics-Crisis-2008/dp/0393337804/).
- [Kynaston, David](https://en.wikipedia.org/wiki/David_Kynaston "David Kynaston") (2017). *Till Time's Last Sand: A History of the Bank of England, 1694–2013*. New York: [Bloomsbury](https://en.wikipedia.org/wiki/Bloomsbury_Publishing "Bloomsbury Publishing"). pp. 747–776\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1408868560](https://en.wikipedia.org/wiki/Special:BookSources/978-1408868560 "Special:BookSources/978-1408868560")
.
- [Lo, Andrew W.](https://en.wikipedia.org/wiki/Andrew_Lo "Andrew Lo") (2012). "Reading About the Financial Crisis: A Twenty-One-Book Review". *[Journal of Economic Literature](https://en.wikipedia.org/wiki/Journal_of_Economic_Literature "Journal of Economic Literature")*. **50** (1): 151–178\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1257/jel.50.1.151](https://doi.org/10.1257%2Fjel.50.1.151). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[1721\.1/75360](https://hdl.handle.net/1721.1%2F75360). [JSTOR](https://en.wikipedia.org/wiki/JSTOR_\(identifier\) "JSTOR (identifier)") [23269975](https://www.jstor.org/stable/23269975). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [145081442](https://api.semanticscholar.org/CorpusID:145081442).
- Levy, Jonathan (2021). *Ages of American Capitalism: A History of the United States*. [Excerpt](https://www.amazon.com/Ages-American-Capitalism-History-United/dp/0812995015/).
- [Meltzer, Allan H.](https://en.wikipedia.org/wiki/Allan_H._Meltzer "Allan H. Meltzer") (2009). *A History of the Federal Reserve – Volume 2, Book 2: 1970–1986*. Chicago: [University of Chicago Press](https://en.wikipedia.org/wiki/University_of_Chicago_Press "University of Chicago Press"). pp. 1243–1256\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0226213514](https://en.wikipedia.org/wiki/Special:BookSources/978-0226213514 "Special:BookSources/978-0226213514")
.
- OECD (2010). [*OECD Insights From Crisis to Recovery: The Causes, Course and Consequences of the Great Recession*](https://books.google.com/books?id=feCQqOS2x1gC&dq&pg=PA3). OECD Publishing.
- [Paulson, Hank](https://en.wikipedia.org/wiki/Henry_Paulson "Henry Paulson") (2010). *On the Brink: Inside the Race to Stop the Collapse of the Global Financial System*. London: Headline. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-7553-6054-3](https://en.wikipedia.org/wiki/Special:BookSources/978-0-7553-6054-3 "Special:BookSources/978-0-7553-6054-3")
.
- Ramey, Valerie A. ["Ten years after the financial crisis: What have we learned from the renaissance in fiscal research?"](https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.33.2.89) *Journal of Economic Perspectives* 33.2 (2019): 89–114.
- Read, Colin (2009). [*Global Financial Meltdown: How We Can Avoid the Next Economic Crisis*](https://archive.org/details/globalfinancialm0000read). New York: Palgrave Macmillan. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-230-22218-2](https://en.wikipedia.org/wiki/Special:BookSources/978-0-230-22218-2 "Special:BookSources/978-0-230-22218-2")
.
- Reinhart, Carmen M., and Kenneth S. Rogoff. *This Time is Different: Eight Centuries of Financial Folly* (Princeton UP, 2009) [summary](https://www.nber.org/papers/w13882.pdf).
- Rosenberg, Jerry M. (2012). [*The Concise Encyclopedia of The Great Recession 2007–2012*](https://archive.org/details/conciseencyclope0000rose) (2nd ed.). Scarecrow Press. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9780810883406](https://en.wikipedia.org/wiki/Special:BookSources/9780810883406 "Special:BookSources/9780810883406")
.
- Shimelse Ali, [Uri Dadush](https://en.wikipedia.org/wiki/Uri_Dadush "Uri Dadush"), Lauren Falcao (June 2009). [Financial Transmission of the Crisis: What's the Lesson?](https://web.archive.org/web/20090715055648/http://www.carnegieendowment.org/publications/index.cfm?fa=view&id=23284&prog=zgp&proj=zie). *[International Economics Bulletin](https://en.wikipedia.org/wiki/International_Economics_Bulletin "International Economics Bulletin")*.
- Stein, Howard (July 25, 2012). ["The Neoliberal Policy Paradigm and the Great Recession"](https://doi.org/10.2298%2FPAN1204421S). *Panoeconomicus*. **59** (4): 421–440\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.2298/PAN1204421S](https://doi.org/10.2298%2FPAN1204421S). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [26437908](https://api.semanticscholar.org/CorpusID:26437908).
- Sorkin, Andrew Ross. *Too big to fail: The inside story of how Wall Street and Washington fought to save the financial system – and themselves* (Penguin, 2010) [online](http://etonline-digitallibrary.com/bitstream/123456789/1711/1/1007.pdf) [Archived](https://web.archive.org/web/20210420165547/http://etonline-digitallibrary.com/bitstream/123456789/1711/1/1007.pdf) April 20, 2021, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine").
- Stiglitz, Joseph E. *Freefall: America, free markets, and the sinking of the world economy* (WW Norton & Company, 2010). [online](https://api.duponttateandlyle.com/sites/default/files/webform/pdf-freefall-america-free-markets-and-the-sinking-of-the-world-eco-joseph-e-stiglitz-pdf-download-free-book-94b662c.pdf) [Archived](https://web.archive.org/web/20210420165514/https://api.duponttateandlyle.com/sites/default/files/webform/pdf-freefall-america-free-markets-and-the-sinking-of-the-world-eco-joseph-e-stiglitz-pdf-download-free-book-94b662c.pdf) April 20, 2021, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")
- [Tooze, Adam](https://en.wikipedia.org/wiki/Adam_Tooze "Adam Tooze") (2018). *Crashed: How a Decade of Financial Crises Changed the World*. New York: [Viking](https://en.wikipedia.org/wiki/Viking "Viking"). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9780670024933](https://en.wikipedia.org/wiki/Special:BookSources/9780670024933 "Special:BookSources/9780670024933")
.
- [Woods, Thomas E.](https://en.wikipedia.org/wiki/Thomas_Woods "Thomas Woods") (2009). [*Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse*](https://en.wikipedia.org/wiki/Meltdown_\(Woods_book\) "Meltdown (Woods book)"). Washington, DC: [Regnery Publishing](https://en.wikipedia.org/wiki/Regnery_Publishing "Regnery Publishing"). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-59698-587-2](https://en.wikipedia.org/wiki/Special:BookSources/978-1-59698-587-2 "Special:BookSources/978-1-59698-587-2")
.
- Worswick, G. David N. "Two great recessions: the 1980s and the 1930s in Britain." *Scottish Journal of Political Economy* 31.3 (1984): 209–228.
- Zuckerman, Gregory. *The greatest trade ever: The behind-the-scenes story of how John Paulson defied Wall Street and made financial history* (Crown, 2010).
## External links
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=36 "Edit section: External links")\]
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Wikiversity has learning resources about ***[Great Recession](https://en.wikiversity.org/wiki/Special:Search/Great_Recession "v:Special:Search/Great Recession")*** at
[2008 global economic crisis](https://en.wikiversity.org/wiki/2008_global_economic_crisis "v:2008 global economic crisis")
Wikiquote has quotations related to ***[Great Recession](https://en.wikiquote.org/wiki/Special:Search/Great_Recession "q:Special:Search/Great Recession")***.
- [Assessing the Costs and Consequences of the 2007–09 Financial Crisis and Its Aftermath](http://www.dallasfed.org/assets/documents/research/eclett/2013/el1307.pdf) ([Archived](https://web.archive.org/web/20161211234846/https://dallasfed.org/assets/documents/research/eclett/2013/el1307.pdf) December 11, 2016, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")), September 2013, [Federal Reserve Bank of Dallas](https://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_Dallas "Federal Reserve Bank of Dallas")
- [Tracking the Global Recession](http://research.stlouisfed.org/recession/) – Information from the [Federal Reserve Bank of St. Louis](https://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_St._Louis "Federal Reserve Bank of St. Louis")
- Federal Reserve Bank of St. Louis, ["What Caused the Crisis"](https://web.archive.org/web/20110501152231/http://timeline.stlouisfed.org/index.cfm?p=articles&ct_id=10), collection of papers
- ["Global Outlook"](https://web.archive.org/web/20090715071508/http://www.carnegieendowment.org/publications/index.cfm?fa=view&id=23283&prog=zgp&proj=zie), [Uri Dadush](https://en.wikipedia.org/wiki/Uri_Dadush "Uri Dadush"), *[International Economics Bulletin](https://en.wikipedia.org/wiki/International_Economics_Bulletin "International Economics Bulletin")*, June 2009.
- [Global Recession](http://news.bbc.co.uk/1/hi/in_depth/business/2007/creditcrunch/default.stm) ([Archived](https://web.archive.org/web/20090607071519/http://news.bbc.co.uk/1/hi/in_depth/business/2007/creditcrunch/default.stm) June 7, 2009, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")) ongoing coverage from [BBC News](https://en.wikipedia.org/wiki/BBC_News "BBC News")
- [Global Recession](https://www.theguardian.com/business/globalrecession) ongoing coverage from *[The Guardian](https://en.wikipedia.org/wiki/The_Guardian "The Guardian")*
- [ILO Job Crisis Observatory](http://www.ilo.org/public/english/support/lib/financialcrisis/index.htm)
- [A Spectral Analysis of World GDP Dynamics: Kondratieff Waves, Kuznets Swings, Juglar and Kitchin Cycles in Global Economic Development, and the 2008–2009 Economic Crisis](http://www.escholarship.org/uc/item/9jv108xp).
- [The Second Wave of the Global Crisis? On mathematical analyses of some dynamic series](http://escholarship.org/uc/item/85j5n55b)
- [Recession 'link' with over 10,000 suicides in the West](http://www.ox.ac.uk/news/2014-06-12-recession-link-over-10000-suicides-west). [University of Oxford](https://en.wikipedia.org/wiki/University_of_Oxford "University of Oxford"), June 2014.
| [v](https://en.wikipedia.org/wiki/Template:Great_Recession "Template:Great Recession") [t](https://en.wikipedia.org/wiki/Template_talk:Great_Recession "Template talk:Great Recession") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Great_Recession "Special:EditPage/Template:Great Recession")[Great Recession]() | |
|---|---|
| By region | [Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [Americas](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States") [South America](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [Asia](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [Europe](https://en.wikipedia.org/wiki/Great_Recession_in_Europe "Great Recession in Europe") [Iceland](https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis "2008–2011 Icelandic financial crisis") [Oceania](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") |
| United States-specific | [Automotive industry crisis](https://en.wikipedia.org/wiki/Automotive_industry_crisis_of_2008%E2%80%932010 "Automotive industry crisis of 2008–2010") [California budget crisis](https://en.wikipedia.org/wiki/2008%E2%80%932012_California_budget_crisis "2008–2012 California budget crisis") [Housing bubble](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble") [Housing market correction](https://en.wikipedia.org/wiki/United_States_housing_market_correction "United States housing market correction") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") |
| Banking losses and fraud | [Libor scandal](https://en.wikipedia.org/wiki/Libor_scandal "Libor scandal") [Tom Hayes](https://en.wikipedia.org/wiki/Tom_Hayes_\(trader\) "Tom Hayes (trader)") [Société Générale trading loss](https://en.wikipedia.org/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss "2008 Société Générale trading loss") [Icesave dispute](https://en.wikipedia.org/wiki/Icesave_dispute "Icesave dispute") [Forex scandal](https://en.wikipedia.org/wiki/Forex_scandal "Forex scandal") [Bernie Madoff](https://en.wikipedia.org/wiki/Bernie_Madoff "Bernie Madoff") [Tom Petters](https://en.wikipedia.org/wiki/Tom_Petters "Tom Petters") [Scott W. Rothstein](https://en.wikipedia.org/wiki/Scott_W._Rothstein "Scott W. Rothstein") [Allen Stanford](https://en.wikipedia.org/wiki/Allen_Stanford "Allen Stanford") |
| Government entities | [Consumer Financial Protection Bureau](https://en.wikipedia.org/wiki/Consumer_Financial_Protection_Bureau "Consumer Financial Protection Bureau") [Federal Deposit Insurance Corporation](https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation "Federal Deposit Insurance Corporation") [Federal Home Loan Banks](https://en.wikipedia.org/wiki/Federal_Home_Loan_Banks "Federal Home Loan Banks") [Federal Housing Administration](https://en.wikipedia.org/wiki/Federal_Housing_Administration "Federal Housing Administration") [Federal Housing Finance Agency](https://en.wikipedia.org/wiki/Federal_Housing_Finance_Agency "Federal Housing Finance Agency") [Federal Housing Finance Board](https://en.wikipedia.org/wiki/Federal_Housing_Finance_Board "Federal Housing Finance Board") [Federal Reserve System](https://en.wikipedia.org/wiki/Federal_Reserve_System "Federal Reserve System") [Government National Mortgage Association](https://en.wikipedia.org/wiki/Government_National_Mortgage_Association "Government National Mortgage Association") [National Asset Management Agency](https://en.wikipedia.org/wiki/National_Asset_Management_Agency "National Asset Management Agency") [Office of Federal Housing Enterprise Oversight](https://en.wikipedia.org/wiki/Office_of_Federal_Housing_Enterprise_Oversight "Office of Federal Housing Enterprise Oversight") [Office of Financial Stability](https://en.wikipedia.org/wiki/Assistant_Secretary_of_the_Treasury_for_Financial_Stability "Assistant Secretary of the Treasury for Financial Stability") [UK Financial Investments](https://en.wikipedia.org/wiki/UK_Financial_Investments "UK Financial Investments") |
| Government policy and spending responses | |
| Banking and finance stability and reform | |
| | |
| Bank stress tests | [EU](https://en.wikipedia.org/wiki/2010_European_Union_bank_stress_test "2010 European Union bank stress test") [U.S.](https://en.wikipedia.org/wiki/2009_Supervisory_Capital_Assessment_Program "2009 Supervisory Capital Assessment Program") |
| Stimulus and recovery | [2008 European Union stimulus plan](https://en.wikipedia.org/wiki/2008_European_Union_stimulus_plan "2008 European Union stimulus plan") [2008–2009 Keynesian resurgence](https://en.wikipedia.org/wiki/2008%E2%80%932009_Keynesian_resurgence "2008–2009 Keynesian resurgence") [American Recovery and Reinvestment Act of 2009](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009") [Chinese economic stimulus program](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_program "Chinese economic stimulus program") [Economic Stimulus Act of 2008](https://en.wikipedia.org/wiki/Economic_Stimulus_Act_of_2008 "Economic Stimulus Act of 2008") [Fraud Enforcement and Recovery Act of 2009](https://en.wikipedia.org/wiki/Fraud_Enforcement_and_Recovery_Act_of_2009 "Fraud Enforcement and Recovery Act of 2009") [Green New Deal](https://en.wikipedia.org/wiki/Green_New_Deal "Green New Deal") [Housing and Economic Recovery Act of 2008](https://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008 "Housing and Economic Recovery Act of 2008") [National fiscal policy response to the Great Recession](https://en.wikipedia.org/wiki/National_fiscal_policy_response_to_the_Great_Recession "National fiscal policy response to the Great Recession") [Zero interest-rate policy](https://en.wikipedia.org/wiki/Zero_interest-rate_policy "Zero interest-rate policy") |
| Government interventions, rescues, and acquisitions | |
| | |
| Non-banking | [Chrysler](https://en.wikipedia.org/wiki/Chrysler "Chrysler") [General Motors](https://en.wikipedia.org/wiki/General_Motors "General Motors") |
| Securities involved and financial markets | [Auction rate securities](https://en.wikipedia.org/wiki/Auction_rate_security "Auction rate security") [Collateralized debt obligations](https://en.wikipedia.org/wiki/Collateralized_debt_obligation "Collateralized debt obligation") [Collateralized mortgage obligations](https://en.wikipedia.org/wiki/Collateralized_mortgage_obligation "Collateralized mortgage obligation") [Credit default swaps](https://en.wikipedia.org/wiki/Credit_default_swap "Credit default swap") [Mortgage-backed securities](https://en.wikipedia.org/wiki/Mortgage-backed_security "Mortgage-backed security") [Secondary mortgage market](https://en.wikipedia.org/wiki/Secondary_mortgage_market "Secondary mortgage market") |
| Social responses | [Tea Party protests](https://en.wikipedia.org/wiki/Tea_Party_protests "Tea Party protests") (United States; c. 2009) [2009 May Day protests](https://en.wikipedia.org/wiki/2009_May_Day_protests "2009 May Day protests") (Europe, Middle East and North Africa, Asia; 2009) [Arab Spring](https://en.wikipedia.org/wiki/Arab_Spring "Arab Spring") (MENA; 2010–2012) [Occupy movement](https://en.wikipedia.org/wiki/Occupy_movement "Occupy movement") (worldwide; 2011–2012) [Occupy Wall Street](https://en.wikipedia.org/wiki/Occupy_Wall_Street "Occupy Wall Street") |
| Related topics | [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") [2008 Central Asia energy crisis](https://en.wikipedia.org/wiki/2008_Central_Asia_energy_crisis "2008 Central Asia energy crisis") [Effects of the Great Recession on museums](https://en.wikipedia.org/wiki/Effects_of_the_Great_Recession_on_museums "Effects of the Great Recession on museums") [Decline of newspapers](https://en.wikipedia.org/wiki/Decline_of_newspapers "Decline of newspapers") [2007–2008 world food price crisis](https://en.wikipedia.org/wiki/2007%E2%80%932008_world_food_price_crisis "2007–2008 world food price crisis") [Retail apocalypse](https://en.wikipedia.org/wiki/Retail_apocalypse "Retail apocalypse") |
| [Euro area crisis](https://en.wikipedia.org/wiki/Euro_area_crisis "Euro area crisis") [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [List of countries by public debt](https://en.wikipedia.org/wiki/List_of_countries_by_public_debt "List of countries by public debt") | |
| [v](https://en.wikipedia.org/wiki/Template:Subprime_mortgage_crisis "Template:Subprime mortgage crisis") [t](https://en.wikipedia.org/wiki/Template_talk:Subprime_mortgage_crisis "Template talk:Subprime mortgage crisis") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Subprime_mortgage_crisis "Special:EditPage/Template:Subprime mortgage crisis")[U.S. subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") | |
|---|---|
| [Background / timeline](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis#Background_and_timeline_of_events "Subprime mortgage crisis") | [Background information](https://en.wikipedia.org/wiki/Subprime_crisis_background_information "Subprime crisis background information") [Impact timeline](https://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline "Subprime crisis impact timeline") |
| [Causes](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis#Causes "Subprime mortgage crisis") | [United States housing bubble](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble") / [housing market correction](https://en.wikipedia.org/wiki/United_States_housing_market_correction "United States housing market correction") [Role of credit rating agencies](https://en.wikipedia.org/wiki/Credit_rating_agencies_and_the_subprime_crisis "Credit rating agencies and the subprime crisis") [Government policies](https://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis "Government policies and the subprime mortgage crisis") |
| [Impacts](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis#Impacts "Subprime mortgage crisis") | [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [Great Recession]() [Writedowns](https://en.wikipedia.org/wiki/List_of_writedowns_due_to_subprime_crisis "List of writedowns due to subprime crisis") [Indirect economic effects](https://en.wikipedia.org/wiki/Indirect_economic_effects_of_the_subprime_mortgage_crisis "Indirect economic effects of the subprime mortgage crisis") |
| [Responses](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis#Responses "Subprime mortgage crisis") | [Economic Stimulus Act of 2008](https://en.wikipedia.org/wiki/Economic_Stimulus_Act_of_2008 "Economic Stimulus Act of 2008") [Housing and Economic Recovery Act of 2008](https://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008 "Housing and Economic Recovery Act of 2008") [Emergency Economic Stabilization Act of 2008](https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008 "Emergency Economic Stabilization Act of 2008") [Dodd–Frank Wall Street Reform and Consumer Protection Act](https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act "Dodd–Frank Wall Street Reform and Consumer Protection Act") [Acquired or bankrupt banks in the late 2000s financial crisis](https://en.wikipedia.org/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession "List of banks acquired or bankrupted during the Great Recession") [Capital Assistance Program](https://en.wikipedia.org/wiki/Capital_Assistance_Program "Capital Assistance Program") [Capital Purchase Program](https://en.wikipedia.org/wiki/Capital_Purchase_Program "Capital Purchase Program") [Federal Reserve responses](https://en.wikipedia.org/wiki/Federal_Reserve_responses_to_the_subprime_crisis "Federal Reserve responses to the subprime crisis") [Federal takeover of Fannie Mae and Freddie Mac](https://en.wikipedia.org/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac "Federal takeover of Fannie Mae and Freddie Mac") [Government intervention](https://en.wikipedia.org/wiki/Government_intervention_during_the_subprime_mortgage_crisis "Government intervention during the subprime mortgage crisis") [Homeowners Affordability and Stability Plan](https://en.wikipedia.org/wiki/Homeowners_Affordability_and_Stability_Plan "Homeowners Affordability and Stability Plan") [Hope Now Alliance](https://en.wikipedia.org/wiki/Hope_Now_Alliance "Hope Now Alliance") [Loan modification](https://en.wikipedia.org/wiki/Loan_modification_in_the_United_States "Loan modification in the United States") [Public–Private Investment Program for Legacy Assets](https://en.wikipedia.org/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets "Public–Private Investment Program for Legacy Assets") [Regulatory responses](https://en.wikipedia.org/wiki/Regulatory_responses_to_the_subprime_crisis "Regulatory responses to the subprime crisis") [Primary Dealer Credit Facility](https://en.wikipedia.org/wiki/Primary_Dealer_Credit_Facility "Primary Dealer Credit Facility") [2009 Supervisory Capital Assessment Program](https://en.wikipedia.org/wiki/2009_Supervisory_Capital_Assessment_Program "2009 Supervisory Capital Assessment Program") [Tea Party protests](https://en.wikipedia.org/wiki/Tea_Party_protests "Tea Party protests") [Term Asset-Backed Securities Loan Facility](https://en.wikipedia.org/wiki/Term_Asset-Backed_Securities_Loan_Facility "Term Asset-Backed Securities Loan Facility") [Troubled Asset Relief Program](https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program "Troubled Asset Relief Program") [Wall Street reform](https://en.wikipedia.org/wiki/Wall_Street_reform "Wall Street reform") |
| Related topics | [Error accounts](https://en.wikipedia.org/wiki/Error_account "Error account") [Financial position of the United States](https://en.wikipedia.org/wiki/Financial_position_of_the_United_States "Financial position of the United States") [Foreclosure rescue scheme](https://en.wikipedia.org/wiki/Foreclosure_rescue_scheme "Foreclosure rescue scheme") [Property derivatives](https://en.wikipedia.org/wiki/Property_derivative "Property derivative") |
| [v](https://en.wikipedia.org/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template:United States – Commonwealth of Nations recessions") [t](https://en.wikipedia.org/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Template talk:United States – Commonwealth of Nations recessions") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions "Special:EditPage/Template:United States – Commonwealth of Nations recessions")[Economic history of the United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") and Commonwealth of Nations countries | |
|---|---|
| [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) | [Great Bullion Famine](https://en.wikipedia.org/wiki/Great_Bullion_Famine "Great Bullion Famine") (c. 1400–c. 1500) [Great Slump](https://en.wikipedia.org/wiki/Great_Slump_\(15th_century\) "Great Slump (15th century)") (1430–1490) [The Great Debasement](https://en.wikipedia.org/wiki/The_Great_Debasement "The Great Debasement") (1544–1551) [Financial Revolution](https://en.wikipedia.org/wiki/Financial_Revolution "Financial Revolution") (1690–1800) [Slump of 1706](https://en.wikipedia.org/wiki/War_of_the_Spanish_Succession "War of the Spanish Succession") [Great Frost of 1709](https://en.wikipedia.org/wiki/Great_Frost_of_1709 "Great Frost of 1709") [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1713–1720) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1717–1720) [Economic impact of the Seven Years' War](https://en.wikipedia.org/wiki/Financial_costs_of_the_Seven_Years%27_War "Financial costs of the Seven Years' War") (1754–1763) |
| [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution")/ [Market Revolution](https://en.wikipedia.org/wiki/Market_Revolution "Market Revolution") (1760–1870) | Industrial Revolution [Scotland](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Scotland "Industrial Revolution in Scotland") [United States](https://en.wikipedia.org/wiki/Industrial_Revolution_in_the_United_States "Industrial Revolution in the United States") [Wales](https://en.wikipedia.org/wiki/Industrial_Revolution_in_Wales "Industrial Revolution in Wales") [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1769–1784) [British credit crisis of 1772–1773](https://en.wikipedia.org/wiki/British_credit_crisis_of_1772%E2%80%931773 "British credit crisis of 1772–1773") [American Revolutionary War inflation](https://en.wikipedia.org/wiki/Financial_costs_of_the_American_Revolutionary_War "Financial costs of the American Revolutionary War") (1775–1783) [Panic of 1785](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\(1785%E2%80%931836\) "List of recessions in the United States") (1785–1788) [Copper Panic of 1789](https://en.wikipedia.org/wiki/Copper_Panic_of_1789 "Copper Panic of 1789")/[Panic of 1792](https://en.wikipedia.org/wiki/Panic_of_1792 "Panic of 1792") (1789–1793) [Canal Mania](https://en.wikipedia.org/wiki/Canal_Mania "Canal Mania") (c. 1790–c. 1810) [Panic of 1796–1797](https://en.wikipedia.org/wiki/Panic_of_1796%E2%80%931797 "Panic of 1796–1797") (1796–1799) [1802–1804 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\(1785%E2%80%931836\) "List of recessions in the United States") [Carolina gold rush](https://en.wikipedia.org/wiki/Carolina_gold_rush "Carolina gold rush") (1802–1825) [Depression of 1807](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\(1785%E2%80%931836\) "List of recessions in the United States") (1807–1810) [1810s Alabama real estate bubble](https://en.wikipedia.org/wiki/Alabama_real_estate_bubble_of_the_1810s "Alabama real estate bubble of the 1810s") [Alabama Fever](https://en.wikipedia.org/wiki/Alabama_Fever "Alabama Fever") [1812 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\(1785%E2%80%931836\) "List of recessions in the United States") [Post-Napoleonic Depression](https://en.wikipedia.org/wiki/Post-Napoleonic_Depression "Post-Napoleonic Depression") (1815–1821) [1822–23 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\(1785%E2%80%931836\) "List of recessions in the United States") [Panic of 1825](https://en.wikipedia.org/wiki/Panic_of_1825 "Panic of 1825") [Panic of 1826](https://en.wikipedia.org/wiki/Panic_of_1826 "Panic of 1826") [1828–29 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\(1785%E2%80%931836\) "List of recessions in the United States") [Georgia Gold Rush](https://en.wikipedia.org/wiki/Georgia_Gold_Rush "Georgia Gold Rush") (1828–c. 1840) [1830s Chicago real estate bubble](https://en.wikipedia.org/wiki/Chicago_real_estate_bubble_of_the_1830s "Chicago real estate bubble of the 1830s") [1833–34 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Early_recessions_and_crises_\(1785%E2%80%931836\) "List of recessions in the United States") [Panic of 1837](https://en.wikipedia.org/wiki/Panic_of_1837 "Panic of 1837") (1836–1838 and 1839–1843) [U.S. state defaults in the 1840s](https://en.wikipedia.org/wiki/U.S._state_defaults_in_the_1840s "U.S. state defaults in the 1840s") [Railway Mania](https://en.wikipedia.org/wiki/Railway_Mania "Railway Mania") (c. 1840–c. 1850) [Plank Road Boom](https://en.wikipedia.org/wiki/Plank_Road_Boom "Plank Road Boom") (1844–c. 1855) [1845–46 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\(1836%E2%80%931929\) "List of recessions in the United States") [Panic of 1847](https://en.wikipedia.org/wiki/Panic_of_1847 "Panic of 1847") (1847–1848) [California gold rush](https://en.wikipedia.org/wiki/California_gold_rush "California gold rush") (1848–1855) [British Columbia gold rushes](https://en.wikipedia.org/wiki/British_Columbia_gold_rushes "British Columbia gold rushes") [Queen Charlottes Gold Rush](https://en.wikipedia.org/wiki/Queen_Charlottes_Gold_Rush "Queen Charlottes Gold Rush"), 1851 [Fraser Canyon Gold Rush](https://en.wikipedia.org/wiki/Fraser_Canyon_Gold_Rush "Fraser Canyon Gold Rush"), 1858 [Rock Creek Gold Rush](https://en.wikipedia.org/wiki/Rock_Creek_Gold_Rush "Rock Creek Gold Rush"), 1859 [Similkameen Gold Rush](https://en.wikipedia.org/wiki/Similkameen_Gold_Rush "Similkameen Gold Rush"), 1860 [Stikine Gold Rush](https://en.wikipedia.org/wiki/Stikine_Gold_Rush "Stikine Gold Rush"), 1861 [Cariboo Gold Rush](https://en.wikipedia.org/wiki/Cariboo_Gold_Rush "Cariboo Gold Rush"), 1861–1867 [Wild Horse Creek Gold Rush](https://en.wikipedia.org/wiki/Fisherville,_British_Columbia "Fisherville, British Columbia"), 1863–1870 [Leechtown Gold Rush](https://en.wikipedia.org/wiki/Leechtown,_British_Columbia "Leechtown, British Columbia"), 1864–1865 [Big Bend Gold Rush](https://en.wikipedia.org/wiki/Big_Bend_Gold_Rush "Big Bend Gold Rush"), c. 1865 [Omineca Gold Rush](https://en.wikipedia.org/wiki/Omineca_Gold_Rush "Omineca Gold Rush"), 1869 [Victorian gold rush](https://en.wikipedia.org/wiki/Victorian_gold_rush "Victorian gold rush") (1851–c. 1870) [New South Wales gold rush](https://en.wikipedia.org/wiki/New_South_Wales_gold_rush "New South Wales gold rush") (1851–1880) [Australian gold rushes](https://en.wikipedia.org/wiki/Australian_gold_rushes "Australian gold rushes") (1851–1914) [1853–54 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\(1836%E2%80%931929\) "List of recessions in the United States") [Panic of 1857](https://en.wikipedia.org/wiki/Panic_of_1857 "Panic of 1857") (1857–1858) [Pike's Peak gold rush](https://en.wikipedia.org/wiki/Pike%27s_Peak_gold_rush "Pike's Peak gold rush") (1858–1861) [Pennsylvania oil rush](https://en.wikipedia.org/wiki/Pennsylvania_oil_rush "Pennsylvania oil rush") (1859–1891) [1860–61 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\(1836%E2%80%931929\) "List of recessions in the United States") [Colorado River mining boom](https://en.wikipedia.org/wiki/Steamboats_of_the_Colorado_River "Steamboats of the Colorado River") (1861–1864) [Otago gold rush](https://en.wikipedia.org/wiki/Otago_gold_rush "Otago gold rush") (1861–1864) [U.S. Civil War economy](https://en.wikipedia.org/wiki/Economic_history_of_the_American_Civil_War "Economic history of the American Civil War") (1861–1865) [First Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1861–1874) [West Coast gold rush](https://en.wikipedia.org/wiki/West_Coast_gold_rush "West Coast gold rush") (1864–1867) [Panic of 1866](https://en.wikipedia.org/wiki/Panic_of_1866 "Panic of 1866") (1865–1867) [Vermilion Lake gold rush](https://en.wikipedia.org/wiki/Vermilion_Lake_gold_rush "Vermilion Lake gold rush") (1865–1867) [Kildonan Gold Rush](https://en.wikipedia.org/wiki/Kildonan_Gold_Rush "Kildonan Gold Rush") (1869) [Black Friday](https://en.wikipedia.org/wiki/Black_Friday_\(1869\) "Black Friday (1869)") (1869–1870) |
| [Gilded Age](https://en.wikipedia.org/wiki/Gilded_Age "Gilded Age")/ [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) | [Coromandel Gold Rushes](https://en.wikipedia.org/wiki/Coromandel_Gold_Rushes "Coromandel Gold Rushes") (c. 1870–c. 1890) [Cassiar Gold Rush](https://en.wikipedia.org/wiki/Cassiar_Country "Cassiar Country") (c. 1870–c. 1890) [Long Depression](https://en.wikipedia.org/wiki/Long_Depression "Long Depression") 1873–1879; [Panic of 1873](https://en.wikipedia.org/wiki/Panic_of_1873 "Panic of 1873") [Black Hills gold rush](https://en.wikipedia.org/wiki/Black_Hills_gold_rush "Black Hills gold rush") (1874–1880) [Colorado Silver Boom](https://en.wikipedia.org/wiki/Colorado_Silver_Boom "Colorado Silver Boom") (1879–1893) [Western Australian gold rushes](https://en.wikipedia.org/wiki/Western_Australian_gold_rushes "Western Australian gold rushes") (c. 1880–c. 1900) [Indiana gas boom](https://en.wikipedia.org/wiki/Indiana_gas_boom "Indiana gas boom") (c. 1880–1903) [Ohio oil rush](https://en.wikipedia.org/wiki/Petroleum_industry_in_Ohio "Petroleum industry in Ohio") (c. 1880–c. 1930) [Depression of 1882–1885](https://en.wikipedia.org/wiki/Depression_of_1882%E2%80%931885 "Depression of 1882–1885") [Panic of 1884](https://en.wikipedia.org/wiki/Panic_of_1884 "Panic of 1884") [Cayoosh Gold Rush](https://en.wikipedia.org/wiki/Cayoosh_Gold_Rush "Cayoosh Gold Rush") (1884) [Witwatersrand Gold Rush](https://en.wikipedia.org/wiki/Witwatersrand_Gold_Rush "Witwatersrand Gold Rush") (1886) [1887–88 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\(1836%E2%80%931929\) "List of recessions in the United States") [Baring crisis](https://en.wikipedia.org/wiki/Baring_crisis "Baring crisis") (1890–1891) [Cripple Creek Gold Rush](https://en.wikipedia.org/wiki/Cripple_Creek_Gold_Rush "Cripple Creek Gold Rush") (c. 1890–c. 1910) [Panic of 1893](https://en.wikipedia.org/wiki/Panic_of_1893 "Panic of 1893") (1893–1897) [Australian banking crisis of 1893](https://en.wikipedia.org/wiki/Australian_banking_crisis_of_1893 "Australian banking crisis of 1893") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_\(1894\) "Black Monday (1894)") (1894) [Panic of 1896](https://en.wikipedia.org/wiki/Panic_of_1896 "Panic of 1896") [Klondike Gold Rush](https://en.wikipedia.org/wiki/Klondike_Gold_Rush "Klondike Gold Rush") (1896–1899) [Second Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1896–1903) [Kobuk River Stampede](https://en.wikipedia.org/wiki/Kobuk_River_Stampede "Kobuk River Stampede") (1897–1899) [Mount Baker gold rush](https://en.wikipedia.org/wiki/Mount_Baker_gold_rush "Mount Baker gold rush") (1897–c. 1925) [1899–1900 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\(1836%E2%80%931929\) "List of recessions in the United States") [Nome Gold Rush](https://en.wikipedia.org/wiki/Nome_Gold_Rush "Nome Gold Rush") (1899–1909) [Fairbanks Gold Rush](https://en.wikipedia.org/wiki/Fairbanks_Gold_Rush "Fairbanks Gold Rush") (c. 1900–c. 1930) [Texas oil boom](https://en.wikipedia.org/wiki/Texas_oil_boom "Texas oil boom") (1901–c. 1950) [Panic of 1901](https://en.wikipedia.org/wiki/Panic_of_1901 "Panic of 1901") (1902–1904) [Cobalt silver rush](https://en.wikipedia.org/wiki/Cobalt_silver_rush "Cobalt silver rush") (1903–c. 1930) [Panic of 1907](https://en.wikipedia.org/wiki/Panic_of_1907 "Panic of 1907") (1907–1908) [Porcupine Gold Rush](https://en.wikipedia.org/wiki/Porcupine_Gold_Rush "Porcupine Gold Rush") (1909–c. 1960) [Panic of 1910–11](https://en.wikipedia.org/wiki/Panic_of_1910%E2%80%9311 "Panic of 1910–11") (1910–1912) [Financial crisis of 1914](https://en.wikipedia.org/wiki/Financial_crisis_of_1914 "Financial crisis of 1914") (1913–14) |
| World War home fronts/ [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1914–1945) | [World War I economy](https://en.wikipedia.org/wiki/Economic_history_of_World_War_I "Economic history of World War I") and [home fronts](https://en.wikipedia.org/wiki/Home_front_during_World_War_I "Home front during World War I") [Australia](https://en.wikipedia.org/wiki/Australia_in_World_War_I#Home_front "Australia in World War I") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_I#Home_Front "Canada in World War I") [United Kingdom](https://en.wikipedia.org/wiki/History_of_the_United_Kingdom_during_the_First_World_War "History of the United Kingdom during the First World War") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_I "United States home front during World War I") [Post–World War I recession](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_I_recession "Post–World War I recession") (1918–1919) [Recession of 1920–1921](https://en.wikipedia.org/wiki/Recession_of_1920%E2%80%931921 "Recession of 1920–1921") [1920s Florida land boom](https://en.wikipedia.org/wiki/Florida_land_boom_of_the_1920s "Florida land boom of the 1920s") (c. 1920–1925) [Roaring Twenties](https://en.wikipedia.org/wiki/Roaring_Twenties "Roaring Twenties") [1923–1924 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\(1836%E2%80%931929\) "List of recessions in the United States") [1926–1927 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Free_Banking_Era_to_the_Great_Depression_\(1836%E2%80%931929\) "List of recessions in the United States") [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") 1929–1939; [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") [Panic of 1930](https://en.wikipedia.org/wiki/Panic_of_1930 "Panic of 1930") [Great Contraction](https://en.wikipedia.org/wiki/Great_Contraction "Great Contraction"), 1929–1933 [Recession of 1937–1938](https://en.wikipedia.org/wiki/Recession_of_1937%E2%80%931938 "Recession of 1937–1938") [Australia](https://en.wikipedia.org/wiki/Great_Depression_in_Australia "Great Depression in Australia") [Canada](https://en.wikipedia.org/wiki/Great_Depression_in_Canada "Great Depression in Canada") [India](https://en.wikipedia.org/wiki/Great_Depression_in_India "Great Depression in India") [South Africa](https://en.wikipedia.org/wiki/Great_Depression_in_South_Africa "Great Depression in South Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_Kingdom "Great Depression in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Great_Depression_in_the_United_States "Great Depression in the United States") [1930s Kakamega gold rush](https://en.wikipedia.org/wiki/Kakamega_gold_rush "Kakamega gold rush") [Third Nova Scotia Gold Rush](https://en.wikipedia.org/wiki/Gold_mining_in_Nova_Scotia "Gold mining in Nova Scotia") (1932–1942) [World War II home front](https://en.wikipedia.org/wiki/Home_front_during_World_War_II "Home front during World War II") [Australia](https://en.wikipedia.org/wiki/Australian_home_front_during_World_War_II "Australian home front during World War II") [Canada](https://en.wikipedia.org/wiki/Canada_in_World_War_II#Home_front "Canada in World War II") [United Kingdom](https://en.wikipedia.org/wiki/British_home_front_during_World_War_II "British home front during World War II") [United States](https://en.wikipedia.org/wiki/United_States_home_front_during_World_War_II "United States home front during World War II") |
| [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion")/ [1970s stagflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1945–1982) | [Great Compression](https://en.wikipedia.org/wiki/Great_Compression "Great Compression") [1945 recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States#Great_Depression_onward_\(1929%E2%80%93present\) "List of recessions in the United States") [Recession of 1949](https://en.wikipedia.org/wiki/Recession_of_1949 "Recession of 1949") (1948–1949) [Hong Kong and Singapore Asian Tiger expansions](https://en.wikipedia.org/wiki/Four_Asian_Tigers "Four Asian Tigers") (1950–1990) [1951 Canada recession](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [Recession of 1953](https://en.wikipedia.org/wiki/Recession_of_1953 "Recession of 1953") (1953–1954) [Recession of 1958](https://en.wikipedia.org/wiki/Recession_of_1958 "Recession of 1958") (1957–1958) [Recession of 1960–1961](https://en.wikipedia.org/wiki/Recession_of_1960%E2%80%931961 "Recession of 1960–1961") [Kennedy Slide of 1962](https://en.wikipedia.org/wiki/Kennedy_Slide_of_1962 "Kennedy Slide of 1962") [Poseidon bubble](https://en.wikipedia.org/wiki/Poseidon_bubble "Poseidon bubble") (1969–1970) [Recession of 1969–1970](https://en.wikipedia.org/wiki/Recession_of_1969%E2%80%931970 "Recession of 1969–1970") [1970s commodities boom](https://en.wikipedia.org/wiki/1970s_commodities_boom "1970s commodities boom") [1973–1975 recession](https://en.wikipedia.org/wiki/1973%E2%80%931975_recession "1973–1975 recession") [1973–1974 stock market crash](https://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash "1973–1974 stock market crash") [Secondary banking crisis of 1973–1975](https://en.wikipedia.org/wiki/Secondary_banking_crisis_of_1973%E2%80%931975 "Secondary banking crisis of 1973–1975") [1970s energy crisis](https://en.wikipedia.org/wiki/1970s_energy_crisis "1970s energy crisis") 1973–1980; [1973 oil crisis](https://en.wikipedia.org/wiki/1973_oil_crisis "1973 oil crisis") [1979 oil crisis](https://en.wikipedia.org/wiki/1979_oil_crisis "1979 oil crisis") [Steel crisis](https://en.wikipedia.org/wiki/Steel_crisis "Steel crisis") (1973–1982) [1976 sterling crisis](https://en.wikipedia.org/wiki/1976_sterling_crisis "1976 sterling crisis") [Silver Thursday](https://en.wikipedia.org/wiki/Silver_Thursday "Silver Thursday") (1980) [Early 1980s recession](https://en.wikipedia.org/wiki/Early_1980s_recession "Early 1980s recession") 1980–1982; [United States](https://en.wikipedia.org/wiki/Early_1980s_recession_in_the_United_States "Early 1980s recession in the United States") |
| [Computer Age](https://en.wikipedia.org/wiki/Information_Age "Information Age")/ [Second Gilded Age](https://en.wikipedia.org/wiki/Second_Gilded_Age "Second Gilded Age") (1982–present) | [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation") (1982–2007) [1980s oil glut](https://en.wikipedia.org/wiki/1980s_oil_glut "1980s oil glut") [Black Saturday](https://en.wikipedia.org/wiki/Black_Saturday_\(1983\) "Black Saturday (1983)") (1983) [New Zealand property bubble](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble") (c. 1985–) [Savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis") (1986–1995) [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_\(1987\) "Black Monday (1987)") (1987) [Friday the 13th mini-crash](https://en.wikipedia.org/wiki/Friday_the_13th_mini-crash "Friday the 13th mini-crash") (1989) [Early 1990s recession](https://en.wikipedia.org/wiki/Early_1990s_recession "Early 1990s recession") 1990–1991; [Australia](https://en.wikipedia.org/wiki/Early_1990s_recession_in_Australia "Early 1990s recession in Australia") [United States](https://en.wikipedia.org/wiki/Early_1990s_recession_in_the_United_States "Early 1990s recession in the United States") [1990 oil price shock](https://en.wikipedia.org/wiki/1990_oil_price_shock "1990 oil price shock") [Rhode Island banking crisis](https://en.wikipedia.org/wiki/Rhode_Island_banking_crisis "Rhode Island banking crisis") (1990–1992) [1991 Indian economic crisis](https://en.wikipedia.org/wiki/1991_Indian_economic_crisis "1991 Indian economic crisis") [1990s United States boom](https://en.wikipedia.org/wiki/1990s_United_States_boom "1990s United States boom") (1991–2001) [1990s India economic boom](https://en.wikipedia.org/wiki/Economic_liberalisation_in_India "Economic liberalisation in India") [Hyperinflation in Zimbabwe](https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe "Hyperinflation in Zimbabwe") (1991–present) [Black Wednesday](https://en.wikipedia.org/wiki/Black_Wednesday "Black Wednesday") (1992) [1994 bond market crisis](https://en.wikipedia.org/wiki/1994_bond_market_crisis "1994 bond market crisis") [1994 Papua New Guinea financial crisis](https://en.wikipedia.org/wiki/1994_Papua_New_Guinea_financial_crisis "1994 Papua New Guinea financial crisis") [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") 1995–2004; [Stock market downturn of 2002](https://en.wikipedia.org/wiki/Stock_market_downturn_of_2002 "Stock market downturn of 2002") [1997 Asian financial crisis](https://en.wikipedia.org/wiki/1997_Asian_financial_crisis "1997 Asian financial crisis") [October 27, 1997, mini-crash](https://en.wikipedia.org/wiki/October_27,_1997,_mini-crash "October 27, 1997, mini-crash") [Early 2000s recession](https://en.wikipedia.org/wiki/Early_2000s_recession "Early 2000s recession") 2001; [9/11 stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_the_September_11_attacks "Economic effects of the September 11 attacks") [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom") (2000–2014) [United States housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") (2002–2006) [Canadian property bubble](https://en.wikipedia.org/wiki/Canadian_property_bubble "Canadian property bubble") (2002–) [2003 Myanmar banking crisis](https://en.wikipedia.org/wiki/2003_Myanmar_banking_crisis "2003 Myanmar banking crisis") [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") (2003–2008) [North Dakota oil boom](https://en.wikipedia.org/wiki/North_Dakota_oil_boom "North Dakota oil boom") (2006–2015) [Uranium bubble of 2007](https://en.wikipedia.org/wiki/Uranium_bubble_of_2007 "Uranium bubble of 2007") [Great Recession]() 2007–2009; [Australia and New Zealand](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") [Bangladesh, India, Malaysia, Pakistan, and Sri Lanka](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [British West Indies](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [Canada](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [South Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [United Kingdom](https://en.wikipedia.org/wiki/Great_Recession_in_Europe#United_Kingdom "Great Recession in Europe") [United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States") [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [September](https://en.wikipedia.org/wiki/Global_financial_crisis_in_September_2008 "Global financial crisis in September 2008") [October](https://en.wikipedia.org/wiki/Global_financial_crisis_in_October_2008 "Global financial crisis in October 2008") [November](https://en.wikipedia.org/wiki/Global_financial_crisis_in_November_2008 "Global financial crisis in November 2008") [December](https://en.wikipedia.org/wiki/Global_financial_crisis_in_December_2008 "Global financial crisis in December 2008") [2009](https://en.wikipedia.org/wiki/Global_financial_crisis_in_2009 "Global financial crisis in 2009") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") [2000s U.S. housing market correction](https://en.wikipedia.org/wiki/2000s_United_States_housing_market_correction "2000s United States housing market correction") [U.S. bear market of 2007–2009](https://en.wikipedia.org/wiki/United_States_bear_market_of_2007%E2%80%932009 "United States bear market of 2007–2009") [2007–2010 U.S. bank failures](https://en.wikipedia.org/wiki/List_of_banks_acquired_or_bankrupted_in_the_United_States_during_the_2008_financial_crisis "List of banks acquired or bankrupted in the United States during the 2008 financial crisis") [Corporate debt bubble](https://en.wikipedia.org/wiki/Corporate_debt_bubble "Corporate debt bubble") (2008–) [Blue Monday Crash 2009](https://en.wikipedia.org/wiki/Blue_Monday_Crash_2009 "Blue Monday Crash 2009") [2010 flash crash](https://en.wikipedia.org/wiki/2010_flash_crash "2010 flash crash") [Malaysia Tiger Cub expansion](https://en.wikipedia.org/wiki/Tiger_Cub_Economies "Tiger Cub Economies") (2010s) [Australian property bubble](https://en.wikipedia.org/wiki/Australian_property_bubble "Australian property bubble") (2010–) [August 2011 stock markets fall](https://en.wikipedia.org/wiki/August_2011_stock_markets_fall "August 2011 stock markets fall") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_\(2011\) "Black Monday (2011)") [2011 Bangladesh share market scam](https://en.wikipedia.org/wiki/2011_Bangladesh_share_market_scam "2011 Bangladesh share market scam") [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") (2011–) [Puerto Rican government-debt crisis](https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis "Puerto Rican government-debt crisis") (2014–2022) [2015–2016 stock market selloff](https://en.wikipedia.org/wiki/2015%E2%80%932016_stock_market_selloff "2015–2016 stock market selloff") [Brexit stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_Brexit "Economic effects of Brexit") (2016) [2017 Sri Lankan fuel crisis](https://en.wikipedia.org/wiki/2017_Sri_Lankan_fuel_crisis "2017 Sri Lankan fuel crisis") [Ghana banking crisis](https://en.wikipedia.org/wiki/Ghana_banking_crisis "Ghana banking crisis") (2017–2018) [Sri Lankan economic crisis](https://en.wikipedia.org/wiki/Sri_Lankan_economic_crisis_\(2019%E2%80%932024\) "Sri Lankan economic crisis (2019–2024)") (2019–2024) [COVID-19 recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession") 2020–2022; [2020 stock market crash](https://en.wikipedia.org/wiki/2020_stock_market_crash "2020 stock market crash") [financial market impact](https://en.wikipedia.org/wiki/Financial_market_impact_of_the_COVID-19_pandemic "Financial market impact of the COVID-19 pandemic") [sectoral impacts](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic "Economic impact of the COVID-19 pandemic") [shortages](https://en.wikipedia.org/wiki/Shortages_related_to_the_COVID-19_pandemic "Shortages related to the COVID-19 pandemic") [Canada](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada "Economic impact of the COVID-19 pandemic in Canada") [India](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India "Economic impact of the COVID-19 pandemic in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia "Economic impact of the COVID-19 pandemic in Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand "Economic impact of the COVID-19 pandemic in New Zealand") [United Kingdom](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom "Economic impact of the COVID-19 pandemic in the United Kingdom") [United States](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States "Economic impact of the COVID-19 pandemic in the United States") [2020s commodities boom](https://en.wikipedia.org/wiki/2020s_commodities_boom "2020s commodities boom") [Global energy crisis](https://en.wikipedia.org/wiki/Global_energy_crisis_\(2021%E2%80%932023\) "Global energy crisis (2021–2023)") 2021–2023; [2021 United Kingdom natural gas supplier crisis](https://en.wikipedia.org/wiki/2021_United_Kingdom_natural_gas_supplier_crisis "2021 United Kingdom natural gas supplier crisis") [regional effects](https://en.wikipedia.org/wiki/Regional_effects_of_the_2021%E2%80%932023_global_energy_crisis "Regional effects of the 2021–2023 global energy crisis") [2021–2023 global supply chain crisis](https://en.wikipedia.org/wiki/2021%E2%80%932023_global_supply_chain_crisis "2021–2023 global supply chain crisis") [2021–2023 inflation surge](https://en.wikipedia.org/wiki/2021%E2%80%932023_inflation_surge "2021–2023 inflation surge") [Pakistani economic crisis](https://en.wikipedia.org/wiki/Pakistani_economic_crisis_\(2021%E2%80%932024\) "Pakistani economic crisis (2021–2024)") (2021–2024) [2022 stock market decline](https://en.wikipedia.org/wiki/2022_stock_market_decline "2022 stock market decline") [2022–2023 global food crises](https://en.wikipedia.org/wiki/2022%E2%80%932023_global_food_crises "2022–2023 global food crises") [2023 United Kingdom recession](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [2025 stock market crash](https://en.wikipedia.org/wiki/2025_stock_market_crash "2025 stock market crash") |
| Countries and sectors | [Australia](https://en.wikipedia.org/wiki/Economic_history_of_Australia "Economic history of Australia") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Australia "History of rail transport in Australia") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Australia "Slavery in Australia") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Australia "Whaling in Australia")/[Western Australia](https://en.wikipedia.org/wiki/Whaling_in_Western_Australia "Whaling in Western Australia") [Canada](https://en.wikipedia.org/wiki/Economic_history_of_Canada "Economic history of Canada") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Canada "History of agriculture in Canada") [currencies](https://en.wikipedia.org/wiki/History_of_Canadian_currencies "History of Canadian currencies") [early banking system](https://en.wikipedia.org/wiki/Early_Canadian_banking_system "Early Canadian banking system") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_Canada "List of recessions in Canada") [petroleum industry](https://en.wikipedia.org/wiki/History_of_the_petroleum_industry_in_Canada "History of the petroleum industry in Canada") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Canada "History of rail transport in Canada") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Canada "Slavery in Canada") [technological and industrial](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_Canada "Technological and industrial history of Canada") [whaling](https://en.wikipedia.org/wiki/Whaling_in_Canada "Whaling in Canada")/[Pacific Northwest](https://en.wikipedia.org/wiki/Whaling_on_the_Pacific_Northwest_Coast "Whaling on the Pacific Northwest Coast") [Ghana](https://en.wikipedia.org/wiki/Economic_history_of_Ghana "Economic history of Ghana") [India](https://en.wikipedia.org/wiki/Economic_history_of_India "Economic history of India") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_Indian_subcontinent "History of agriculture in the Indian subcontinent") [Company rule](https://en.wikipedia.org/wiki/Economy_of_India_under_Company_rule "Economy of India under Company rule") [maritime](https://en.wikipedia.org/wiki/Indian_maritime_history "Indian maritime history") [British Raj](https://en.wikipedia.org/wiki/Economy_of_India_under_the_British_Raj "Economy of India under the British Raj") [Deindustrialisation](https://en.wikipedia.org/wiki/De-industrialisation_of_India "De-industrialisation of India") [salt tax](https://en.wikipedia.org/wiki/History_of_the_salt_tax_in_British_India "History of the salt tax in British India") [slavery](https://en.wikipedia.org/wiki/Slavery_in_India "Slavery in India") [Malaysia](https://en.wikipedia.org/wiki/Economic_history_of_Malaysia "Economic history of Malaysia") [New Zealand](https://en.wikipedia.org/wiki/Economic_history_of_New_Zealand "Economic history of New Zealand") [whaling](https://en.wikipedia.org/wiki/Whaling_in_New_Zealand "Whaling in New Zealand") [Nigeria](https://en.wikipedia.org/wiki/Economic_history_of_Nigeria "Economic history of Nigeria") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Nigeria "Slavery in Nigeria") [Pakistan](https://en.wikipedia.org/wiki/Economic_history_of_Pakistan "Economic history of Pakistan") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_Pakistan "Maritime history of Pakistan") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Pakistan "History of rail transport in Pakistan") [South Africa](https://en.wikipedia.org/wiki/Economic_history_of_South_Africa "Economic history of South Africa") [slavery](https://en.wikipedia.org/wiki/Slavery_in_South_Africa "Slavery in South Africa") [whaling](https://en.wikipedia.org/wiki/Whaling_in_South_Africa "Whaling in South Africa") [Uganda](https://en.wikipedia.org/wiki/Economic_history_of_Uganda "Economic history of Uganda") [United Kingdom](https://en.wikipedia.org/wiki/Economic_history_of_the_United_Kingdom "Economic history of the United Kingdom") [Agricultural Revolution](https://en.wikipedia.org/wiki/British_Agricultural_Revolution "British Agricultural Revolution") [Atlantic slave trade](https://en.wikipedia.org/wiki/Atlantic_slave_trade "Atlantic slave trade") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_Kingdom "History of banking in the United Kingdom") [British Empire](https://en.wikipedia.org/wiki/Economy_of_the_British_Empire "Economy of the British Empire") [English fiscal system](https://en.wikipedia.org/wiki/History_of_the_English_fiscal_system "History of the English fiscal system") [Interwar unemployment and poverty](https://en.wikipedia.org/wiki/Interwar_unemployment_and_poverty_in_the_United_Kingdom "Interwar unemployment and poverty in the United Kingdom") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_Kingdom "List of recessions in the United Kingdom") [maritime](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_Kingdom "Maritime history of the United Kingdom")/[England](https://en.wikipedia.org/wiki/Maritime_history_of_England "Maritime history of England")/[Scotland](https://en.wikipedia.org/wiki/Maritime_history_of_Scotland "Maritime history of Scotland") [Middle Ages England](https://en.wikipedia.org/wiki/Economy_of_England_in_the_Middle_Ages "Economy of England in the Middle Ages")/[agriculture](https://en.wikipedia.org/wiki/Economics_of_English_agriculture_in_the_Middle_Ages "Economics of English agriculture in the Middle Ages") [national debt](https://en.wikipedia.org/wiki/History_of_the_British_national_debt "History of the British national debt") [Scotland](https://en.wikipedia.org/wiki/Economic_history_of_Scotland "Economic history of Scotland")/[agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_Scotland "History of agriculture in Scotland")/[Middle Ages](https://en.wikipedia.org/wiki/Economy_of_Scotland_in_the_Middle_Ages "Economy of Scotland in the Middle Ages") [rail transport](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain "History of rail transport in Great Britain")/[pre–1830](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_to_1830 "History of rail transport in Great Britain to 1830")/[1830–1922](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1830%E2%80%931922 "History of rail transport in Great Britain 1830–1922")/[1923–1947](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1923%E2%80%931947 "History of rail transport in Great Britain 1923–1947")/[1948–1994](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1948%E2%80%931994 "History of rail transport in Great Britain 1948–1994")/[1995–present](https://en.wikipedia.org/wiki/History_of_rail_transport_in_Great_Britain_1995_to_date "History of rail transport in Great Britain 1995 to date") [slavery](https://en.wikipedia.org/wiki/Slavery_in_Britain "Slavery in Britain") [trade unions](https://en.wikipedia.org/wiki/History_of_trade_unions_in_the_United_Kingdom "History of trade unions in the United Kingdom") [Victorian era](https://en.wikipedia.org/wiki/Economy,_industry,_and_trade_of_the_Victorian_era "Economy, industry, and trade of the Victorian era") [Wales](https://en.wikipedia.org/wiki/Economic_history_of_Wales "Economic history of Wales") [whaling](https://en.wikipedia.org/wiki/Whaling_in_the_United_Kingdom "Whaling in the United Kingdom")/[Scotland](https://en.wikipedia.org/wiki/Whaling_in_Scotland "Whaling in Scotland") [United States](https://en.wikipedia.org/wiki/Economic_history_of_the_United_States "Economic history of the United States") [agriculture](https://en.wikipedia.org/wiki/History_of_agriculture_in_the_United_States "History of agriculture in the United States") [banking](https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States "History of banking in the United States")/[colonial-era credit](https://en.wikipedia.org/wiki/Credit_in_the_Thirteen_Colonies "Credit in the Thirteen Colonies")/[cooperatives](https://en.wikipedia.org/wiki/History_of_cooperatives_in_the_United_States "History of cooperatives in the United States")/[investment banking](https://en.wikipedia.org/wiki/History_of_investment_banking_in_the_United_States "History of investment banking in the United States")/[wildcat banking](https://en.wikipedia.org/wiki/Wildcat_banking "Wildcat banking") [business](https://en.wikipedia.org/wiki/American_business_history "American business history") [central banking](https://en.wikipedia.org/wiki/History_of_central_banking_in_the_United_States "History of central banking in the United States") [coal mining](https://en.wikipedia.org/wiki/History_of_coal_mining_in_the_United_States "History of coal mining in the United States") [indentured servitude](https://en.wikipedia.org/wiki/Indentured_servitude_in_British_America "Indentured servitude in British America") [iron and steel industry](https://en.wikipedia.org/wiki/History_of_the_iron_and_steel_industry_in_the_United_States "History of the iron and steel industry in the United States") [labor](https://en.wikipedia.org/wiki/Labor_history_of_the_United_States "Labor history of the United States") [list of economic expansions](https://en.wikipedia.org/wiki/List_of_economic_expansions_in_the_United_States "List of economic expansions in the United States") [list of recessions](https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States "List of recessions in the United States") [lumber industry](https://en.wikipedia.org/wiki/History_of_the_lumber_industry_in_the_United_States "History of the lumber industry in the United States") [maritime](https://en.wikipedia.org/wiki/History_of_the_United_States_Merchant_Marine "History of the United States Merchant Marine")/[colonial-era](https://en.wikipedia.org/wiki/Maritime_history_of_Colonial_America "Maritime history of Colonial America")/[1776–1799](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_\(1776%E2%80%931799\) "Maritime history of the United States (1776–1799)")/[1800–1899](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_\(1800%E2%80%931899\) "Maritime history of the United States (1800–1899)")/[1900–1999](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_\(1900%E2%80%931999\) "Maritime history of the United States (1900–1999)")/[2000–present](https://en.wikipedia.org/wiki/Maritime_history_of_the_United_States_\(2000%E2%80%93present\) "Maritime history of the United States (2000–present)") [monetary policy](https://en.wikipedia.org/wiki/History_of_monetary_policy_in_the_United_States "History of monetary policy in the United States") [poverty](https://en.wikipedia.org/wiki/History_of_poverty_in_the_United_States "History of poverty in the United States") [petroleum industry](https://en.wikipedia.org/wiki/History_of_the_petroleum_industry_in_the_United_States "History of the petroleum industry in the United States")/[oil shale](https://en.wikipedia.org/wiki/History_of_the_oil_shale_industry_in_the_United_States "History of the oil shale industry in the United States") [public debt](https://en.wikipedia.org/wiki/History_of_the_United_States_public_debt "History of the United States public debt") [rail transportation](https://en.wikipedia.org/wiki/History_of_rail_transportation_in_the_United_States "History of rail transportation in the United States") [slavery](https://en.wikipedia.org/wiki/Slavery_in_the_United_States "Slavery in the United States")/[colonial-era slavery](https://en.wikipedia.org/wiki/Slavery_in_the_colonial_history_of_the_United_States "Slavery in the colonial history of the United States")/[forced labor](https://en.wikipedia.org/wiki/History_of_forced_labor_in_the_United_States "History of forced labor in the United States")/[slave trade](https://en.wikipedia.org/wiki/Slave_trade_in_the_United_States "Slave trade in the United States")/[slave markets](https://en.wikipedia.org/wiki/Slave_markets_and_slave_jails_in_the_United_States "Slave markets and slave jails in the United States") [tariffs](https://en.wikipedia.org/wiki/History_of_tariffs_in_the_United_States "History of tariffs in the United States") [taxation](https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_States "History of taxation in the United States") [technological and industrial](https://en.wikipedia.org/wiki/Technological_and_industrial_history_of_the_United_States "Technological and industrial history of the United States") [United States dollar](https://en.wikipedia.org/wiki/History_of_the_United_States_dollar "History of the United States dollar") [whaling](https://en.wikipedia.org/wiki/Whaling_in_the_United_States "Whaling in the United States") [Zimbabwe](https://en.wikipedia.org/wiki/Economic_history_of_Zimbabwe "Economic history of Zimbabwe") |
| [Business cycle](https://en.wikipedia.org/wiki/Business_cycle "Business cycle") topics | [Aggregate demand](https://en.wikipedia.org/wiki/Aggregate_demand "Aggregate demand")/[Supply](https://en.wikipedia.org/wiki/Aggregate_supply "Aggregate supply") [Effective demand](https://en.wikipedia.org/wiki/Effective_demand "Effective demand") [General glut](https://en.wikipedia.org/wiki/General_glut "General glut") [Model](https://en.wikipedia.org/wiki/AD%E2%80%93AS_model "AD–AS model") [Overproduction](https://en.wikipedia.org/wiki/Overproduction "Overproduction") [Paradox of thrift](https://en.wikipedia.org/wiki/Paradox_of_thrift "Paradox of thrift") [Price-and-wage stickiness](https://en.wikipedia.org/wiki/Nominal_rigidity "Nominal rigidity") [Underconsumption](https://en.wikipedia.org/wiki/Underconsumption "Underconsumption") [Inflation](https://en.wikipedia.org/wiki/Inflation "Inflation") and [unemployment](https://en.wikipedia.org/wiki/Unemployment "Unemployment") [Chronic](https://en.wikipedia.org/wiki/Chronic_inflation "Chronic inflation") [Classical dichotomy](https://en.wikipedia.org/wiki/Classical_dichotomy "Classical dichotomy") [Debasement](https://en.wikipedia.org/wiki/Debasement "Debasement") [Debt monetization](https://en.wikipedia.org/wiki/Debt_monetization "Debt monetization") [Demand-pull](https://en.wikipedia.org/wiki/Demand-pull_inflation "Demand-pull inflation")/[cost-push](https://en.wikipedia.org/wiki/Cost-push_inflation "Cost-push inflation")/[built-in inflation](https://en.wikipedia.org/wiki/Inertial_inflation "Inertial inflation") [Deflation](https://en.wikipedia.org/wiki/Deflation "Deflation") [Disinflation](https://en.wikipedia.org/wiki/Disinflation "Disinflation") [Full employment](https://en.wikipedia.org/wiki/Full_employment "Full employment") [Hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation "Hyperinflation") [Money supply](https://en.wikipedia.org/wiki/Money_supply "Money supply")/[demand](https://en.wikipedia.org/wiki/Demand_for_money "Demand for money") [NAIRU](https://en.wikipedia.org/wiki/NAIRU "NAIRU") [Natural rate of unemployment](https://en.wikipedia.org/wiki/Natural_rate_of_unemployment "Natural rate of unemployment") [Neutrality of money](https://en.wikipedia.org/wiki/Neutrality_of_money "Neutrality of money") [Phillips curve](https://en.wikipedia.org/wiki/Phillips_curve "Phillips curve") [Price level](https://en.wikipedia.org/wiki/Price_level "Price level") [Real and nominal value](https://en.wikipedia.org/wiki/Real_and_nominal_value "Real and nominal value") [Sahm rule](https://en.wikipedia.org/wiki/Sahm_rule "Sahm rule") [Velocity of money](https://en.wikipedia.org/wiki/Velocity_of_money "Velocity of money") [Expansion](https://en.wikipedia.org/wiki/Economic_expansion "Economic expansion") [Miracle](https://en.wikipedia.org/wiki/Economic_miracle "Economic miracle") [Recovery](https://en.wikipedia.org/wiki/Economic_recovery "Economic recovery") [Stagnation](https://en.wikipedia.org/wiki/Economic_stagnation "Economic stagnation") [Interest rate](https://en.wikipedia.org/wiki/Interest_rate "Interest rate") [Nominal interest rate](https://en.wikipedia.org/wiki/Nominal_interest_rate "Nominal interest rate") [Real interest rate](https://en.wikipedia.org/wiki/Real_interest_rate "Real interest rate") [Yield curve](https://en.wikipedia.org/wiki/Yield_curve "Yield curve")/[Inverted](https://en.wikipedia.org/wiki/Inverted_yield_curve "Inverted yield curve") [Recession](https://en.wikipedia.org/wiki/Recession "Recession") [Balance sheet](https://en.wikipedia.org/wiki/Balance_sheet_recession "Balance sheet recession") [Depression](https://en.wikipedia.org/wiki/Economic_depression "Economic depression") [Global](https://en.wikipedia.org/wiki/Global_recession "Global recession") [Rolling](https://en.wikipedia.org/wiki/Rolling_recession "Rolling recession") [Shapes](https://en.wikipedia.org/wiki/Recession_shapes "Recession shapes") [Stagflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") [Shock](https://en.wikipedia.org/wiki/Shock_\(economics\) "Shock (economics)") [Demand](https://en.wikipedia.org/wiki/Demand_shock "Demand shock") [Supply](https://en.wikipedia.org/wiki/Supply_shock "Supply shock") |
| [Credit cycle](https://en.wikipedia.org/wiki/Credit_cycle "Credit cycle") topics | [Financial bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") [Commodity booms](https://en.wikipedia.org/wiki/List_of_commodity_booms "List of commodity booms")/[diamond rush](https://en.wikipedia.org/wiki/Diamond_rush "Diamond rush")/[gold rush](https://en.wikipedia.org/wiki/Gold_rush "Gold rush")/[oil boom](https://en.wikipedia.org/wiki/Oil_boom "Oil boom") [Real-estate bubble](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble")/[housing bubble](https://en.wikipedia.org/wiki/Housing_bubble "Housing bubble")/[boomtown](https://en.wikipedia.org/wiki/Boomtown "Boomtown")/[ghost town](https://en.wikipedia.org/wiki/Ghost_town "Ghost town") [Speculation](https://en.wikipedia.org/wiki/Speculation "Speculation") [Stock market bubble](https://en.wikipedia.org/wiki/Stock_market_bubble "Stock market bubble") [Financial crisis](https://en.wikipedia.org/wiki/Financial_crisis "Financial crisis") [Bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run")/[bank failure](https://en.wikipedia.org/wiki/Bank_failure "Bank failure") [Commodity price shocks](https://en.wikipedia.org/wiki/Commodity_price_shocks "Commodity price shocks") [Credit crunch](https://en.wikipedia.org/wiki/Credit_crunch "Credit crunch") [Currency crisis](https://en.wikipedia.org/wiki/Currency_crisis "Currency crisis") [Debt crisis](https://en.wikipedia.org/wiki/Debt_crisis "Debt crisis") [Energy crisis](https://en.wikipedia.org/wiki/Energy_crisis "Energy crisis") [Liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis")/[accounting](https://en.wikipedia.org/wiki/Accounting_liquidity "Accounting liquidity")/[capital](https://en.wikipedia.org/wiki/Liquid_capital "Liquid capital")/[funding](https://en.wikipedia.org/wiki/Funding_liquidity "Funding liquidity")/[market](https://en.wikipedia.org/wiki/Market_liquidity "Market liquidity") [Minsky moment](https://en.wikipedia.org/wiki/Minsky_moment "Minsky moment")/[leverage cycle](https://en.wikipedia.org/wiki/Leverage_cycle "Leverage cycle") [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash")/[Flash crash](https://en.wikipedia.org/wiki/Flash_crash "Flash crash") [Social contagion](https://en.wikipedia.org/wiki/Social_contagion "Social contagion") [Financial contagion](https://en.wikipedia.org/wiki/Financial_contagion "Financial contagion") [Irrational exuberance](https://en.wikipedia.org/wiki/Irrational_exuberance "Irrational exuberance") [Market trend](https://en.wikipedia.org/wiki/Market_trend "Market trend") Proposed bubbles [AI bubble](https://en.wikipedia.org/wiki/AI_bubble "AI bubble")/[AI boom](https://en.wikipedia.org/wiki/AI_boom "AI boom")/[Fourth Industrial Revolution](https://en.wikipedia.org/wiki/Fourth_Industrial_Revolution "Fourth Industrial Revolution")/[Imagination Age](https://en.wikipedia.org/wiki/Imagination_Age "Imagination Age") [Carbon bubble](https://en.wikipedia.org/wiki/Carbon_bubble "Carbon bubble")/[Age of Oil](https://en.wikipedia.org/wiki/Age_of_Oil "Age of Oil")/[Peak oil](https://en.wikipedia.org/wiki/Peak_oil "Peak oil") [Everything bubble](https://en.wikipedia.org/wiki/Everything_bubble "Everything bubble") [Green bubble](https://en.wikipedia.org/wiki/Green_bubble "Green bubble") [Social media stock bubble](https://en.wikipedia.org/wiki/Social_media_stock_bubble "Social media stock bubble") [Unicorn bubble](https://en.wikipedia.org/wiki/Unicorn_bubble "Unicorn bubble") [U.S. higher education bubble](https://en.wikipedia.org/wiki/Higher_education_bubble_in_the_United_States "Higher education bubble in the United States") |
| [v](https://en.wikipedia.org/wiki/Template:Employment "Template:Employment") [t](https://en.wikipedia.org/wiki/Template_talk:Employment "Template talk:Employment") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Employment "Special:EditPage/Template:Employment")[Employment](https://en.wikipedia.org/wiki/Employment "Employment") | |
|---|---|
| Classifications | [Academic tenure](https://en.wikipedia.org/wiki/Academic_tenure "Academic tenure") [Casual](https://en.wikipedia.org/wiki/Casual_employment_\(contract\) "Casual employment (contract)") [Contingent work](https://en.wikipedia.org/wiki/Contingent_work "Contingent work") [Full-time job](https://en.wikipedia.org/wiki/Full-time_job "Full-time job") [Gig worker](https://en.wikipedia.org/wiki/Gig_worker "Gig worker") [Job sharing](https://en.wikipedia.org/wiki/Job_sharing "Job sharing") [Part-time job](https://en.wikipedia.org/wiki/Part-time_job "Part-time job") [Self-employment](https://en.wikipedia.org/wiki/Self-employment "Self-employment") [Side job](https://en.wikipedia.org/wiki/Side_job "Side job") [Skilled worker](https://en.wikipedia.org/wiki/Skilled_worker "Skilled worker") [Journeyman](https://en.wikipedia.org/wiki/Journeyman "Journeyman") [Technician](https://en.wikipedia.org/wiki/Technician "Technician") [Tradesperson](https://en.wikipedia.org/wiki/Tradesperson "Tradesperson") [Independent contractor](https://en.wikipedia.org/wiki/Independent_contractor "Independent contractor") [Labour hire](https://en.wikipedia.org/wiki/Labour_hire "Labour hire") [Temporary work](https://en.wikipedia.org/wiki/Temporary_work "Temporary work") [Laborer](https://en.wikipedia.org/wiki/Laborer "Laborer") [Wage labour](https://en.wikipedia.org/wiki/Wage_labour "Wage labour") |
| [Hiring](https://en.wikipedia.org/wiki/Recruitment "Recruitment") | [Application](https://en.wikipedia.org/wiki/Application_for_employment "Application for employment") [Background check](https://en.wikipedia.org/wiki/Background_check "Background check") [Business networking](https://en.wikipedia.org/wiki/Business_networking "Business networking") [Cover letter](https://en.wikipedia.org/wiki/Cover_letter "Cover letter") [Curriculum vitae](https://en.wikipedia.org/wiki/Curriculum_vitae "Curriculum vitae") [Drug testing](https://en.wikipedia.org/wiki/Drug_test "Drug test") [Employment contract](https://en.wikipedia.org/wiki/Employment_contract "Employment contract") [Employment counsellor](https://en.wikipedia.org/wiki/Employment_counsellor "Employment counsellor") [Executive search](https://en.wikipedia.org/wiki/Executive_search "Executive search") [list](https://en.wikipedia.org/wiki/List_of_executive_search_firms "List of executive search firms") [Induction programme](https://en.wikipedia.org/wiki/Induction_programme "Induction programme") [Job fair](https://en.wikipedia.org/wiki/Job_fair "Job fair") [Job fraud](https://en.wikipedia.org/wiki/Job_fraud "Job fraud") [Job hunting](https://en.wikipedia.org/wiki/Job_hunting "Job hunting") [Job interview](https://en.wikipedia.org/wiki/Job_interview "Job interview") [Letter of recommendation](https://en.wikipedia.org/wiki/Letter_of_recommendation "Letter of recommendation") [Onboarding](https://en.wikipedia.org/wiki/Onboarding "Onboarding") [Overqualification](https://en.wikipedia.org/wiki/Overqualification "Overqualification") [Person–environment fit](https://en.wikipedia.org/wiki/Person%E2%80%93environment_fit "Person–environment fit") [Personality–job fit theory](https://en.wikipedia.org/wiki/Personality%E2%80%93job_fit_theory "Personality–job fit theory") [Personality hire](https://en.wikipedia.org/wiki/Personality_hire "Personality hire") [Probation](https://en.wikipedia.org/wiki/Probation_\(workplace\) "Probation (workplace)") [Realistic job preview](https://en.wikipedia.org/wiki/Realistic_job_preview "Realistic job preview") [Recruitment](https://en.wikipedia.org/wiki/Recruitment "Recruitment") [Résumé](https://en.wikipedia.org/wiki/R%C3%A9sum%C3%A9 "Résumé") [Simultaneous recruiting of new graduates](https://en.wikipedia.org/wiki/Simultaneous_recruiting_of_new_graduates "Simultaneous recruiting of new graduates") [Underemployment](https://en.wikipedia.org/wiki/Underemployment "Underemployment") [Work-at-home scheme](https://en.wikipedia.org/wiki/Work-at-home_scheme "Work-at-home scheme") |
| Roles | [Cooperative](https://en.wikipedia.org/wiki/Cooperative "Cooperative") [Employee](https://en.wikipedia.org/wiki/Employee "Employee") [Employer](https://en.wikipedia.org/wiki/Employer "Employer") [Internship](https://en.wikipedia.org/wiki/Internship "Internship") [Job](https://en.wikipedia.org/wiki/Job_\(role\) "Job (role)") [Labour hire](https://en.wikipedia.org/wiki/Labour_hire "Labour hire") [Permanent employment](https://en.wikipedia.org/wiki/Permanent_employment "Permanent employment") [Supervisor](https://en.wikipedia.org/wiki/Supervisor "Supervisor") [Volunteering](https://en.wikipedia.org/wiki/Volunteering "Volunteering") |
| [Working class](https://en.wikipedia.org/wiki/Social_class "Social class") | [Blue-collar](https://en.wikipedia.org/wiki/Blue-collar_worker "Blue-collar worker") [Green-collar](https://en.wikipedia.org/wiki/Green-collar_worker "Green-collar worker") [Grey-collar](https://en.wikipedia.org/wiki/Grey-collar "Grey-collar") [Pink-collar](https://en.wikipedia.org/wiki/Pink-collar_worker "Pink-collar worker") [Precariat](https://en.wikipedia.org/wiki/Precariat "Precariat") [White-collar](https://en.wikipedia.org/wiki/White-collar_worker "White-collar worker") [Red-collar](https://en.wikipedia.org/wiki/Designation_of_workers_by_collar_color "Designation of workers by collar color") [New-collar](https://en.wikipedia.org/wiki/New-collar_worker "New-collar worker") [No-collar](https://en.wikipedia.org/wiki/Designation_of_workers_by_collar_color "Designation of workers by collar color") [Orange-collar](https://en.wikipedia.org/wiki/Designation_of_workers_by_collar_color "Designation of workers by collar color") [Scarlet-collar](https://en.wikipedia.org/wiki/Designation_of_workers_by_collar_color "Designation of workers by collar color") [Black-collar](https://en.wikipedia.org/wiki/Designation_of_workers_by_collar_color "Designation of workers by collar color") [Gold-collar](https://en.wikipedia.org/wiki/Designation_of_workers_by_collar_color "Designation of workers by collar color") |
| [Career](https://en.wikipedia.org/wiki/Career "Career") and [training](https://en.wikipedia.org/wiki/Training "Training") | [Apprenticeship](https://en.wikipedia.org/wiki/Apprenticeship "Apprenticeship") [Artisan](https://en.wikipedia.org/wiki/Artisan "Artisan") [Master craftsman](https://en.wikipedia.org/wiki/Master_craftsman "Master craftsman") [Avocation](https://en.wikipedia.org/wiki/Avocation "Avocation") [Career assessment](https://en.wikipedia.org/wiki/Career_assessment "Career assessment") [Career counseling](https://en.wikipedia.org/wiki/Career_counseling "Career counseling") [Career development](https://en.wikipedia.org/wiki/Career_development "Career development") [Coaching](https://en.wikipedia.org/wiki/Coaching "Coaching") [Creative class](https://en.wikipedia.org/wiki/Creative_class "Creative class") [Education](https://en.wikipedia.org/wiki/Education "Education") [Continuing education](https://en.wikipedia.org/wiki/Continuing_education "Continuing education") [E-learning](https://en.wikipedia.org/wiki/E-learning "E-learning") [Employability](https://en.wikipedia.org/wiki/Employability "Employability") [Further education](https://en.wikipedia.org/wiki/Further_education "Further education") [Graduate school](https://en.wikipedia.org/wiki/Graduate_school "Graduate school") [Induction training](https://en.wikipedia.org/wiki/Induction_training "Induction training") [Knowledge worker](https://en.wikipedia.org/wiki/Knowledge_worker "Knowledge worker") [Licensure](https://en.wikipedia.org/wiki/Licensure "Licensure") [Lifelong learning](https://en.wikipedia.org/wiki/Lifelong_learning "Lifelong learning") [Overspecialization](https://en.wikipedia.org/wiki/Overspecialization "Overspecialization") [Practice-based professional learning](https://en.wikipedia.org/wiki/Practice-based_professional_learning "Practice-based professional learning") [Professional association](https://en.wikipedia.org/wiki/Professional_association "Professional association") [Professional certification](https://en.wikipedia.org/wiki/Professional_certification "Professional certification") [Professional development](https://en.wikipedia.org/wiki/Professional_development "Professional development") [Professional school](https://en.wikipedia.org/wiki/Professional_school "Professional school") [Reflective practice](https://en.wikipedia.org/wiki/Reflective_practice "Reflective practice") [Retraining](https://en.wikipedia.org/wiki/Retraining "Retraining") [Vocational education](https://en.wikipedia.org/wiki/Vocational_education "Vocational education") [Vocational school](https://en.wikipedia.org/wiki/Vocational_school "Vocational school") [Vocational university](https://en.wikipedia.org/wiki/Vocational_university "Vocational university") [Mentorship](https://en.wikipedia.org/wiki/Mentorship "Mentorship") [Occupational Outlook Handbook](https://en.wikipedia.org/wiki/Occupational_Outlook_Handbook "Occupational Outlook Handbook") [Practice firm](https://en.wikipedia.org/wiki/Practice_firm "Practice firm") [Profession](https://en.wikipedia.org/wiki/Profession "Profession") [Operator](https://en.wikipedia.org/wiki/Operator_\(profession\) "Operator (profession)") [Professional](https://en.wikipedia.org/wiki/Professional "Professional") [Tradesman](https://en.wikipedia.org/wiki/Tradesman "Tradesman") [Vocation](https://en.wikipedia.org/wiki/Vocation "Vocation") |
| Attendance | [Break](https://en.wikipedia.org/wiki/Break_\(work\) "Break (work)") [Break room](https://en.wikipedia.org/wiki/Break_room "Break room") [Career break](https://en.wikipedia.org/wiki/Career_break "Career break") [Compassionate leave](https://en.wikipedia.org/wiki/Compassionate_leave "Compassionate leave") [Bereavement leave](https://en.wikipedia.org/wiki/Bereavement_leave "Bereavement leave") [Furlough](https://en.wikipedia.org/wiki/Furlough "Furlough") [Gap year](https://en.wikipedia.org/wiki/Gap_year "Gap year") [Leave of absence](https://en.wikipedia.org/wiki/Leave_of_absence "Leave of absence") [Long service leave](https://en.wikipedia.org/wiki/Long_service_leave "Long service leave") [No call, no show](https://en.wikipedia.org/wiki/No_call,_no_show "No call, no show") [Sabbatical](https://en.wikipedia.org/wiki/Sabbatical "Sabbatical") [Sick leave](https://en.wikipedia.org/wiki/Sick_leave "Sick leave") [Stress leave](https://en.wikipedia.org/wiki/Stress_leave "Stress leave") [Time clock](https://en.wikipedia.org/wiki/Time_clock "Time clock") |
| [Schedules](https://en.wikipedia.org/wiki/Schedule_\(workplace\) "Schedule (workplace)") | [35-hour workweek](https://en.wikipedia.org/wiki/35-hour_workweek "35-hour workweek") [Four-day week](https://en.wikipedia.org/wiki/Four-day_week "Four-day week") [Eight-hour day](https://en.wikipedia.org/wiki/Eight-hour_day "Eight-hour day") [996 working hour system](https://en.wikipedia.org/wiki/996_working_hour_system "996 working hour system") [Flextime](https://en.wikipedia.org/wiki/Flextime "Flextime") [On-call](https://en.wikipedia.org/wiki/On-call "On-call") [Overtime](https://en.wikipedia.org/wiki/Overtime "Overtime") [Remote work](https://en.wikipedia.org/wiki/Remote_work "Remote work") [Six-hour day](https://en.wikipedia.org/wiki/Six-hour_day "Six-hour day") [Shift work](https://en.wikipedia.org/wiki/Shift_work "Shift work") [Working time](https://en.wikipedia.org/wiki/Working_time "Working time") [Workweek and weekend](https://en.wikipedia.org/wiki/Workweek_and_weekend "Workweek and weekend") |
| [Wages](https://en.wikipedia.org/wiki/Wage "Wage") and [salaries](https://en.wikipedia.org/wiki/Salary "Salary") | [Frisch elasticity of labor supply](https://en.wikipedia.org/wiki/Frisch_elasticity_of_labor_supply "Frisch elasticity of labor supply") [Global labor arbitrage](https://en.wikipedia.org/wiki/Global_labor_arbitrage "Global labor arbitrage") [Labour economics](https://en.wikipedia.org/wiki/Labour_economics "Labour economics") [Labor share](https://en.wikipedia.org/wiki/Labor_share "Labor share") [Labour supply](https://en.wikipedia.org/wiki/Labour_supply "Labour supply") [Living wage](https://en.wikipedia.org/wiki/Living_wage "Living wage") [Maximum wage](https://en.wikipedia.org/wiki/Maximum_wage "Maximum wage") [Median income](https://en.wikipedia.org/wiki/Median_income "Median income") [Minimum wage](https://en.wikipedia.org/wiki/Minimum_wage "Minimum wage") [Canada](https://en.wikipedia.org/wiki/Minimum_wage_in_Canada "Minimum wage in Canada") [Hong Kong](https://en.wikipedia.org/wiki/Minimum_Wage_Ordinance "Minimum Wage Ordinance") [Europe](https://en.wikipedia.org/wiki/List_of_European_countries_by_minimum_wage "List of European countries by minimum wage") [United States](https://en.wikipedia.org/wiki/Minimum_wage_in_the_United_States "Minimum wage in the United States") [National average salary](https://en.wikipedia.org/wiki/National_average_salary "National average salary") [World](https://en.wikipedia.org/wiki/List_of_countries_by_average_wage "List of countries by average wage") [Europe](https://en.wikipedia.org/wiki/List_of_European_countries_by_average_wage "List of European countries by average wage") [Pay bands](https://en.wikipedia.org/wiki/Pay_bands "Pay bands") [Price elasticity of demand](https://en.wikipedia.org/wiki/Price_elasticity_of_demand "Price elasticity of demand") [Progressive wage](https://en.wikipedia.org/wiki/Progressive_wage "Progressive wage") [Singapore](https://en.wikipedia.org/wiki/Progressive_wage "Progressive wage") [Overtime rate](https://en.wikipedia.org/wiki/Overtime_rate "Overtime rate") [Paid time off](https://en.wikipedia.org/wiki/Paid_time_off "Paid time off") [Performance-related pay](https://en.wikipedia.org/wiki/Performance-related_pay "Performance-related pay") [Remuneration](https://en.wikipedia.org/wiki/Remuneration "Remuneration") [Salary cap](https://en.wikipedia.org/wiki/Salary_cap "Salary cap") |
| [Benefits](https://en.wikipedia.org/wiki/Employee_benefits "Employee benefits") | [Annual leave](https://en.wikipedia.org/wiki/Annual_leave "Annual leave") [Casual Friday](https://en.wikipedia.org/wiki/Casual_Friday "Casual Friday") [Child care](https://en.wikipedia.org/wiki/Child_care "Child care") [Disability insurance](https://en.wikipedia.org/wiki/Disability_insurance "Disability insurance") [Health insurance](https://en.wikipedia.org/wiki/Health_insurance "Health insurance") [Life insurance](https://en.wikipedia.org/wiki/Life_insurance "Life insurance") [Marriage leave](https://en.wikipedia.org/wiki/Marriage_leave "Marriage leave") [Parental leave](https://en.wikipedia.org/wiki/Parental_leave "Parental leave") [Pension](https://en.wikipedia.org/wiki/Pension "Pension") [By country](https://en.wikipedia.org/wiki/Pension_systems_by_country "Pension systems by country") [Perk-cession](https://en.wikipedia.org/wiki/Perk-cession "Perk-cession") [Sick leave](https://en.wikipedia.org/wiki/Sick_leave "Sick leave") [United States](https://en.wikipedia.org/wiki/Sick_leave_in_the_United_States "Sick leave in the United States") [Take-home vehicle](https://en.wikipedia.org/wiki/Take-home_vehicle "Take-home vehicle") [Well-being washing](https://en.wikipedia.org/wiki/Well-being_washing "Well-being washing") |
| Taxes | [Payroll tax](https://en.wikipedia.org/wiki/Payroll_tax "Payroll tax") [Tax bracket](https://en.wikipedia.org/wiki/Tax_bracket "Tax bracket") [Income tax](https://en.wikipedia.org/wiki/Income_tax "Income tax") [Negative](https://en.wikipedia.org/wiki/Negative_income_tax "Negative income tax") [Disposable income](https://en.wikipedia.org/wiki/Disposable_income "Disposable income") [Salary packaging](https://en.wikipedia.org/wiki/Salary_packaging "Salary packaging") [Unreported employment](https://en.wikipedia.org/wiki/Unreported_employment "Unreported employment") |
| [Safety and health](https://en.wikipedia.org/wiki/Occupational_safety_and_health "Occupational safety and health") | [Crunch](https://en.wikipedia.org/wiki/Crunch_\(video_games\) "Crunch (video games)") [Epilepsy and employment](https://en.wikipedia.org/wiki/Epilepsy_and_employment "Epilepsy and employment") [Human factors and ergonomics](https://en.wikipedia.org/wiki/Human_factors_and_ergonomics "Human factors and ergonomics") [Karoshi](https://en.wikipedia.org/wiki/Karoshi "Karoshi") [List of countries by rate of fatal workplace accidents](https://en.wikipedia.org/wiki/List_of_countries_by_rate_of_fatal_workplace_accidents "List of countries by rate of fatal workplace accidents") [Occupational burnout](https://en.wikipedia.org/wiki/Occupational_burnout "Occupational burnout") [Occupational disease](https://en.wikipedia.org/wiki/Occupational_disease "Occupational disease") [Occupational exposure limit](https://en.wikipedia.org/wiki/Occupational_exposure_limit "Occupational exposure limit") [Occupational health psychology](https://en.wikipedia.org/wiki/Occupational_health_psychology "Occupational health psychology") [Occupational injury](https://en.wikipedia.org/wiki/Occupational_injury "Occupational injury") [Occupational noise](https://en.wikipedia.org/wiki/Occupational_noise "Occupational noise") [Occupational stress](https://en.wikipedia.org/wiki/Occupational_stress "Occupational stress") [Personal protective equipment](https://en.wikipedia.org/wiki/Personal_protective_equipment "Personal protective equipment") [Repetitive strain injury](https://en.wikipedia.org/wiki/Repetitive_strain_injury "Repetitive strain injury") [Right to sit](https://en.wikipedia.org/wiki/Right_to_sit "Right to sit") [United States](https://en.wikipedia.org/wiki/Right_to_sit_in_the_United_States "Right to sit in the United States") [Sick building syndrome](https://en.wikipedia.org/wiki/Sick_building_syndrome "Sick building syndrome") [Work accident](https://en.wikipedia.org/wiki/Work_accident "Work accident") [Occupational fatality](https://en.wikipedia.org/wiki/Occupational_fatality "Occupational fatality") [Workers' compensation](https://en.wikipedia.org/wiki/Workers%27_compensation "Workers' compensation") [Workers' right to access the toilet](https://en.wikipedia.org/wiki/Workers%27_right_to_access_the_toilet "Workers' right to access the toilet") [Workplace health promotion](https://en.wikipedia.org/wiki/Workplace_health_promotion "Workplace health promotion") [Workplace phobia](https://en.wikipedia.org/wiki/Workplace_phobia "Workplace phobia") [Workplace wellness](https://en.wikipedia.org/wiki/Workplace_wellness "Workplace wellness") |
| [Equal opportunity](https://en.wikipedia.org/wiki/Equal_opportunity "Equal opportunity") | [Affirmative action](https://en.wikipedia.org/wiki/Affirmative_action "Affirmative action") [Discrimination](https://en.wikipedia.org/wiki/Employment_discrimination "Employment discrimination") [Equal pay for equal work](https://en.wikipedia.org/wiki/Equal_pay_for_equal_work "Equal pay for equal work") [Gender pay gap](https://en.wikipedia.org/wiki/Gender_pay_gap "Gender pay gap") [Glass ceiling](https://en.wikipedia.org/wiki/Glass_ceiling "Glass ceiling") |
| Infractions | [Corporate collapses and scandals](https://en.wikipedia.org/wiki/List_of_corporate_collapses_and_scandals "List of corporate collapses and scandals") [Accounting scandals](https://en.wikipedia.org/wiki/Accounting_scandals "Accounting scandals") [Control fraud](https://en.wikipedia.org/wiki/Control_fraud "Control fraud") [Corporate behaviour](https://en.wikipedia.org/wiki/Corporate_behaviour "Corporate behaviour") [Corporate crime](https://en.wikipedia.org/wiki/Corporate_crime "Corporate crime") [Exploitation of labour](https://en.wikipedia.org/wiki/Exploitation_of_labour "Exploitation of labour") [Dress code](https://en.wikipedia.org/wiki/Dress_code "Dress code") [Employee handbook](https://en.wikipedia.org/wiki/Employee_handbook "Employee handbook") [Employee monitoring](https://en.wikipedia.org/wiki/Employee_monitoring "Employee monitoring") [Evaluation](https://en.wikipedia.org/wiki/Evaluation_\(workplace\) "Evaluation (workplace)") [Labour law](https://en.wikipedia.org/wiki/Labour_law "Labour law") [Sexual harassment](https://en.wikipedia.org/wiki/Sexual_harassment "Sexual harassment") [Sleeping while on duty](https://en.wikipedia.org/wiki/Sleeping_while_on_duty "Sleeping while on duty") [Wage theft](https://en.wikipedia.org/wiki/Wage_theft "Wage theft") [Whistleblower](https://en.wikipedia.org/wiki/Whistleblower "Whistleblower") [Workplace bullying](https://en.wikipedia.org/wiki/Workplace_bullying "Workplace bullying") [Workplace harassment](https://en.wikipedia.org/wiki/Workplace_harassment "Workplace harassment") [Workplace incivility](https://en.wikipedia.org/wiki/Workplace_incivility "Workplace incivility") |
| Willingness | [Boreout](https://en.wikipedia.org/wiki/Boreout "Boreout") [Careerism](https://en.wikipedia.org/wiki/Careerism "Careerism") [Civil conscription](https://en.wikipedia.org/wiki/Civil_conscription "Civil conscription") [Conscription](https://en.wikipedia.org/wiki/Conscription "Conscription") [Critique of work](https://en.wikipedia.org/wiki/Critique_of_work "Critique of work") [Dead-end job](https://en.wikipedia.org/wiki/Dead-end_job "Dead-end job") [Employment rate](https://en.wikipedia.org/wiki/Employment_rate "Employment rate") [List](https://en.wikipedia.org/wiki/List_of_sovereign_states_by_employment_rate "List of sovereign states by employment rate") [Job satisfaction](https://en.wikipedia.org/wiki/Job_satisfaction "Job satisfaction") [McJob](https://en.wikipedia.org/wiki/McJob "McJob") [Organizational commitment](https://en.wikipedia.org/wiki/Organizational_commitment "Organizational commitment") [Refusal of work](https://en.wikipedia.org/wiki/Refusal_of_work "Refusal of work") [Slavery](https://en.wikipedia.org/wiki/Slavery "Slavery") [Bonded labour](https://en.wikipedia.org/wiki/Debt_bondage "Debt bondage") [Human trafficking](https://en.wikipedia.org/wiki/Human_trafficking "Human trafficking") [Labour camp](https://en.wikipedia.org/wiki/Labor_camp "Labor camp") [Penal labour](https://en.wikipedia.org/wiki/Penal_labour "Penal labour") [Peonage](https://en.wikipedia.org/wiki/Peon "Peon") [Truck wages](https://en.wikipedia.org/wiki/Truck_wages "Truck wages") [Unfree labour](https://en.wikipedia.org/wiki/Unfree_labour "Unfree labour") [Wage slavery](https://en.wikipedia.org/wiki/Wage_slavery "Wage slavery") [Stay interview](https://en.wikipedia.org/wiki/Stay_interview "Stay interview") [Workforce](https://en.wikipedia.org/wiki/Workforce "Workforce") [Work ethic](https://en.wikipedia.org/wiki/Work_ethic "Work ethic") [Work–life interface](https://en.wikipedia.org/wiki/Work%E2%80%93life_interface "Work–life interface") [Downshifting](https://en.wikipedia.org/wiki/Downshifting_\(lifestyle\) "Downshifting (lifestyle)") [Slow living](https://en.wikipedia.org/wiki/Slow_living "Slow living") [Workaholic](https://en.wikipedia.org/wiki/Workaholic "Workaholic") |
| [Termination](https://en.wikipedia.org/wiki/Termination_of_employment "Termination of employment") | [At-will employment](https://en.wikipedia.org/wiki/At-will_employment "At-will employment") [Dismissal](https://en.wikipedia.org/wiki/Dismissal_\(employment\) "Dismissal (employment)") [Banishment room](https://en.wikipedia.org/wiki/Banishment_room "Banishment room") [Constructive dismissal](https://en.wikipedia.org/wiki/Constructive_dismissal "Constructive dismissal") [Wrongful dismissal](https://en.wikipedia.org/wiki/Wrongful_dismissal "Wrongful dismissal") [Employee offboarding](https://en.wikipedia.org/wiki/Employee_offboarding "Employee offboarding") [Employee turnover](https://en.wikipedia.org/wiki/Employee_turnover "Employee turnover") [Exit interview](https://en.wikipedia.org/wiki/Exit_interview "Exit interview") [Labour market flexibility](https://en.wikipedia.org/wiki/Labour_market_flexibility "Labour market flexibility") [Layoff](https://en.wikipedia.org/wiki/Layoff "Layoff") [Notice period](https://en.wikipedia.org/wiki/Notice_period "Notice period") [Pink slip](https://en.wikipedia.org/wiki/Pink_slip_\(employment\) "Pink slip (employment)") [Resignation](https://en.wikipedia.org/wiki/Resignation "Resignation") [Letter of resignation](https://en.wikipedia.org/wiki/Letter_of_resignation "Letter of resignation") [Restructuring](https://en.wikipedia.org/wiki/Restructuring "Restructuring") [Retirement](https://en.wikipedia.org/wiki/Retirement "Retirement") [Mandatory retirement](https://en.wikipedia.org/wiki/Mandatory_retirement "Mandatory retirement") [Retirement planning](https://en.wikipedia.org/wiki/Retirement_planning "Retirement planning") [Retirement spend-down](https://en.wikipedia.org/wiki/Retirement_spend-down "Retirement spend-down") [Severance package](https://en.wikipedia.org/wiki/Severance_package "Severance package") [Golden handshake](https://en.wikipedia.org/wiki/Golden_handshake "Golden handshake") [Golden parachute](https://en.wikipedia.org/wiki/Golden_parachute "Golden parachute") |
| [Unemployment](https://en.wikipedia.org/wiki/Unemployment "Unemployment") | [Barriers to entry](https://en.wikipedia.org/wiki/Barriers_to_entry "Barriers to entry") [Discouraged worker](https://en.wikipedia.org/wiki/Discouraged_worker "Discouraged worker") [Economic depression](https://en.wikipedia.org/wiki/Economic_depression "Economic depression") [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") [Long Depression](https://en.wikipedia.org/wiki/Long_Depression "Long Depression") [Frictional unemployment](https://en.wikipedia.org/wiki/Frictional_unemployment "Frictional unemployment") [Full employment](https://en.wikipedia.org/wiki/Full_employment "Full employment") [Graduate unemployment](https://en.wikipedia.org/wiki/Graduate_unemployment "Graduate unemployment") [Involuntary unemployment](https://en.wikipedia.org/wiki/Involuntary_unemployment "Involuntary unemployment") [Jobless recovery](https://en.wikipedia.org/wiki/Jobless_recovery "Jobless recovery") [NEET](https://en.wikipedia.org/wiki/NEET "NEET") [Phillips curve](https://en.wikipedia.org/wiki/Phillips_curve "Phillips curve") [Recession](https://en.wikipedia.org/wiki/Recession "Recession") [Great Recession]() [Job losses caused by the Great Recession](https://en.wikipedia.org/wiki/Job_losses_caused_by_the_Great_Recession "Job losses caused by the Great Recession") [Lists of recessions](https://en.wikipedia.org/wiki/Lists_of_recessions "Lists of recessions") [Recession-proof job](https://en.wikipedia.org/wiki/Recession-proof_job "Recession-proof job") [Reserve army of labour](https://en.wikipedia.org/wiki/Reserve_army_of_labour "Reserve army of labour") [Structural unemployment](https://en.wikipedia.org/wiki/Structural_unemployment "Structural unemployment") [Technological unemployment](https://en.wikipedia.org/wiki/Technological_unemployment "Technological unemployment") [Types of unemployment](https://en.wikipedia.org/wiki/Types_of_unemployment "Types of unemployment") [Unemployment benefits](https://en.wikipedia.org/wiki/Unemployment_benefits "Unemployment benefits") [Unemployment Convention, 1919](https://en.wikipedia.org/wiki/Unemployment_Convention,_1919 "Unemployment Convention, 1919") [Unemployment extension](https://en.wikipedia.org/wiki/Unemployment_extension "Unemployment extension") [List of countries by unemployment rate](https://en.wikipedia.org/wiki/List_of_countries_by_unemployment_rate "List of countries by unemployment rate") [Wage curve](https://en.wikipedia.org/wiki/Wage_curve "Wage curve") [Youth unemployment](https://en.wikipedia.org/wiki/Youth_unemployment "Youth unemployment") |
| Public programs | [Workfare](https://en.wikipedia.org/wiki/Workfare "Workfare") [Unemployment insurance](https://en.wikipedia.org/wiki/Unemployment_insurance "Unemployment insurance") [Make-work job](https://en.wikipedia.org/wiki/Make-work_job "Make-work job") [Job creation program](https://en.wikipedia.org/wiki/Job_creation_program "Job creation program") [Job creation index](https://en.wikipedia.org/wiki/Job_creation_index "Job creation index") [Job guarantee](https://en.wikipedia.org/wiki/Job_guarantee "Job guarantee") [Employer of last resort](https://en.wikipedia.org/wiki/Employer_of_last_resort "Employer of last resort") [Guaranteed minimum income](https://en.wikipedia.org/wiki/Guaranteed_minimum_income "Guaranteed minimum income") [Right to work](https://en.wikipedia.org/wiki/Right_to_work "Right to work") *Historical:* *U.S.A.:* [Civil Works Administration](https://en.wikipedia.org/wiki/Civil_Works_Administration "Civil Works Administration") [Works Progress Administration](https://en.wikipedia.org/wiki/Works_Progress_Administration "Works Progress Administration") [Comprehensive Employment and Training Act](https://en.wikipedia.org/wiki/Comprehensive_Employment_and_Training_Act "Comprehensive Employment and Training Act") |
| See also | [Bullshit job](https://en.wikipedia.org/wiki/Bullshit_job "Bullshit job") [Busy work](https://en.wikipedia.org/wiki/Busy_work "Busy work") [Credentialism and educational inflation](https://en.wikipedia.org/wiki/Credentialism_and_educational_inflation "Credentialism and educational inflation") [Emotional labor](https://en.wikipedia.org/wiki/Emotional_labor "Emotional labor") [Evil corporation](https://en.wikipedia.org/wiki/Evil_corporation "Evil corporation") [Going postal](https://en.wikipedia.org/wiki/Going_postal "Going postal") [Kiss up kick down](https://en.wikipedia.org/wiki/Kiss_up_kick_down "Kiss up kick down") [Labor rights](https://en.wikipedia.org/wiki/Labor_rights "Labor rights") [Make-work job](https://en.wikipedia.org/wiki/Make-work_job "Make-work job") [Narcissism in the workplace](https://en.wikipedia.org/wiki/Narcissism_in_the_workplace "Narcissism in the workplace") [Post-work society](https://en.wikipedia.org/wiki/Post-work_society "Post-work society") [Presenteeism](https://en.wikipedia.org/wiki/Presenteeism "Presenteeism") [Psychopathy in the workplace](https://en.wikipedia.org/wiki/Psychopathy_in_the_workplace "Psychopathy in the workplace") [Sunday scaries](https://en.wikipedia.org/wiki/Sunday_scaries "Sunday scaries") [Slow movement (culture)](https://en.wikipedia.org/wiki/Slow_movement_\(culture\) "Slow movement (culture)") [Toxic leader](https://en.wikipedia.org/wiki/Toxic_leader "Toxic leader") [Toxic workplace](https://en.wikipedia.org/wiki/Toxic_workplace "Toxic workplace") [Wage compression](https://en.wikipedia.org/wiki/Wage_compression "Wage compression") [Working poor](https://en.wikipedia.org/wiki/Working_poor "Working poor") [Workhouse](https://en.wikipedia.org/wiki/Workhouse "Workhouse") |
|  See also templates [Aspects of corporations](https://en.wikipedia.org/wiki/Template:Aspects_of_corporations "Template:Aspects of corporations") [Aspects of jobs](https://en.wikipedia.org/wiki/Template:Aspects_of_jobs "Template:Aspects of jobs") [Aspects of occupations](https://en.wikipedia.org/wiki/Template:Aspects_of_occupations "Template:Aspects of occupations") [Aspects of organizations](https://en.wikipedia.org/wiki/Template:Aspects_of_organizations "Template:Aspects of organizations") [Aspects of workplaces](https://en.wikipedia.org/wiki/Template:Aspects_of_workplaces "Template:Aspects of workplaces") [Corporate titles](https://en.wikipedia.org/wiki/Template:Corporate_titles "Template:Corporate titles") [Critique of work](https://en.wikipedia.org/wiki/Template:Critique_of_work "Template:Critique of work") [Organized labor](https://en.wikipedia.org/wiki/Template:Organized_labor "Template:Organized labor") | |
| [v](https://en.wikipedia.org/wiki/Template:Financial_crises "Template:Financial crises") [t](https://en.wikipedia.org/wiki/Template_talk:Financial_crises "Template talk:Financial crises") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Financial_crises "Special:EditPage/Template:Financial crises")[Financial crises](https://en.wikipedia.org/wiki/Financial_crisis "Financial crisis") | |
|---|---|
| [Bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run") [Commodity price shocks](https://en.wikipedia.org/wiki/Commodity_price_shocks "Commodity price shocks") [Credit crunch](https://en.wikipedia.org/wiki/Credit_crunch "Credit crunch") [Credit cycle](https://en.wikipedia.org/wiki/Credit_cycle "Credit cycle") [Currency crisis](https://en.wikipedia.org/wiki/Currency_crisis "Currency crisis") [Debt crisis](https://en.wikipedia.org/wiki/Debt_crisis "Debt crisis") [Energy crisis](https://en.wikipedia.org/wiki/Energy_crisis "Energy crisis") [Financial contagion](https://en.wikipedia.org/wiki/Financial_contagion "Financial contagion") [Social contagion](https://en.wikipedia.org/wiki/Social_contagion "Social contagion") [Flash crash](https://en.wikipedia.org/wiki/Flash_crash "Flash crash") [Hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation "Hyperinflation") [Liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis") [Accounting](https://en.wikipedia.org/wiki/Accounting_liquidity "Accounting liquidity") [Capital](https://en.wikipedia.org/wiki/Liquid_capital "Liquid capital") [Funding](https://en.wikipedia.org/wiki/Funding_liquidity "Funding liquidity") [Market](https://en.wikipedia.org/wiki/Market_liquidity "Market liquidity") [Minsky moment](https://en.wikipedia.org/wiki/Minsky_moment "Minsky moment") [Social crisis](https://en.wikipedia.org/wiki/Social_crisis "Social crisis") [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash") | |
| Pre-[1000](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") | [Financial crisis of 33 CE](https://en.wikipedia.org/wiki/Financial_crisis_of_33 "Financial crisis of 33") [Crisis of the Third Century](https://en.wikipedia.org/wiki/Crisis_of_the_Third_Century "Crisis of the Third Century") (235–284 CE) |
| [Commercial revolution](https://en.wikipedia.org/wiki/Commercial_revolution "Commercial revolution") (1000–1760) | [Great Bullion Famine](https://en.wikipedia.org/wiki/Great_Bullion_Famine "Great Bullion Famine") (c. 1400–c. 1500) [The Great Debasement](https://en.wikipedia.org/wiki/The_Great_Debasement "The Great Debasement") (1544–1551) [Spanish Price Revolution](https://en.wikipedia.org/wiki/Price_revolution "Price revolution") (c. 1550–c. 1650) [Dutch Republic stock market crashes](https://en.wikipedia.org/wiki/Financial_history_of_the_Dutch_Republic "Financial history of the Dutch Republic") (c. 1600–1760) *[Kipper und Wipper](https://en.wikipedia.org/wiki/Kipper_und_Wipper "Kipper und Wipper")* (1621–1623) [Tulip mania](https://en.wikipedia.org/wiki/Tulip_mania "Tulip mania") (1637) [South Sea bubble](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1720) [Mississippi bubble](https://en.wikipedia.org/wiki/John_Law%27s_Company "John Law's Company") (1720) |
| [1st Industrial Revolution](https://en.wikipedia.org/wiki/Industrial_Revolution "Industrial Revolution") (1760–1840) | [Amsterdam banking crisis of 1763](https://en.wikipedia.org/wiki/Amsterdam_banking_crisis_of_1763 "Amsterdam banking crisis of 1763") [Bengal Bubble of 1769](https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769 "Bengal Bubble of 1769") (1769–1784) [British credit crisis of 1772–1773](https://en.wikipedia.org/wiki/British_credit_crisis_of_1772%E2%80%931773 "British credit crisis of 1772–1773") [Dutch Republic financial collapse](https://en.wikipedia.org/wiki/Financial_history_of_the_Dutch_Republic "Financial history of the Dutch Republic") (c. 1780–1795) [Copper Panic of 1789](https://en.wikipedia.org/wiki/Copper_Panic_of_1789 "Copper Panic of 1789") [Panic of 1792](https://en.wikipedia.org/wiki/Panic_of_1792 "Panic of 1792") [Panic of 1796–1797](https://en.wikipedia.org/wiki/Panic_of_1796%E2%80%931797 "Panic of 1796–1797") [Danish state bankruptcy of 1813](https://en.wikipedia.org/wiki/Danish_state_bankruptcy_of_1813 "Danish state bankruptcy of 1813") [Post-Napoleonic Irish grain price and land use shocks](https://en.wikipedia.org/wiki/Commodity_price_shocks "Commodity price shocks") (1815–1816) [Panic of 1819](https://en.wikipedia.org/wiki/Panic_of_1819 "Panic of 1819") [Panic of 1825](https://en.wikipedia.org/wiki/Panic_of_1825 "Panic of 1825") [Panic of 1837](https://en.wikipedia.org/wiki/Panic_of_1837 "Panic of 1837") |
| 1840–1870 | [European potato failure](https://en.wikipedia.org/wiki/European_potato_failure "European potato failure") (1845–1856) [Great Irish Famine](https://en.wikipedia.org/wiki/Great_Famine_\(Ireland\) "Great Famine (Ireland)") [Highland Potato Famine](https://en.wikipedia.org/wiki/Highland_Potato_Famine "Highland Potato Famine") [Panic of 1847](https://en.wikipedia.org/wiki/Panic_of_1847 "Panic of 1847") [Panic of 1857](https://en.wikipedia.org/wiki/Panic_of_1857 "Panic of 1857") [Panic of 1866](https://en.wikipedia.org/wiki/Panic_of_1866 "Panic of 1866") [Black Friday](https://en.wikipedia.org/wiki/Black_Friday_\(1869\) "Black Friday (1869)") (1869) |
| [2nd Industrial Revolution](https://en.wikipedia.org/wiki/Second_Industrial_Revolution "Second Industrial Revolution") (1870–1914) | [Panic of 1873](https://en.wikipedia.org/wiki/Panic_of_1873 "Panic of 1873") [Paris Bourse crash of 1882](https://en.wikipedia.org/wiki/Paris_Bourse_crash_of_1882 "Paris Bourse crash of 1882") [Panic of 1884](https://en.wikipedia.org/wiki/Panic_of_1884 "Panic of 1884") [Arendal crash](https://en.wikipedia.org/wiki/Arendal_crash "Arendal crash") (1886) [Baring crisis](https://en.wikipedia.org/wiki/Baring_crisis "Baring crisis") (1890) [Encilhamento](https://en.wikipedia.org/wiki/Encilhamento "Encilhamento") (1890–1893) [Panic of 1893](https://en.wikipedia.org/wiki/Panic_of_1893 "Panic of 1893") [Australian banking crisis of 1893](https://en.wikipedia.org/wiki/Australian_banking_crisis_of_1893 "Australian banking crisis of 1893") [Black Monday](https://en.wikipedia.org/wiki/Black_Monday_\(1894\) "Black Monday (1894)") (1894) [Panic of 1896](https://en.wikipedia.org/wiki/Panic_of_1896 "Panic of 1896") [Panic of 1901](https://en.wikipedia.org/wiki/Panic_of_1901 "Panic of 1901") [Panic of 1907](https://en.wikipedia.org/wiki/Panic_of_1907 "Panic of 1907") [Shanghai rubber stock market crisis](https://en.wikipedia.org/wiki/Shanghai_rubber_stock_market_crisis "Shanghai rubber stock market crisis") (1910) [Panic of 1910–11](https://en.wikipedia.org/wiki/Panic_of_1910%E2%80%9311 "Panic of 1910–11") [Financial crisis of 1914](https://en.wikipedia.org/wiki/Financial_crisis_of_1914 "Financial crisis of 1914") |
| [Interwar period](https://en.wikipedia.org/wiki/Interwar_period "Interwar period") (1918–1939) | [Early Soviet hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_early_Soviet_Russia "Hyperinflation in early Soviet Russia") (1917–1924) [Weimar Republic hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic "Hyperinflation in the Weimar Republic") (1921–1923) [Shōwa financial crisis](https://en.wikipedia.org/wiki/Sh%C5%8Dwa_financial_crisis "Shōwa financial crisis") (1927) [Wall Street crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_crash_of_1929 "Wall Street crash of 1929") [Panic of 1930](https://en.wikipedia.org/wiki/Panic_of_1930 "Panic of 1930") [Chinese hyperinflation](https://en.wikipedia.org/wiki/Chinese_hyperinflation "Chinese hyperinflation") (1937–1950) |
| [Wartime period](https://en.wikipedia.org/wiki/World_War_II "World War II") (1939–1945) | [Greek hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_Greece "Hyperinflation in Greece") (1941–1946) [Chinese hyperinflation](https://en.wikipedia.org/wiki/Chinese_hyperinflation "Chinese hyperinflation") (1937–1950) |
| [Post–WWII expansion](https://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion "Post–World War II economic expansion") (1945–1973) | [Hungarian pengő hyperinflation](https://en.wikipedia.org/wiki/Hungarian_peng%C5%91#Hyperinflation "Hungarian pengő") (1945–1946) [Kennedy Slide of 1962](https://en.wikipedia.org/wiki/Kennedy_Slide_of_1962 "Kennedy Slide of 1962") [1963–1965 Indonesian hyperinflation](https://en.wikipedia.org/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1 "1963–1965 Indonesian hyperinflation (page does not exist)") [Chinese hyperinflation](https://en.wikipedia.org/wiki/Chinese_hyperinflation "Chinese hyperinflation") (1937–1950) |
| [Great Inflation](https://en.wikipedia.org/wiki/Stagflation "Stagflation") (1973–1982) | [1970s energy crisis](https://en.wikipedia.org/wiki/1970s_energy_crisis "1970s energy crisis") (1973–1980) [1973 oil crisis](https://en.wikipedia.org/wiki/1973_oil_crisis "1973 oil crisis") [1973–1974 stock market crash](https://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash "1973–1974 stock market crash") [Secondary banking crisis of 1973–1975](https://en.wikipedia.org/wiki/Secondary_banking_crisis_of_1973%E2%80%931975 "Secondary banking crisis of 1973–1975") [Steel crisis](https://en.wikipedia.org/wiki/Steel_crisis "Steel crisis") (1973–1982) [Latin American debt crisis](https://en.wikipedia.org/wiki/Latin_American_debt_crisis "Latin American debt crisis") (1975–1982) [1976 sterling crisis](https://en.wikipedia.org/wiki/1976_sterling_crisis "1976 sterling crisis") [1979 oil crisis](https://en.wikipedia.org/wiki/1979_oil_crisis "1979 oil crisis") [Brazilian hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_Brazil "Hyperinflation in Brazil") (1980–1982) |
| [Great Moderation](https://en.wikipedia.org/wiki/Great_Moderation "Great Moderation")/ Great Regression (1982–2007) | [Brazilian hyperinflation](https://en.wikipedia.org/wiki/Hyperinflation_in_Brazil "Hyperinflation in Brazil") (1982–1994) [Souk Al-Manakh stock market crash](https://en.wikipedia.org/wiki/Souk_Al-Manakh_stock_market_crash "Souk Al-Manakh stock market crash") (1982) [Chilean crisis of 1982](https://en.wikipedia.org/wiki/Crisis_of_1982 "Crisis of 1982") [1983 Israel bank stock crisis](https://en.wikipedia.org/wiki/1983_Israel_bank_stock_crisis "1983 Israel bank stock crisis") [Black Saturday (1983)](https://en.wikipedia.org/wiki/Black_Saturday_\(1983\) "Black Saturday (1983)") [Savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis") (1986–1995) [Cameroonian economic crisis](https://en.wikipedia.org/wiki/Cameroonian_economic_crisis "Cameroonian economic crisis") (1987–2000s) [Black Monday (1987)](https://en.wikipedia.org/wiki/Black_Monday_\(1987\) "Black Monday (1987)") [1988–1992 Norwegian banking crisis](https://en.wikipedia.org/wiki/1988%E2%80%931992_Norwegian_banking_crisis "1988–1992 Norwegian banking crisis") [Japanese asset price bubble crash](https://en.wikipedia.org/wiki/Japanese_asset_price_bubble "Japanese asset price bubble") (1990–1992) [Rhode Island banking crisis](https://en.wikipedia.org/wiki/Rhode_Island_banking_crisis "Rhode Island banking crisis") (1990–1992) [1991 Indian economic crisis](https://en.wikipedia.org/wiki/1991_Indian_economic_crisis "1991 Indian economic crisis") [1990–1994 Swedish financial crisis](https://en.wikipedia.org/wiki/1990%E2%80%931994_Swedish_financial_crisis "1990–1994 Swedish financial crisis") [1990s Finnish banking crisis](https://en.wikipedia.org/wiki/1990s_Finnish_banking_crisis "1990s Finnish banking crisis") [1990s Armenian energy crisis](https://en.wikipedia.org/wiki/1990s_Armenian_energy_crisis "1990s Armenian energy crisis") [Cuban Special Period](https://en.wikipedia.org/wiki/Special_Period "Special Period") (1991–2000) [Black Wednesday (1992 Sterling crisis)](https://en.wikipedia.org/wiki/Black_Wednesday "Black Wednesday") [Hyperinflation in Serbia and Montenegro](https://en.wikipedia.org/wiki/Hyperinflation_in_Serbia_and_Montenegro "Hyperinflation in Serbia and Montenegro") (1992–1994) [1994 bond market crisis](https://en.wikipedia.org/wiki/1994_bond_market_crisis "1994 bond market crisis") [Venezuelan banking crisis of 1994](https://en.wikipedia.org/wiki/Venezuelan_banking_crisis_of_1994 "Venezuelan banking crisis of 1994") [1994 Papua New Guinea financial crisis](https://en.wikipedia.org/wiki/1994_Papua_New_Guinea_financial_crisis "1994 Papua New Guinea financial crisis") [Mexican peso crisis](https://en.wikipedia.org/wiki/Mexican_peso_crisis "Mexican peso crisis") (1994–1996) [1997 Asian financial crisis](https://en.wikipedia.org/wiki/1997_Asian_financial_crisis "1997 Asian financial crisis") [October 27, 1997, mini-crash](https://en.wikipedia.org/wiki/October_27,_1997,_mini-crash "October 27, 1997, mini-crash") [1998 Russian financial crisis](https://en.wikipedia.org/wiki/1998_Russian_financial_crisis "1998 Russian financial crisis") [1998–1999 Ecuador economic crisis](https://en.wikipedia.org/wiki/1998%E2%80%931999_Ecuador_economic_crisis "1998–1999 Ecuador economic crisis") [1998–2002 Argentine great depression](https://en.wikipedia.org/wiki/1998%E2%80%932002_Argentine_great_depression "1998–2002 Argentine great depression") [Samba effect](https://en.wikipedia.org/wiki/Samba_effect "Samba effect") (1999) [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") (2000–2004) [9/11 stock market crash](https://en.wikipedia.org/wiki/Economic_effects_of_the_September_11_attacks "Economic effects of the September 11 attacks") (2001) [2001 Turkish economic crisis](https://en.wikipedia.org/wiki/2001_Turkish_economic_crisis "2001 Turkish economic crisis") [South American economic crisis of 2002](https://en.wikipedia.org/wiki/South_American_economic_crisis_of_2002 "South American economic crisis of 2002") [Stock market downturn of 2002](https://en.wikipedia.org/wiki/Stock_market_downturn_of_2002 "Stock market downturn of 2002") [2002 Uruguay banking crisis](https://en.wikipedia.org/wiki/2002_Uruguay_banking_crisis "2002 Uruguay banking crisis") [2003 Myanmar banking crisis](https://en.wikipedia.org/wiki/2003_Myanmar_banking_crisis "2003 Myanmar banking crisis") [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") (2003–2008) [2004 Argentine energy crisis](https://en.wikipedia.org/wiki/2004_Argentine_energy_crisis "2004 Argentine energy crisis") [Chinese stock bubble of 2007](https://en.wikipedia.org/wiki/Chinese_stock_bubble_of_2007 "Chinese stock bubble of 2007") [Hyperinflation in Zimbabwe](https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe "Hyperinflation in Zimbabwe") (2007–present) |
| [Great Recession]() (2007–2009) | [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [September 2008](https://en.wikipedia.org/wiki/Global_financial_crisis_in_September_2008 "Global financial crisis in September 2008") [October 2008](https://en.wikipedia.org/wiki/Global_financial_crisis_in_October_2008 "Global financial crisis in October 2008") [November 2008](https://en.wikipedia.org/wiki/Global_financial_crisis_in_November_2008 "Global financial crisis in November 2008") [December 2008](https://en.wikipedia.org/wiki/Global_financial_crisis_in_December_2008 "Global financial crisis in December 2008") [2009](https://en.wikipedia.org/wiki/Global_financial_crisis_in_2009 "Global financial crisis in 2009") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") [2000s U.S. housing market correction](https://en.wikipedia.org/wiki/2000s_United_States_housing_market_correction "2000s United States housing market correction") [U.S. bear market of 2007–2009](https://en.wikipedia.org/wiki/United_States_bear_market_of_2007%E2%80%932009 "United States bear market of 2007–2009") [2008 Latvian financial crisis](https://en.wikipedia.org/wiki/2008_Latvian_financial_crisis "2008 Latvian financial crisis") [2008–2009 Belgian financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932009_Belgian_financial_crisis "2008–2009 Belgian financial crisis") [Great Recession in Russia](https://en.wikipedia.org/wiki/Great_Recession_in_Russia "Great Recession in Russia") [2008–2009 Ukrainian financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932009_Ukrainian_financial_crisis "2008–2009 Ukrainian financial crisis") [2008–2011 Icelandic financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis "2008–2011 Icelandic financial crisis") [Post-2008 Irish banking crisis](https://en.wikipedia.org/wiki/Post-2008_Irish_banking_crisis "Post-2008 Irish banking crisis") [2008–2014 Spanish financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932014_Spanish_financial_crisis "2008–2014 Spanish financial crisis") [Blue Monday Crash 2009](https://en.wikipedia.org/wiki/Blue_Monday_Crash_2009 "Blue Monday Crash 2009") [Euro area crisis](https://en.wikipedia.org/wiki/Euro_area_crisis "Euro area crisis") [Greek government-debt crisis](https://en.wikipedia.org/wiki/Greek_government-debt_crisis "Greek government-debt crisis") |
| [Information Age](https://en.wikipedia.org/wiki/Information_Age "Information Age") (2009–present) | [2009 Dubai debt standstill](https://en.wikipedia.org/wiki/Dubai_World "Dubai World") [Venezuelan banking crisis of 2009–2010](https://en.wikipedia.org/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010 "Venezuelan banking crisis of 2009–2010") [2010–2014 Portuguese financial crisis](https://en.wikipedia.org/wiki/2010%E2%80%932014_Portuguese_financial_crisis "2010–2014 Portuguese financial crisis") [Energy crisis in Venezuela](https://en.wikipedia.org/wiki/Energy_crisis_in_Venezuela "Energy crisis in Venezuela") (2010–present) [Syrian economic crisis](https://en.wikipedia.org/wiki/Economy_of_Syria "Economy of Syria") (2011–present) [August 2011 stock markets fall](https://en.wikipedia.org/wiki/August_2011_stock_markets_fall "August 2011 stock markets fall") [2011 Bangladesh share market scam](https://en.wikipedia.org/wiki/2011_Bangladesh_share_market_scam "2011 Bangladesh share market scam") [2012–2013 Cypriot financial crisis](https://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_crisis "2012–2013 Cypriot financial crisis") [Chinese Banking Liquidity Crisis of 2013](https://en.wikipedia.org/wiki/Chinese_Banking_Liquidity_Crisis_of_2013 "Chinese Banking Liquidity Crisis of 2013") [Venezuela economic crisis](https://en.wikipedia.org/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela "2013–present economic crisis in Venezuela") (2013–present) [2014 Brazilian economic crisis](https://en.wikipedia.org/wiki/2014_Brazilian_economic_crisis "2014 Brazilian economic crisis") [Puerto Rican government-debt crisis](https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis "Puerto Rican government-debt crisis") (2014–2022) [Russian financial crisis (2014–2016)](https://en.wikipedia.org/wiki/Russian_financial_crisis_\(2014%E2%80%932016\) "Russian financial crisis (2014–2016)") [2015–16 Nepal 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(2018–current)](https://en.wikipedia.org/wiki/Turkish_economic_crisis_\(2018%E2%80%93current\) "Turkish economic crisis (2018–current)") [Lebanese liquidity crisis](https://en.wikipedia.org/wiki/Lebanese_liquidity_crisis "Lebanese liquidity crisis") (2019–present) [Sri Lankan economic crisis (2019–2024)](https://en.wikipedia.org/wiki/Sri_Lankan_economic_crisis_\(2019%E2%80%932024\) "Sri Lankan economic crisis (2019–2024)") [COVID-19 pandemic](https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic "Economic impact of the COVID-19 pandemic") [Financial market impact](https://en.wikipedia.org/wiki/Financial_market_impact_of_the_COVID-19_pandemic "Financial market impact of the COVID-19 pandemic") [2020 stock market crash](https://en.wikipedia.org/wiki/2020_stock_market_crash "2020 stock market crash") [Recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession") [Chinese property sector crisis (2020–present)](https://en.wikipedia.org/wiki/Chinese_property_sector_crisis_\(2020%E2%80%93present\) "Chinese property sector crisis (2020–present)") [2021–2023 inflation surge](https://en.wikipedia.org/wiki/2021%E2%80%932023_inflation_surge "2021–2023 inflation surge") [2022 Russian financial crisis](https://en.wikipedia.org/wiki/Economic_impact_of_the_Russo-Ukrainian_war_\(2022%E2%80%93present\) "Economic impact of the Russo-Ukrainian war (2022–present)") [Pakistani economic crisis (2021–2024)](https://en.wikipedia.org/wiki/Pakistani_economic_crisis_\(2021%E2%80%932024\) "Pakistani economic crisis (2021–2024)") [2022 stock market decline](https://en.wikipedia.org/wiki/2022_stock_market_decline "2022 stock market decline") [German economic crisis (2022–present)](https://en.wikipedia.org/wiki/German_economic_crisis_\(2022%E2%80%93present\) "German economic crisis (2022–present)") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [2023–2024 Egyptian financial crisis](https://en.wikipedia.org/wiki/2023%E2%80%932024_Egyptian_financial_crisis "2023–2024 Egyptian financial crisis") [2025 stock market crash](https://en.wikipedia.org/wiki/2025_stock_market_crash "2025 stock market crash") |
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Great Recession
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| Readable Markdown | | | |
|---|---|
| [](https://en.wikipedia.org/wiki/File:GDP_Real_Growth_in_2009.svg)World map showing [real GDP growth rates](https://en.wikipedia.org/wiki/List_of_countries_by_real_GDP_growth_rate "List of countries by real GDP growth rate") for 2009; countries in brown were in a recession. | |
| Date | December 2007 – June 2009 (c. 1 year; 7 months) |
| Location | [Worldwide](https://en.wikipedia.org/wiki/Global_recession "Global recession") |
| Type | [Recession](https://en.wikipedia.org/wiki/Recession "Recession") |
| Cause | *(disputed)* US [housing](https://en.wikipedia.org/wiki/Housing_in_the_United_States "Housing in the United States") policy [Real-estate bubbles](https://en.wikipedia.org/wiki/Real-estate_bubble "Real-estate bubble") bursting Limited [financial regulation](https://en.wikipedia.org/wiki/Financial_regulation "Financial regulation") |
| Outcome | Impact differed geographically |
The **Great Recession** was a period of market decline in economies around the world, particularly in the [western world](https://en.wikipedia.org/wiki/Western_world "Western world") and surrounding countries, that occurred from late 2007 to mid-2009,[\[1\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-NBRE_dates-1) overlapping with the closely related [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"). The scale and timing of the [recession](https://en.wikipedia.org/wiki/Recession "Recession") varied from country to country (see map).[\[2\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-DPAD121912-2)[\[3\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-UN011513-3) At the time, the [International Monetary Fund](https://en.wikipedia.org/wiki/International_Monetary_Fund "International Monetary Fund") (IMF) concluded that it was the most severe economic and financial meltdown since the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression").
The Great Recession was caused by many weaknesses that slowly developed in the financial system, along with a series of triggering events that began with the bursting of the United States [housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of [mortgage-backed securities](https://en.wikipedia.org/wiki/Mortgage-backed_securities "Mortgage-backed securities") held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the [subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis").
The combination of banks being unable to provide funds to businesses and homeowners paying down debt rather than borrowing and spending resulted in the Great Recession. The recession officially began in the U.S. in December 2007 and lasted until June 2009, thus extending over 19 months.[\[4\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-BernankeFCIC1-4)[\[5\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-nber.org-5) As with most other recessions, it appears that no known formal theoretical or empirical model was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%.[\[6\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-6)
The recession was not felt equally around the world; whereas most of the world's [developed economies](https://en.wikipedia.org/wiki/Developed_economies "Developed economies"), particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly [China](https://en.wikipedia.org/wiki/Economy_of_China "Economy of China"), [India](https://en.wikipedia.org/wiki/Economy_of_India "Economy of India") and [Indonesia](https://en.wikipedia.org/wiki/Economy_of_Indonesia "Economy of Indonesia"), whose [economies grew](https://en.wikipedia.org/wiki/Economic_growth "Economic growth") substantially during this period. Similarly, [Oceania](https://en.wikipedia.org/wiki/Oceania "Oceania") suffered [minimal impact](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania"), in part due to its proximity to Asian markets.
Two [definitions](https://en.wikipedia.org/wiki/Semantics "Semantics") of the term "economic recession" exist: one sense referring generally to "a period of reduced economic activity"[\[7\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Merriam-Webster_recession-7) and ongoing hardship; and a technical definition used in [economics](https://en.wikipedia.org/wiki/Economics "Economics"), which is [defined operationally](https://en.wikipedia.org/wiki/Operational_definition "Operational definition"), specifically the [contraction phase](https://en.wikipedia.org/wiki/Inflection_point "Inflection point") of a [business cycle](https://en.wikipedia.org/wiki/Business_cycle "Business cycle") with two or more consecutive quarters of [GDP](https://en.wikipedia.org/wiki/GDP "GDP") contraction (negative GDP growth rate). The latter is typically used to influence abrupt changes in monetary policy.
Under the technical definition, the recession ended in the United States in June or July 2009.[\[8\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-8)[\[9\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-9)[\[10\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-10)[\[11\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-11)
Journalist [Robert Kuttner](https://en.wikipedia.org/wiki/Robert_Kuttner "Robert Kuttner") has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation."[\[12\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-12)
The Great Recession met the [IMF](https://en.wikipedia.org/wiki/IMF "IMF") criteria for being a [global recession](https://en.wikipedia.org/wiki/Global_recession "Global recession") only in the single calendar year 2009.[\[13\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-New_IMF_Global_Recession_definition-13)[\[14\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-IMF_WEO_2009-14) That IMF definition requires a *decline in annual real [world GDP](https://en.wikipedia.org/wiki/Gross_world_product "Gross world product") per capita*. Despite the fact that quarterly data are being used as [recession](https://en.wikipedia.org/wiki/Recession "Recession") definition criteria by all [G20 members](https://en.wikipedia.org/wiki/G20 "G20"), representing 85% of the [world GDP](https://en.wikipedia.org/wiki/Gross_world_product "Gross world product"),[\[15\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-15) the International Monetary Fund (IMF) has decided – in the absence of a complete data set – not to declare/measure global recessions according to quarterly GDP data. The *seasonally adjusted [PPP](https://en.wikipedia.org/wiki/Purchasing_power_parity "Purchasing power parity")‑weighted real GDP* for the G20‑zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct [quarter on quarter](https://en.wikipedia.org/wiki/Quarter_on_quarter "Quarter on quarter") decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)
According to the U.S. [National Bureau of Economic Research](https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research "National Bureau of Economic Research") (the official arbiter of U.S. recessions), the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months.[\[5\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-nber.org-5)[\[17\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-17)
[](https://en.wikipedia.org/wiki/File:Northern_Rock_Queue.jpg)
A [bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run") at a branch of the [Northern Rock](https://en.wikipedia.org/wiki/Northern_Rock "Northern Rock") bank in [Brighton](https://en.wikipedia.org/wiki/Brighton "Brighton"), England, on September 14, 2007, amid speculation of problems, prior to its [2008 nationalisation](https://en.wikipedia.org/wiki/Nationalisation_of_Northern_Rock "Nationalisation of Northern Rock")
The years leading up to the crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand.[\[18\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-18) Further, the U.S. [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system") (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a [bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run").[\[19\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-19)
U.S. [mortgage-backed securities](https://en.wikipedia.org/wiki/Mortgage-backed_securities "Mortgage-backed securities"), which had risks that were hard to assess, were marketed around the world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007.[\[20\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-20)
The emergence of [subprime loan](https://en.wikipedia.org/wiki/Subprime_loan "Subprime loan") losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and the fall of [Lehman Brothers](https://en.wikipedia.org/wiki/Lehman_Brothers "Lehman Brothers") on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system"), resulting in many large and well established [investment banks](https://en.wikipedia.org/wiki/Investment_bank "Investment bank") and [commercial banks](https://en.wikipedia.org/wiki/Commercial_bank "Commercial bank") in the United States and [Europe](https://en.wikipedia.org/wiki/Europe "Europe") suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts).[\[21\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-KrugmanGeithner1-21)
The global recession that followed resulted in a sharp drop in [international trade](https://en.wikipedia.org/wiki/International_trade "International trade"), rising [unemployment](https://en.wikipedia.org/wiki/Unemployment "Unemployment") and slumping commodity prices.[\[22\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-22) Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the [Great Depression](https://en.wikipedia.org/wiki/Great_Depression "Great Depression") of the 1930s.[\[23\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-23)[\[24\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-24) Economist [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") once commented on this as seemingly the beginning of "a second Great Depression".[\[25\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-25)
Governments and central banks responded with [fiscal policy](https://en.wikipedia.org/wiki/Fiscal_policy "Fiscal policy") and [monetary policy](https://en.wikipedia.org/wiki/Monetary_policy "Monetary policy") initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in [Keynesian](https://en.wikipedia.org/wiki/Keynesian "Keynesian") economic ideas on how to combat recessionary conditions. Economists advise that the stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rates should be withdrawn as soon as economies recover enough to "chart a path to [sustainable growth](https://en.wikipedia.org/wiki/Sustainable_growth "Sustainable growth")".[\[26\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-26)[\[27\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-27)[\[28\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-28)
The distribution of household incomes in the United States became more unequal during the post-2008 [economic recovery](https://en.wikipedia.org/wiki/Economic_recovery "Economic recovery").[\[29\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Appelbaum-29) [Income inequality in the United States](https://en.wikipedia.org/wiki/Income_inequality_in_the_United_States "Income inequality in the United States") grew from 2005 to 2012 in more than two thirds of metropolitan areas.[\[30\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-isChokshi-30) Median household wealth fell 35% in the U.S., from \$106,591 to \$68,839 between 2005 and 2011.[\[31\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Kurtzleben-31)
[](https://en.wikipedia.org/wiki/File:Jobs_and_quits_rate.webp)
The [inverted yield curve](https://en.wikipedia.org/wiki/Inverted_yield_curve "Inverted yield curve") in 2008 caused an elevated level of unemployment relative to job openings to get the [housing bubble](https://en.wikipedia.org/wiki/2000s_United_States_housing_bubble "2000s United States housing bubble") prices down.
Total job openings
Total quits
[](https://en.wikipedia.org/wiki/File:The_Great_Asset_Bubble.svg)
The great asset bubble:[\[32\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-32)
**1\.** Central banks' gold reserves: \$0.845 trillion
**2\.** M0 (paper money): \$3.9 trillion
**3\.** Traditional (fractional reserve) banking assets: \$39 trillion
**4\.** Shadow banking assets: \$62 trillion
**5\.** Other assets: \$290 trillion
**6\.** Bail-out money (early 2009): \$1.9 trillion
The U.S. [Financial Crisis Inquiry Commission](https://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission "Financial Crisis Inquiry Commission"), composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by:
- Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages;
- Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk;
- An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis;
- Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels."[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33)
There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to the majority and minority opinions of the FCIC, Commissioner [Peter J. Wallison](https://en.wikipedia.org/wiki/Peter_J._Wallison "Peter J. Wallison") of the [American Enterprise Institute](https://en.wikipedia.org/wiki/American_Enterprise_Institute "American Enterprise Institute") (AEI) primarily blamed U.S. housing policy, including the actions of [Fannie](https://en.wikipedia.org/wiki/Fannie_Mae "Fannie Mae") and [Freddie](https://en.wikipedia.org/wiki/Freddie_Mac "Freddie Mac"), for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers."[\[34\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-34)
In its "Declaration of the Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the [Group of 20](https://en.wikipedia.org/wiki/Group_of_20 "Group of 20") cited the following causes:
> During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in the system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions.[\[35\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-35)
Federal Reserve Chair [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system") that began in the middle of 2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the *private* sector included: financial institution dependence on unstable sources of short-term funding such as [repurchase agreements](https://en.wikipedia.org/wiki/Repurchase_agreements "Repurchase agreements") or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in the *public* sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed "[Too big to fail](https://en.wikipedia.org/wiki/Too_big_to_fail "Too big to fail")" institutions, monetary policy, and trade deficits.[\[4\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-BernankeFCIC1-4)
[](https://en.wikipedia.org/wiki/File:U.S._Fixed_Investment_as_Pct_GDP.png)
U.S. residential and non-residential investment fell relative to GDP during the crisis.
There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include:
1. There was the equivalent of a [bank run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system"), which includes investment banks and other non-depository financial entities. This system had grown to rival the depository system in scale yet was not subject to the same regulatory safeguards. Its failure disrupted the flow of credit to consumers and corporations.[\[21\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-KrugmanGeithner1-21)[\[36\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-frbatlanta.org-36)
2. The [U.S. economy](https://en.wikipedia.org/wiki/U.S._economy "U.S. economy") was being driven by a housing bubble. When it burst, private residential investment (i.e., housing construction) fell by over four percent of GDP.[\[37\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-37)[\[38\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-38) Consumption enabled by bubble-generated housing wealth also slowed. This created a gap in annual demand (GDP) of nearly \$1 trillion. The U.S. government was unwilling to make up for this private sector shortfall.[\[39\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-39)[\[40\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-40)
3. Record levels of [household debt](https://en.wikipedia.org/wiki/Household_debt "Household debt") accumulated in the decades preceding the crisis resulted in a [balance sheet recession](https://en.wikipedia.org/wiki/Balance_sheet_recession "Balance sheet recession") (similar to [debt deflation](https://en.wikipedia.org/wiki/Debt_deflation "Debt deflation")) once housing prices began falling in 2006. Consumers began paying off debt, which reduces their consumption, slowing down the economy for an extended period while debt levels are reduced.[\[21\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-KrugmanGeithner1-21)[\[41\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Mian_and_Sufi2014-41)
4. U.S. government policies encouraged home ownership even for those who could not afford it, contributing to lax lending standards, unsustainable housing price increases, and indebtedness.[\[42\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Sowell_2009-42)
5. Wealthy and middle-class [house flippers](https://en.wikipedia.org/wiki/Flipping "Flipping") with mid-to-good credit scores created a [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") in house prices, and then wrecked local housing markets and financial institutions after they defaulted on their debt en masse.[\[43\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-43)
Underlying narratives \#1–3 is a hypothesis that growing [income inequality](https://en.wikipedia.org/wiki/Income_inequality_in_the_United_States "Income inequality in the United States") and [wage stagnation](https://en.wikipedia.org/wiki/Household_income_in_the_United_States "Household income in the United States") encouraged families to increase their [household debt](https://en.wikipedia.org/wiki/Household_debt "Household debt") to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to [deregulate](https://en.wikipedia.org/wiki/Deregulate "Deregulate") or limit regulation of the shadow banking system.[\[44\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-44)[\[45\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-45)[\[46\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-46)
Narrative \#5 challenges the popular claim (narrative \#4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution – and that these borrowers accounted for a disproportionate share of defaults.[\[47\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-47)
### Trade imbalances and debt bubbles
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=6 "Edit section: Trade imbalances and debt bubbles")\]
[](https://en.wikipedia.org/wiki/File:US_Private_Debt_to_GDP_by_Sector.png)
U.S. households and financial businesses significantly increased borrowing (leverage) in the years leading up to the crisis.
*[The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist")* wrote in July 2012 that the inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis was the result."[\[48\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-48)
In May 2008, NPR explained in their [Peabody Award](https://en.wikipedia.org/wiki/Peabody_Award "Peabody Award") winning program "[The Giant Pool of Money](https://en.wikipedia.org/wiki/The_Giant_Pool_of_Money "The Giant Pool of Money")" that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around \$35 trillion in 2000 to about \$70 trillion by 2008. NPR explained this money came from various sources, "\[b\]ut the main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it."[\[49\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-49)
Describing the crisis in Europe, [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe."[\[50\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-50)
Another narrative about the origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending.
While Alan Greenspan's role as [Chairman of the Federal Reserve](https://en.wikipedia.org/wiki/Chairman_of_the_Federal_Reserve "Chairman of the Federal Reserve") has been widely discussed, the main point of controversy remains the lowering of the [Federal funds rate](https://en.wikipedia.org/wiki/Federal_funds_rate "Federal funds rate") to 1% for more than a year, which, according to [Austrian theorists](https://en.wikipedia.org/wiki/Austrian_School "Austrian School"), injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom.[\[51\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-51) There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by the need to take the U.S. economy out of the [early 2000s recession](https://en.wikipedia.org/wiki/Early_2000s_recession "Early 2000s recession") caused by the bursting of the [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble"): although by doing so he did not avert the crisis, but only postponed it.[\[52\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-52)[\[53\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-53)
### High private debt levels
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=8 "Edit section: High private debt levels")\]
[](https://en.wikipedia.org/wiki/File:U.S._Household_Debt_Relative_to_Disposable_Income_and_GDP.png)
US household debt relative to disposable income and GDP
[](https://en.wikipedia.org/wiki/File:Change_in_household_debt_-_v1.png)
U.S. Changes in Household Debt as a percentage of GDP for 1989–2016. Homeowners paying down debt for 2009–2012 was a headwind to the recovery. Economist [Carmen Reinhart](https://en.wikipedia.org/wiki/Carmen_Reinhart "Carmen Reinhart") explained that this behavior tends to slow recoveries from financial crises relative to typical recessions.[\[54\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-54)
Another narrative focuses on high levels of private debt in the US economy. USA [household debt](https://en.wikipedia.org/wiki/Household_debt "Household debt") as a percentage of annual [disposable personal income](https://en.wikipedia.org/wiki/Disposable_personal_income "Disposable personal income") was 127% at the end of 2007, versus 77% in 1990.[\[55\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-The_End_of_the_Affair-55)[\[56\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-56) Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and the following recovery weaker.[\[57\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-57)[\[58\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-58) [Robert Reich](https://en.wikipedia.org/wiki/Robert_Reich "Robert Reich") claims the amount of debt in the US economy can be traced to [economic inequality](https://en.wikipedia.org/wiki/Economic_inequality "Economic inequality"), assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards".[\[59\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-huff_inequality-59)
The IMF reported in April 2012: "Household debt soared in the years leading up to the downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and the stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, leading to the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"), many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and the United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household [deleveraging](https://en.wikipedia.org/wiki/Deleveraging "Deleveraging") by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults."[\[60\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-imf.org-60)[\[61\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-61)
### Pre-recession warnings
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=9 "Edit section: Pre-recession warnings")\]
The onset of the economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States:[\[62\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Bezemer-62) [Dean Baker](https://en.wikipedia.org/wiki/Dean_Baker "Dean Baker"), [Wynne Godley](https://en.wikipedia.org/wiki/Wynne_Godley "Wynne Godley"), [Fred Harrison](https://en.wikipedia.org/wiki/Fred_Harrison_\(author\) "Fred Harrison (author)"), [Michael Hudson](https://en.wikipedia.org/wiki/Michael_Hudson_\(economist\) "Michael Hudson (economist)"), [Eric Janszen](https://en.wikipedia.org/w/index.php?title=Eric_Janszen&action=edit&redlink=1 "Eric Janszen (page does not exist)"), [Med Jones](https://en.wikipedia.org/wiki/Med_Jones "Med Jones")[\[63\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-63) [Steve Keen](https://en.wikipedia.org/wiki/Steve_Keen "Steve Keen"), [Jakob Brøchner Madsen](https://en.wikipedia.org/wiki/Jakob_Br%C3%B8chner_Madsen "Jakob Brøchner Madsen"), Jens Kjaer Sørensen, [Kurt Richebächer](https://en.wikipedia.org/wiki/Kurt_Richeb%C3%A4cher "Kurt Richebächer"), [Nouriel Roubini](https://en.wikipedia.org/wiki/Nouriel_Roubini "Nouriel Roubini"), [Peter Schiff](https://en.wikipedia.org/wiki/Peter_Schiff "Peter Schiff"), and [Robert Shiller](https://en.wikipedia.org/wiki/Robert_Shiller "Robert Shiller").[\[62\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Bezemer-62)[\[64\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-64)
[](https://en.wikipedia.org/wiki/File:FCIC_-_Housing_Bubbles_in_Multiple_Countries_2002-2008.png)
Housing price appreciation in selected countries, 2002–2008
By 2007, real estate bubbles were still under way in many parts of the world,[\[65\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-65) especially in the [United States](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble"), France, the [United Kingdom](https://en.wikipedia.org/wiki/British_property_bubble "British property bubble"), [Spain](https://en.wikipedia.org/wiki/2008%E2%80%932014_Spanish_real_estate_crisis "2008–2014 Spanish real estate crisis"), the Netherlands, Australia, the United Arab Emirates, [New Zealand](https://en.wikipedia.org/wiki/New_Zealand_property_bubble "New Zealand property bubble"), [Ireland](https://en.wikipedia.org/wiki/Irish_property_bubble "Irish property bubble"), [Poland](https://en.wikipedia.org/wiki/Polish_property_bubble "Polish property bubble"),[\[66\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-66) [South Africa](https://en.wikipedia.org/wiki/South_Africa "South Africa"), [Greece](https://en.wikipedia.org/wiki/Greece "Greece"), [Bulgaria](https://en.wikipedia.org/wiki/Bulgaria "Bulgaria"), [Croatia](https://en.wikipedia.org/wiki/Croatia "Croatia"),[\[67\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-67) [Norway](https://en.wikipedia.org/wiki/Norway "Norway"), [Singapore](https://en.wikipedia.org/wiki/Singapore "Singapore"), [South Korea](https://en.wikipedia.org/wiki/South_Korea "South Korea"), [Sweden](https://en.wikipedia.org/wiki/Sweden "Sweden"), [Finland](https://en.wikipedia.org/wiki/Finland "Finland"), [Argentina](https://en.wikipedia.org/wiki/Argentina "Argentina"),[\[68\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-68) the [Baltic states](https://en.wikipedia.org/wiki/Baltic_states "Baltic states"), [India](https://en.wikipedia.org/wiki/India "India"), [Romania](https://en.wikipedia.org/wiki/Romania "Romania"), [Ukraine](https://en.wikipedia.org/wiki/Ukraine "Ukraine") and [China](https://en.wikipedia.org/wiki/China "China").[\[69\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-69) U.S. Federal Reserve Chairman [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") said in mid-2005 that "at a minimum, there's a little 'froth' \[in the U.S. housing market\]...it's hard not to see that there are a lot of local bubbles".[\[70\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-70)
*[The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist")*, writing at the same time, went further, saying, "\[T\]he worldwide rise in house prices is the biggest bubble in history".[\[71\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-71) Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a *housing price crash*) that can result in many owners holding [negative equity](https://en.wikipedia.org/wiki/Negative_equity "Negative equity") (a [mortgage](https://en.wikipedia.org/wiki/Mortgage "Mortgage") debt higher than the current value of the property).
### Ineffective regulation
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=11 "Edit section: Ineffective regulation")\]
Several sources have noted the failure of the US government to supervise or even require transparency of the [financial instruments](https://en.wikipedia.org/wiki/Financial_instruments "Financial instruments") known as [derivatives](https://en.wikipedia.org/wiki/Derivative_\(finance\) "Derivative (finance)").[\[72\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-72)[\[73\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-devils-73)[\[74\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-faiola-74) Derivatives such as [credit default swaps](https://en.wikipedia.org/wiki/Credit_default_swap "Credit default swap") (CDSs) were unregulated or barely regulated. [Michael Lewis](https://en.wikipedia.org/wiki/Michael_Lewis "Michael Lewis") noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on the same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as [AIG](https://en.wikipedia.org/wiki/AIG "AIG")) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found.[\[75\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-75) When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of the obligation and defaulted; U.S. taxpayers paid over \$100 billion to global financial institutions to honor AIG obligations, generating considerable outrage.[\[76\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Scott_Lanman-76)
A 2008 investigative article in *[The Washington Post](https://en.wikipedia.org/wiki/The_Washington_Post "The Washington Post")* found leading government officials at the time (Federal Reserve Board Chairman [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"), Treasury Secretary [Robert Rubin](https://en.wikipedia.org/wiki/Robert_Rubin "Robert Rubin"), and [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") Chairman [Arthur Levitt](https://en.wikipedia.org/wiki/Arthur_Levitt "Arthur Levitt")) vehemently opposed any regulation of derivatives. In 1998, [Brooksley E. Born](https://en.wikipedia.org/wiki/Brooksley_E._Born "Brooksley E. Born"), head of the [Commodity Futures Trading Commission](https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission "Commodity Futures Trading Commission"), put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded [Congress](https://en.wikipedia.org/wiki/United_States_Congress "United States Congress") to pass a resolution preventing CFTC from regulating derivatives for another six months – when Born's term of office would expire.[\[73\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-devils-73) Ultimately, it was the collapse of a specific kind of derivative, the [mortgage-backed security](https://en.wikipedia.org/wiki/Mortgage-backed_security "Mortgage-backed security"), that triggered the economic crisis of 2008.[\[74\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-faiola-74)
#### Shadow banking system
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=13 "Edit section: Shadow banking system")\]
[](https://en.wikipedia.org/wiki/File:Securitization_Market_Activity.png)
Securitization markets were impaired during the crisis.
Paul Krugman wrote in 2009 that the [run](https://en.wikipedia.org/wiki/Bank_run "Bank run") on the [shadow banking system](https://en.wikipedia.org/wiki/Shadow_banking_system "Shadow banking system") was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating the kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect".[\[77\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Krugman_2009-77)[\[78\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-78)
During 2008, three of the largest U.S. investment banks either went bankrupt ([Lehman Brothers](https://en.wikipedia.org/wiki/Lehman_Brothers "Lehman Brothers")) or were sold at [fire sale](https://en.wikipedia.org/wiki/Fire_sale "Fire sale") prices to other banks ([Bear Stearns](https://en.wikipedia.org/wiki/Bear_Stearns "Bear Stearns") and [Merrill Lynch](https://en.wikipedia.org/wiki/Merrill_Lynch "Merrill Lynch")). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks, [Morgan Stanley](https://en.wikipedia.org/wiki/Morgan_Stanley "Morgan Stanley") and [Goldman Sachs](https://en.wikipedia.org/wiki/Goldman_Sachs "Goldman Sachs"), potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via the Federal Reserve.[\[79\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-79)[\[80\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-80) Further, [American International Group](https://en.wikipedia.org/wiki/American_International_Group "American International Group") (AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over \$100 billion of U.S. taxpayer money was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks.[\[76\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Scott_Lanman-76)
Economist [Gary Gorton](https://en.wikipedia.org/wiki/Gary_Gorton "Gary Gorton") wrote in May 2009
> Unlike the historical banking panics of the 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing the repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent.[\[81\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-81)
The [Financial Crisis Inquiry Commission](https://en.wikipedia.org/wiki/Financial_Crisis_Inquiry_Commission "Financial Crisis Inquiry Commission") reported in January 2011:
> In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a [lender of last resort](https://en.wikipedia.org/wiki/Lender_of_last_resort "Lender of last resort"), federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in the 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without the protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33)
The [Gramm–Leach–Bliley Act](https://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act "Gramm–Leach–Bliley Act") (1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been [blamed](https://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act#Controversy "Gramm–Leach–Bliley Act") for the crisis, by [Nobel Prize](https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences "Nobel Memorial Prize in Economic Sciences")–winning economist [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz") among others.[\[82\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-82)
### Regulations encouraging lax lending standards
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=14 "Edit section: Regulations encouraging lax lending standards")\]
Peter Wallison and Edward Pinto of the [American Enterprise Institute](https://en.wikipedia.org/wiki/American_Enterprise_Institute "American Enterprise Institute"), which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies.[\[83\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-83)[\[84\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-84) They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD the power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established.[\[85\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Wallison_1-85)
However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33) Further, since housing bubbles appeared in multiple countries in Europe as well, the FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33) The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed,[\[86\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-86) with [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") referring to it as "imaginary history".[\[87\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-87)
One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best.[\[33\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stanford1-33) A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for the top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies.[\[88\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-88) This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk.[\[89\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-89)
The [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the [Great Recession]() were described as a symptom of another, deeper crisis by a number of economists. For example, [Ravi Batra](https://en.wikipedia.org/wiki/Ravi_Batra "Ravi Batra") argues that growing inequality of [financial capitalism](https://en.wikipedia.org/wiki/Financial_capitalism "Financial capitalism") produces speculative bubbles that burst and result in depression and major [political changes](https://en.wikipedia.org/wiki/The_Downfall_of_Capitalism_and_Communism "The Downfall of Capitalism and Communism").[\[90\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-90)[\[91\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-91) Feminist economists [Ailsa McKay](https://en.wikipedia.org/wiki/Ailsa_McKay "Ailsa McKay") and [Margunn Bjørnholt](https://en.wikipedia.org/wiki/Margunn_Bj%C3%B8rnholt "Margunn Bjørnholt") argue that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the response to it revealed a crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within [feminist economics](https://en.wikipedia.org/wiki/Feminist_economics "Feminist economics") and [ecological economics](https://en.wikipedia.org/wiki/Ecological_economics "Ecological economics") that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as the planet.[\[92\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-92)
### Effects on the United States
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=17 "Edit section: Effects on the United States")\]
[](https://en.wikipedia.org/wiki/File:U.S._economic_recovery_scorecard.png)
Several major U.S. economic variables had recovered from the 2007–2009 [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") and Great Recession by the 2013–2014 time period.
[](https://en.wikipedia.org/wiki/File:U.S._GDP_Contribution_to_Change_2007-2009.png)
U.S. Real GDP – Contributions to Percent Change by Component 2007–2009
Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell \$650 billion (4.3%) and did not recover its \$15 trillion pre-recession level until Q3 2011.[\[93\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-93) Household net worth, which reflects the value of both stock markets and housing prices, fell \$11.5 trillion (17.3%) and did not regain its pre-recession level of \$66.4 trillion until Q3 2012.[\[94\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-94) The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014.[\[95\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-95) The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016.[\[96\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-96)
A key dynamic slowing the recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a [private sector surplus](https://en.wikipedia.org/wiki/Sectoral_balances "Sectoral balances") drove a sizable government deficit.[\[97\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-NPI-97) However, the federal government held spending at about \$3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of [austerity](https://en.wikipedia.org/wiki/Austerity "Austerity"). Then-Fed Chair [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") explained during November 2012 several of the economic headwinds that slowed the recovery:
- The housing sector did not rebound, as was the case in prior recession recoveries, as the sector was severely damaged during the crisis. Millions of foreclosures had created a large surplus of properties and consumers were paying down their debts rather than purchasing homes.
- Credit for borrowing and spending by individuals (or investing by corporations) was not readily available as banks paid down their debts.
- Restrained government spending following initial stimulus efforts (i.e., austerity) was not sufficient to offset private sector weaknesses.[\[98\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Bernanke_Recovery-98)
On the political front, widespread anger at [banking bailouts](https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program "Troubled Asset Relief Program") and [stimulus](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009") measures (begun by President [George W. Bush](https://en.wikipedia.org/wiki/George_W._Bush "George W. Bush") and continued or expanded by [President Obama](https://en.wikipedia.org/wiki/President_Obama "President Obama")) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of the bailouts. In 2008, TARP allocated \$426.4 billion to various major financial institutions. However, the US collected \$441.7 billion in return from these loans in 2010, recording a profit of \$15.3 billion.[\[99\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-99) Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the [Tea Party](https://en.wikipedia.org/wiki/Tea_Party_movement "Tea Party movement") and the loss of Democratic majorities in subsequent elections. President Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014.[\[100\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-100) As of January 2018, bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of \$626B was invested, loaned, or granted due to various bailout measures, while \$390B had been returned to the Treasury. The Treasury had earned another \$323B in interest on bailout loans, resulting in an \$87B profit.[\[101\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-101) Economic and political commentators have argued the Great Recession was also an important factor in the rise of populist sentiment that resulted in the election of right-wing populist [President Trump](https://en.wikipedia.org/wiki/President_Trump "President Trump") in 2016, and left-wing populist [Bernie Sanders](https://en.wikipedia.org/wiki/Bernie_Sanders "Bernie Sanders")' [candidacy](https://en.wikipedia.org/wiki/Bernie_Sanders_2016_presidential_campaign "Bernie Sanders 2016 presidential campaign") for the Democratic nomination.[\[102\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-102)[\[103\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-103)[\[104\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-independent-104)[\[105\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-105)
[](https://en.wikipedia.org/wiki/File:Eurozone_Countries_Public_Debt_to_GDP_Ratio_2010_vs._2011.png)
Public Debt to GDP Ratio for Selected European Countries – 2008 to 2011. Source Data: Eurostat
The crisis in Europe generally progressed from banking system crises to sovereign debt crises, as many countries elected to bail out their banking systems using taxpayer money.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] Greece was different in that it faced large public debts rather than problems within its banking system. Several countries received bailout packages from the [troika](https://en.wikipedia.org/wiki/European_troika "European troika") (European Commission, European Central Bank, International Monetary Fund), which also implemented a series of emergency measures.
Many European countries embarked on austerity programs, reducing their budget deficits relative to GDP from 2010 to 2011. For example, according to the *[CIA World Factbook](https://en.wikipedia.org/wiki/CIA_World_Factbook "CIA World Factbook")* Greece improved its budget deficit from 10.4% GDP in 2010 to 9.6% in 2011. Iceland, Italy, Ireland, Portugal, France, and Spain also improved their budget deficits from 2010 to 2011 relative to GDP.[\[106\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-cia.gov-106)[\[107\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Eurostat1-107)
However, with the exception of Germany, each of these countries had public-debt-to-GDP ratios that increased (i.e., worsened) from 2010 to 2011, as indicated in the chart at right. Greece's public-debt-to-GDP ratio increased from 143% in 2010 to 165% in 2011[\[106\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-cia.gov-106) to 185% in 2014. This indicates that despite improving budget deficits, GDP growth was not sufficient to support a decline (improvement) in the debt-to-GDP ratio for these countries during this period. [Eurostat](https://en.wikipedia.org/wiki/Eurostat "Eurostat") reported that the debt to GDP ratio for the 17 Euro area countries together was 70.1% in 2008, 79.9% in 2009, 85.3% in 2010, and 87.2% in 2011.[\[107\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Eurostat1-107)[\[108\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-108)
According to the *CIA World Factbook*, from 2010 to 2011, the unemployment rates in Spain, Greece, Italy, Ireland, Portugal, and the UK increased. France had no significant changes, while in Germany and Iceland the unemployment rate declined.[\[106\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-cia.gov-106) Eurostat reported that [eurozone](https://en.wikipedia.org/wiki/Eurozone "Eurozone") unemployment reached record levels in September 2012 at 11.6%, up from 10.3% the prior year. Unemployment varied significantly by country.[\[109\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-109)
[](https://en.wikipedia.org/wiki/File:Eurozone-structural1.jpg)
Relationship between fiscal tightening (austerity) in [eurozone](https://en.wikipedia.org/wiki/Eurozone "Eurozone") countries with their GDP growth rate, 2008–2012[\[110\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-martin-110)
Economist [Martin Wolf](https://en.wikipedia.org/wiki/Martin_Wolf "Martin Wolf") analysed the relationship between cumulative GDP growth from 2008 to 2012 and total reduction in budget deficits due to austerity policies (see chart) in several European countries during April 2012. He concluded that: "In all, there is no evidence here that large fiscal contractions \[budget deficit reductions\] bring benefits to confidence and growth that offset the direct effects of the contractions. They bring exactly what one would expect: small contractions bring recessions and big contractions bring depressions." Changes in budget balances (deficits or surpluses) [explained](https://en.wikipedia.org/wiki/Coefficient_of_determination "Coefficient of determination") approximately 53% of the change in GDP, according to the equation derived from the IMF data used in his analysis.[\[110\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-martin-110)
Economist [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") analysed the relationship between GDP and reduction in budget deficits for several European countries in April 2012 and concluded that austerity was slowing growth, similar to Martin Wolf. He also wrote: "... this also implies that 1 euro of austerity yields only about 0.4 euros of reduced deficit, even in the short run. No wonder, then, that the whole austerity enterprise is spiraling into disaster."[\[111\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-111)
Britain's [decision to leave the European Union](https://en.wikipedia.org/wiki/Brexit "Brexit") in 2016 has been partly attributed to the after-effects of the Great Recession on the country.[\[112\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-112)[\[113\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-113)[\[114\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-114)[\[115\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-115)[\[116\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-116)
### Effects on democracy
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=19 "Edit section: Effects on democracy")\]
During the Great Recession and in the immediate aftermath, [Bangladesh](https://en.wikipedia.org/wiki/Bangladesh "Bangladesh"), [Ukraine](https://en.wikipedia.org/wiki/Ukraine "Ukraine"), [Honduras](https://en.wikipedia.org/wiki/Honduras "Honduras"), [Guatemala](https://en.wikipedia.org/wiki/Guatemala "Guatemala"), [Palestine](https://en.wikipedia.org/wiki/Palestine "Palestine"), and [Hong Kong](https://en.wikipedia.org/wiki/Hong_Kong "Hong Kong") went from democracies to a mix of democracy and authoritarianism and [Madagascar](https://en.wikipedia.org/wiki/Madagascar "Madagascar"), the [Gambia](https://en.wikipedia.org/wiki/Gambia "Gambia"), [Ethiopia](https://en.wikipedia.org/wiki/Ethiopia "Ethiopia"), [Russia](https://en.wikipedia.org/wiki/Russia "Russia"), and [Fiji](https://en.wikipedia.org/wiki/Fiji "Fiji") went from mixed regimes to authoritarian ones. While each country had democratic backsliding for different reasons, economic calamity has long been known to contribute to instability that can cause authoritarian forces to take hold.[\[117\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-117)
### Countries that avoided recession
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=20 "Edit section: Countries that avoided recession")\]
[](https://en.wikipedia.org/wiki/File:Sydney_City_from_Waverton.jpg)
[Sydney](https://en.wikipedia.org/wiki/Sydney "Sydney")'s [financial district](https://en.wikipedia.org/wiki/Sydney_CBD "Sydney CBD") at night. Throughout the Great Recession, the [Australian economy](https://en.wikipedia.org/wiki/Australian_economy "Australian economy") remained resilient and stable.[\[118\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-118)[\[119\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-119)
[Poland](https://en.wikipedia.org/wiki/Poland "Poland") was the only member of the [European Union](https://en.wikipedia.org/wiki/European_Union "European Union") to avoid a GDP recession during the Great Recession. As of December 2009, the Polish economy had not entered recession nor even contracted, while its IMF 2010 GDP growth forecast of 1.9 percent was expected to be upgraded.[\[120\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-120)[\[121\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-121)[\[122\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-122) Analysts identified several causes for the positive economic development in Poland: Extremely low levels of bank lending and a relatively small mortgage market; the relatively recent dismantling of EU trade barriers and the resulting surge in demand for Polish goods since 2004; Poland being the recipient of direct EU funding since 2004; lack of over-dependence on a single export sector; a tradition of government fiscal responsibility; a relatively large internal market; the free-floating [Polish zloty](https://en.wikipedia.org/wiki/Polish_zloty "Polish zloty"); low labour costs attracting continued foreign direct investment; economic difficulties at the start of the decade, which prompted austerity measures in advance of the world crisis.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
While [India](https://en.wikipedia.org/wiki/India "India"), [Uzbekistan](https://en.wikipedia.org/wiki/Uzbekistan "Uzbekistan"), [China](https://en.wikipedia.org/wiki/China "China"), and [Iran](https://en.wikipedia.org/wiki/Iran "Iran") experienced slowing growth, they did not enter recessions.
[South Korea](https://en.wikipedia.org/wiki/South_Korea "South Korea") narrowly avoided technical recession in the first quarter of 2009.[\[123\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-123) The [International Energy Agency](https://en.wikipedia.org/wiki/International_Energy_Agency "International Energy Agency") stated in mid September that South Korea could be the only large\[*[clarify](https://en.wikipedia.org/wiki/Wikipedia:Please_clarify "Wikipedia:Please clarify")*\] [OECD](https://en.wikipedia.org/wiki/OECD "OECD") country to avoid recession for the whole of 2009.[\[124\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-124)
[Australia](https://en.wikipedia.org/wiki/Australia "Australia") avoided a technical recession after experiencing only one quarter of negative growth in the fourth quarter of 2008, with GDP returning to positive in the first quarter of 2009.[\[125\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-125)[\[126\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-126)
The [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") did not affect developing countries to a great extent. Experts see several reasons: Africa was not affected because it is not fully integrated in the world market. Latin America and Asia seemed better prepared, since they have experienced crises before. In Latin America, for example, banking laws and regulations are very stringent. Bruno Wenn of the German DEG suggests that Western countries could learn from these countries when it comes to regulations of financial markets.[\[127\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-127)
## Timeline of effects
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=21 "Edit section: Timeline of effects")\]
The few recessions appearing early in 2006–07 are commonly never associated to be part of the Great Recession, which is illustrated by the fact that only two countries (Iceland and Jamaica) were in recession in Q4 2007.
One year before the maximum, in Q1 2008, only six countries were in recession (Iceland, Sweden, Finland, Ireland, Portugal and New Zealand). The number of countries in recession was 25 in Q2 2008, 39 in Q3 2008 and 53 in Q4 2008. At the steepest part of the Great Recession in Q1 2009, a total of 59 out of 71 countries were simultaneously in recession. The number of countries in recession was 37 in Q2 2009, 13 in Q3 2009 and 11 in Q4 2009. One year after the maximum, in Q1 2010, only seven countries were in recession (Greece, Croatia, Romania, Iceland, Jamaica, Venezuela and Belize).
The recession data for the overall [G20](https://en.wikipedia.org/wiki/G20 "G20") zone (representing 85% of all [GWP](https://en.wikipedia.org/wiki/Gross_world_product "Gross world product")), depict that the Great Recession existed as a [global recession](https://en.wikipedia.org/wiki/Global_recession "Global recession") throughout Q3 2008 until Q1 2009.
Subsequent follow-up recessions in 2010–2013 were confined to Belize, El Salvador, Paraguay, Jamaica, Japan, Taiwan, New Zealand and 24 out of 50 [European countries](https://en.wikipedia.org/wiki/European_countries "European countries") (including Greece). As of October 2014, only five out of the 71 countries with available quarterly data (Cyprus, Italy, Croatia, Belize and El Salvador), were still in ongoing recessions.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)[\[128\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Eurostat_quarterly_GDPs-128) The many follow-up recessions hitting the European countries, are commonly referred to as being direct repercussions of the [European debt crisis](https://en.wikipedia.org/wiki/European_debt_crisis "European debt crisis").
### Country specific details about recession timelines
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=22 "Edit section: Country specific details about recession timelines")\]
Iceland fell into an economic depression in 2008 following the collapse of its banking system (*see [2008–2011 Icelandic financial crisis](https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis "2008–2011 Icelandic financial crisis")*). By mid-2012 Iceland is regarded as one of Europe's recovery success stories largely as a result of a currency devaluation that has effectively reduced wages by 50%--making exports more competitive.[\[129\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-129)
The following countries had a recession starting in the fourth quarter of 2007: United States.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)
The following countries had a recession starting in the first quarter of 2008: Latvia,[\[130\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-130) Ireland,[\[131\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-131) New Zealand,[\[132\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-132) and Sweden.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)
The following countries/territories had a recession starting in the second quarter of 2008: Japan,[\[133\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-133) Hong Kong,[\[134\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-134) Singapore,[\[135\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-135) Italy,[\[136\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-136) Turkey,[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16) Germany,[\[137\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-137) United Kingdom,[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16) the eurozone,[\[138\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-138) the European Union,[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16) and the OECD.[\[16\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-stats.oecd.org-16)
The following countries/territories had a recession starting in the third quarter of 2008: [Spain](https://en.wikipedia.org/wiki/2008%E2%80%932014_Spanish_real_estate_crisis "2008–2014 Spanish real estate crisis"),[\[139\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-139) and Taiwan.[\[140\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-140)
The following countries/territories had a recession starting in the fourth quarter of 2008: Switzerland.[\[141\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-141)
South Korea avoided recession with GDP returning positive at a 0.1% expansion in the first quarter of 2009.[\[142\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-142)
Of the seven largest economies in the world by GDP, only China avoided a recession in 2008. In the year to the third quarter of 2008 China grew by 9%. Until recently Chinese officials considered 8% GDP growth to be required simply to create enough jobs for rural people moving to urban centres.[\[143\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-143) This figure may more accurately be considered to be 5–7% now\[*[when?](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items "Wikipedia:Manual of Style/Dates and numbers")*\] that the main growth in working population is receding.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
Ukraine went into technical depression in January 2009 with a GDP growth of −20%, when comparing on a monthly basis with the GDP level in January 2008.[\[144\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-144) Overall the Ukrainian real GDP fell 14.8% when comparing the entire part of 2009 with 2008.[\[145\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-145) When measured quarter-on-quarter by changes of seasonally adjusted real GDP, Ukraine was more precisely in recession/depression throughout the four quarters from Q2-2008 until Q1-2009 (with respective qoq-changes of: -0.1%, -0.5%, -9.3%, -10.3%), and the two quarters from Q3-2012 until Q4-2012 (with respective qoq-changes of: -1.5% and -0.8%).[\[146\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-146)
Japan was in recovery in the middle of the decade 2000s but slipped back into recession and deflation in 2008.[\[147\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-147) The recession in Japan intensified in the fourth quarter of 2008 with a GDP growth of −12.7%,[\[148\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-148) and deepened further in the first quarter of 2009 with a GDP growth of −15.2%.[\[149\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-149)
[](https://en.wikipedia.org/wiki/File:Movimiento_15M_valencia_20-05-2011.jpg)
The [anti-austerity movement in Spain](https://en.wikipedia.org/wiki/Anti-austerity_movement_in_Spain "Anti-austerity movement in Spain"), May 2011
[](https://en.wikipedia.org/wiki/File:Manifestacija_za_svobodo_sveta_\(3637020724\).jpg)
Slovenian [anarchist](https://en.wikipedia.org/wiki/Anarchist "Anarchist") [anti-fascist](https://en.wikipedia.org/wiki/Anti-fascist "Anti-fascist") protest due to the Great Recession
On February 26, 2009, an Economic Intelligence Briefing was added to the [daily intelligence briefings](https://en.wikipedia.org/wiki/President%27s_Daily_Brief "President's Daily Brief") prepared for the [President of the United States](https://en.wikipedia.org/wiki/President_of_the_United_States "President of the United States"). This addition reflects the assessment of U.S. intelligence agencies that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") presented a serious threat to international stability.[\[150\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-150)
*[Business Week](https://en.wikipedia.org/wiki/Business_Week "Business Week")* stated in March 2009 that global political instability was rising fast because of the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and is creating new challenges that need managing.[\[151\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-151) The Associated Press reported in March 2009 that: United States "Director of National Intelligence Dennis Blair has said the economic weakness could lead to political instability in many developing nations."[\[152\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-152) Even some developed countries are seeing political instability.[\[153\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-BBC1-153) NPR reports that David Gordon, a former intelligence officer who now leads research at the [Eurasia Group](https://en.wikipedia.org/wiki/Eurasia_Group "Eurasia Group"), said: "Many, if not most, of the big countries out there have room to accommodate economic downturns without having large-scale political instability if we're in a recession of normal length. If you're in a much longer-run downturn, then all bets are off."[\[154\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-154)
Political scientists have argued that the economic stasis triggered social churning that got expressed through protests on a variety of issues across the developing world. In Brazil, disaffected youth rallied against a minor bus-fare hike[\[155\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-nytReport-155) and in Israel, they protested against high rents in Tel Aviv. In all these cases, the ostensible immediate cause of the protest was amplified by the underlying social suffering induced by the great recession.
In January 2009, the government leaders of Iceland were forced to call elections two years early after the people of Iceland staged mass protests and clashed with the police because of the government's handling of the economy.[\[153\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-BBC1-153) Hundreds of thousands protested in France against President Sarkozy's economic policies.[\[156\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-156) Prompted by the [2008 Latvian financial crisis](https://en.wikipedia.org/wiki/2008_Latvian_financial_crisis "2008 Latvian financial crisis"), the opposition and trade unions there organised a rally against the cabinet of premier Ivars Godmanis. The rally gathered some 10–20 thousand people. In the evening the rally turned into a [riot](https://en.wikipedia.org/wiki/2009_Riga_riot "2009 Riga riot"). The crowd moved to the building of the parliament and attempted to force their way into it, but were repelled by the state's police. In late February many Greeks took part in a massive general strike because of the economic situation and they shut down schools, airports, and many other services in Greece.[\[157\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-157) Police and protesters clashed in Lithuania where people protesting the economic conditions were shot with rubber bullets.[\[158\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-158) Communists and others rallied in Moscow to protest the Russian government's economic plans.[\[159\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-159) However the impact was mild in Russia, whose economy gained from high oil prices.[\[160\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-160)
Asian countries saw various degrees of protest.[\[161\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-161) Protests have also occurred in China as demands from the west for exports have been dramatically reduced and unemployment has increased. Beyond these initial protests, the protest movement has grown and continued in 2011. In late 2011, the [Occupy Wall Street](https://en.wikipedia.org/wiki/Occupy_Wall_Street "Occupy Wall Street") protest took place in the United States, spawning several offshoots that came to be known as the [Occupy movement](https://en.wikipedia.org/wiki/Occupy_movement "Occupy movement").
In 2012 the economic difficulties in Spain increased support for secession movements. In Catalonia, support for the [secession movement](https://en.wikipedia.org/wiki/Catalan_separatism "Catalan separatism") expanded. On September 11, a [pro-independence march](https://en.wikipedia.org/wiki/2012_Catalan_independence_demonstration "2012 Catalan independence demonstration") drew a crowd that police estimated at 1.5 million.[\[162\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-162)
The [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") led to emergency interventions in many national financial systems. As the crisis developed into genuine recession in many major economies, economic stimulus meant to revive economic growth became the most common policy tool. After having implemented rescue plans for the banking system, major developed and emerging countries announced plans to relieve their economies. In particular, economic stimulus plans were announced in [China](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_program "Chinese economic stimulus program"), the [United States](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009"), and the [European Union](https://en.wikipedia.org/wiki/2008_European_Union_stimulus_plan "2008 European Union stimulus plan").[\[163\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-163) In the final quarter of 2008, the [G-20 group of major economies](https://en.wikipedia.org/wiki/G-20_major_economies "G-20 major economies") assumed a new significance as a focus of economic and financial crisis management.
The crisis accelerated the [financialization](https://en.wikipedia.org/wiki/Financialization "Financialization") of states around the world, as governments increased the use of market instruments to achieve public goals through approaches like bond issuance, securitization of state assets, and creating [sovereign funds](https://en.wikipedia.org/wiki/Sovereign_wealth_fund "Sovereign wealth fund").[\[164\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:Chen-164): 9
### United States policy responses
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=25 "Edit section: United States policy responses")\]
[](https://en.wikipedia.org/wiki/File:U.S._Federal_Reserve_-_Treasury_and_Mortgage-Backed_Securities_Held.png)
Federal Reserve holdings of Treasury and mortgage-backed securities
The U.S. government passed the [Emergency Economic Stabilization Act of 2008](https://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008 "Emergency Economic Stabilization Act of 2008") (EESA or TARP) during October 2008. This law included \$700 billion in funding for the "[Troubled Assets Relief Program](https://en.wikipedia.org/wiki/Troubled_Assets_Relief_Program "Troubled Assets Relief Program")" (TARP). Following a model initiated by the [United Kingdom bank rescue package](https://en.wikipedia.org/wiki/2008_United_Kingdom_bank_rescue_package "2008 United Kingdom bank rescue package"),[\[165\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-Langley2015-165)[\[166\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-166) \$205 billion was used in the [Capital Purchase Program](https://en.wikipedia.org/wiki/Capital_Purchase_Program "Capital Purchase Program") to lend funds to banks in exchange for dividend-paying preferred stock.[\[167\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-167)[\[168\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-168)
On February 17, 2009, U.S. President [Barack Obama](https://en.wikipedia.org/wiki/Barack_Obama "Barack Obama") signed the [American Recovery and Reinvestment Act of 2009](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009"), an \$787 billion stimulus package with a broad spectrum of spending and tax cuts.[\[169\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-169) Over \$75 billion of the package was specifically allocated to programs which help struggling homeowners. This program was referred to as the Homeowner Affordability and Stability Plan.[\[170\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-170)
The U.S. Federal Reserve (central bank) lowered interest rates and significantly expanded the money supply to help address the crisis. *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")* reported in February 2013 that the Fed continued to support the economy with various monetary stimulus measures: "The Fed, which has amassed almost \$3 trillion in Treasury and mortgage-backed securities to promote more borrowing and lending, is expanding those holdings by \$85 billion a month until it sees clear improvement in the labor market. It plans to hold short-term interest rates near zero even longer, at least until the unemployment rate falls below 6.5 percent."[\[171\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-171)
The U.S. Federal reserve established some swap agreements to help banks' liquidity crisis, although this emergency liquidity only benefitted a dozen countries and excluded most developing economies.[\[172\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:024-172): 267
### Asia-Pacific policy responses
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=26 "Edit section: Asia-Pacific policy responses")\]
On September 15, 2008, China cut its interest rate for the first time since 2002. Indonesia reduced its overnight rate, at which commercial banks can borrow overnight funds from the central bank, by two percentage points to 10.25 percent. The [Reserve Bank of Australia](https://en.wikipedia.org/wiki/Reserve_Bank_of_Australia "Reserve Bank of Australia") injected nearly \$1.5 billion into the banking system, nearly three times as much as the market's estimated requirement. The [Reserve Bank of India](https://en.wikipedia.org/wiki/Reserve_Bank_of_India "Reserve Bank of India") added almost \$1.32 billion, through a refinance operation, its biggest in at least a month.[\[173\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-173)
On November 9, 2008, the [Chinese economic stimulus program](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_program "Chinese economic stimulus program"), a RMB¥ 4 trillion (\$586 billion) stimulus package, was announced by the central government of the People's Republic of China in its biggest move to stop the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") from affecting the world's second largest economy. A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan (\$586 billion) in infrastructure and social welfare by the end of 2010. The stimulus package was invested in key areas such as housing, rural infrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building, tax cuts, and finance. China's massive stimulus was also an important contributor to overall global recovery.[\[174\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:0-174): 34 In addition to helping stabilize the global economy, China's stimulus and also provided an opportunity for China to retool its domestic infrastructure.[\[175\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:45-175)
[](https://en.wikipedia.org/wiki/File:S%26P_BSE_SENSEX_chart.svg)
During the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"), the [BSE Sensex](https://en.wikipedia.org/wiki/BSE_Sensex "BSE Sensex") experienced a sharp decline. It dropped from over 21,000 points in January 2008 to below 8,000 points in October 2008.[\[176\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-176)
Later that month, China's export driven economy was starting to feel the impact of the economic slowdown in the United States and Europe despite the government already cutting key interest rates three times in less than two months in a bid to spur economic expansion. On November 28, 2008, the [Ministry of Finance of the People's Republic of China](https://en.wikipedia.org/wiki/Ministry_of_Finance_of_the_People%27s_Republic_of_China "Ministry of Finance of the People's Republic of China") and the [State Administration of Taxation](https://en.wikipedia.org/wiki/State_Administration_of_Taxation "State Administration of Taxation") jointly announced a rise in export tax rebate rates on some labour-intensive goods. These additional tax rebates took place on December 1, 2008.[\[177\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-177)
During the People's Bank of China helped address banks' liquidity crisis by signing swap agreements with numerous other countries to provide them with liquidity based on the [renminbi](https://en.wikipedia.org/wiki/Renminbi "Renminbi").[\[172\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-:024-172): 267
In Taiwan, the central bank on September 16, 2008, said it would cut its required reserve ratios for the first time in eight years. The central bank added \$3.59 billion into the foreign-currency interbank market the same day. Bank of Japan pumped \$29.3 billion into the financial system on September 17, 2008, and the Reserve Bank of Australia added \$3.45 billion the same day.[\[178\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-World_Banks-178)
In developing and emerging economies, responses to the global crisis mainly consisted in low-rates monetary policy (Asia and the Middle East mainly) coupled with the depreciation of the currency against the dollar. There were also stimulus plans in some Asian countries, in the Middle East and in Argentina. In Asia, plans generally amounted to 1 to 3% of GDP, with the notable exception of [China](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_plan "Chinese economic stimulus plan"), which announced a plan accounting for 16% of GDP (6% of GDP per year).
### European policy responses
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=27 "Edit section: European policy responses")\]
Until September 2008, European policy measures were limited to a small number of countries (Spain and Italy). In both countries, the measures were dedicated to households (tax rebates) reform of the taxation system to support specific sectors such as housing. The European Commission proposed a [€200 billion stimulus plan](https://en.wikipedia.org/wiki/2008_European_Union_stimulus_plan "2008 European Union stimulus plan") to be implemented at the European level by the countries. At the beginning of 2009, the UK and Spain completed their initial plans, while Germany announced a new plan.
On September 29, 2008, the Belgian, Luxembourg and Dutch authorities partially nationalised [Fortis](https://en.wikipedia.org/wiki/Fortis_\(finance\) "Fortis (finance)"). The German government bailed out [Hypo Real Estate](https://en.wikipedia.org/wiki/Hypo_Real_Estate "Hypo Real Estate").
On October 8, 2008, the British Government announced a [bank rescue package](https://en.wikipedia.org/wiki/2008_United_Kingdom_bank_rescue_package "2008 United Kingdom bank rescue package") of around £500 billion[\[179\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-179) (\$850 billion at the time). The plan comprised three parts. The first £200 billion would be made in regard to the banks in liquidity stack. The second part would consist of the state government increasing the capital market within the banks. Along with this, £50 billion would be made available if the banks needed it, finally the government would write off any eligible lending between the British banks with a limit to £250 billion.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
In early December 2008, German Finance Minister [Peer Steinbrück](https://en.wikipedia.org/wiki/Peer_Steinbr%C3%BCck "Peer Steinbrück") indicated a lack of belief in a "Great Rescue Plan" and reluctance to spend more money addressing the crisis.[\[180\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-180) In March 2009, The European Union Presidency confirmed that the EU was at the time strongly resisting the US pressure to increase European budget deficits.[\[181\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-181)
From 2010, the United Kingdom began a fiscal consolidation program to reduce debt and deficit levels while at the same time stimulating economic recovery.[\[182\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-182) Other European countries also began fiscal consolidation with similar aims.[\[183\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-183)
[](https://en.wikipedia.org/wiki/File:UK_US_2008_October_bank_bailouts.svg)
Bank bailouts [in the United Kingdom](https://en.wikipedia.org/wiki/2008_United_Kingdom_bank_rescue_package "2008 United Kingdom bank rescue package") and [in the United States](https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program "Troubled Asset Relief Program") in proportion to their GDPs
Most political responses to the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") were taken, as seen above, by individual nations. Some coordination took place at the European level, but the need to cooperate at the global level has led leaders to activate the [G-20 major economies](https://en.wikipedia.org/wiki/G-20_major_economies "G-20 major economies") entity. A first summit dedicated to the crisis took place, at the Heads of state level in November 2008 ([2008 G-20 Washington summit](https://en.wikipedia.org/wiki/2008_G-20_Washington_summit "2008 G-20 Washington summit")).
The [G-20 countries](https://en.wikipedia.org/wiki/G-20_major_economies "G-20 major economies") met in a summit held in [November 2008 in Washington](https://en.wikipedia.org/wiki/2008_G-20_Washington_summit "2008 G-20 Washington summit") to address the economic crisis. Apart from proposals on international financial regulation, they pledged to take measures to support their economy and to coordinate them, and refused any resort to protectionism.
[Another G-20 summit](https://en.wikipedia.org/wiki/2009_G-20_London_Summit "2009 G-20 London Summit") was held in London in April 2009. Finance ministers and central banks leaders of the G-20 met in [Horsham](https://en.wikipedia.org/wiki/Horsham "Horsham"), England, on March to prepare the summit, and pledged to restore global growth as soon as possible. They decided to coordinate their actions and to stimulate demand and employment. They also pledged to fight against all forms of [protectionism](https://en.wikipedia.org/wiki/Protectionism "Protectionism") and to maintain trade and foreign investments. These actions will cost \$1.1tn.[\[184\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-184)
They also committed to maintain the supply of credit by providing more liquidity and recapitalising the banking system, and to implement rapidly the stimulus plans. As for central bankers, they pledged to maintain low-rates policies as long as necessary. Finally, the leaders decided to help emerging and developing countries, through a strengthening of the IMF.
## Policy recommendations
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=29 "Edit section: Policy recommendations")\]
The IMF stated in September 2010 that the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") would not end without a major decrease in unemployment as hundreds of millions of people were unemployed worldwide. The IMF urged governments to expand social safety nets and to generate job creation even as they are under pressure to cut spending. The IMF also encouraged governments to invest in skills training for the unemployed and even governments of countries, similar to that of Greece, with major debt risk to first focus on long-term economic recovery by creating jobs.[\[185\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-185)
### Raising interest rates
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=31 "Edit section: Raising interest rates")\]
The [Bank of Israel](https://en.wikipedia.org/wiki/Bank_of_Israel "Bank of Israel") was the first to raise interest rates after the global recession began.[\[186\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-marketwatch.com-186) It increased rates in August 2009.[\[186\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-marketwatch.com-186)
On October 6, 2009, [Australia](https://en.wikipedia.org/wiki/Australia "Australia") became the first G20 country to raise its main interest rate, with the [Reserve Bank of Australia](https://en.wikipedia.org/wiki/Reserve_Bank_of_Australia "Reserve Bank of Australia") moving rates up from 3.00% to 3.25%.[\[187\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-187)
The [Norges Bank](https://en.wikipedia.org/wiki/Norges_Bank "Norges Bank") of [Norway](https://en.wikipedia.org/wiki/Norway "Norway") and the [Reserve Bank of India](https://en.wikipedia.org/wiki/Reserve_Bank_of_India "Reserve Bank of India") raised interest rates in March 2010.[\[188\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-nytimes.com-188)
On November 2, 2017, the [Bank of England](https://en.wikipedia.org/wiki/Bank_of_England "Bank of England") raised interest rates for the first time since March 2009 from 0.25% to 0.5% in an attempt to curb inflation.
## Comparisons with the Great Depression
\[[edit](https://en.wikipedia.org/w/index.php?title=Great_Recession&action=edit§ion=32 "Edit section: Comparisons with the Great Depression")\]
On April 17, 2009, the then head of the IMF [Dominique Strauss-Kahn](https://en.wikipedia.org/wiki/Dominique_Strauss-Kahn "Dominique Strauss-Kahn") said that there was a chance that certain countries may not implement the proper policies to avoid feedback mechanisms that could eventually turn the recession into a depression. "The free-fall in the global economy may be starting to abate, with a recovery emerging in 2010, but this depends crucially on the right policies being adopted today." The IMF pointed out that unlike the Great Depression, this recession was synchronised by global integration of markets. Such synchronized recessions were explained to last longer than typical economic downturns and have slower recoveries.[\[189\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-189)
[Olivier Blanchard](https://en.wikipedia.org/wiki/Olivier_Blanchard "Olivier Blanchard"), IMF Chief Economist, stated that the percentage of workers laid off for long stints has been rising with each downturn for decades but the figures have surged this time. "Long-term unemployment is alarmingly high: in the United States, half the unemployed have been out of work for over six months, something we have not seen since the Great Depression." The IMF also stated that a link between rising inequality within Western economies and deflating demand may exist. The last time that the [wealth gap](https://en.wikipedia.org/wiki/Wealth_gap "Wealth gap") reached such skewed extremes was in 1928–1929.[\[190\]](https://en.wikipedia.org/wiki/Great_Recession#cite_note-190)
- [2000s commodities boom](https://en.wikipedia.org/wiki/2000s_commodities_boom "2000s commodities boom")
- [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis")
- [Basel Accords](https://en.wikipedia.org/wiki/Basel_Accords "Basel Accords")
- [Collateralized debt obligation](https://en.wikipedia.org/wiki/Collateralized_debt_obligation "Collateralized debt obligation")
- [COVID-19 recession](https://en.wikipedia.org/wiki/COVID-19_recession "COVID-19 recession")
- [Economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble")
- [Fractional-reserve banking](https://en.wikipedia.org/wiki/Fractional-reserve_banking "Fractional-reserve banking")
- [Great Recession in Asia](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia")
- [Great Recession in Europe](https://en.wikipedia.org/wiki/Great_Recession_in_Europe "Great Recession in Europe")
- [Great Recession in the United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States")
- [Great Regression](https://en.wikipedia.org/wiki/Great_Regression "Great Regression")
- [International relations since 1989](https://en.wikipedia.org/wiki/International_relations_since_1989 "International relations since 1989")
- [Kondratiev wave](https://en.wikipedia.org/wiki/Kondratiev_wave "Kondratiev wave")
- [Lost Decade](https://en.wikipedia.org/wiki/Lost_Decade_\(disambiguation\) "Lost Decade (disambiguation)")
- [Peak oil](https://en.wikipedia.org/wiki/Peak_oil "Peak oil")
- [Recession pop](https://en.wikipedia.org/wiki/Recession_pop "Recession pop")
- [Savings and loan crisis](https://en.wikipedia.org/wiki/Savings_and_loan_crisis "Savings and loan crisis")
- [Stock market crash](https://en.wikipedia.org/wiki/Stock_market_crash "Stock market crash")
- [Stock market crashes in India](https://en.wikipedia.org/wiki/Stock_market_crashes_in_India "Stock market crashes in India")
1. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-NBRE_dates_1-0)** ["US Business Cycle Expansions and Contractions"](https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions), United States NBER, or National Bureau of Economic Research, updated March 14, 2023. This government agency dates the Great Recession as starting in December 2007 and bottoming-out in June 2009.
2. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-DPAD121912_2-0)**
["World Economic Situation and Prospects 2013"](https://www.un.org/en/development/desa/policy/wesp/index.shtml). Development Policy and Analysis Division of the UN secretariat. Retrieved December 19, 2012.
3. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-UN011513_3-0)**
United Nations (January 15, 2013). *World Economic Situation and Prospects 2013* (trade paperback) (1st ed.). United Nations. p. 200. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-9211091663](https://en.wikipedia.org/wiki/Special:BookSources/978-9211091663 "Special:BookSources/978-9211091663")
. "The global economy continues to struggle with post-crisis adjustments"
4. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-BernankeFCIC1_4-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-BernankeFCIC1_4-1)
Bernanke, Ben (September 2, 2010). ["Causes of the Recent Financial and Economic Crisis"](https://www.federalreserve.gov/newsevents/testimony/bernanke20100902a.htm). Retrieved February 15, 2021.
5. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-nber.org_5-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-nber.org_5-1) [US Business Cycle Expansions and Contractions](https://www.nber.org/cycles/) [Archived](https://web.archive.org/web/20080925210636/https://www.nber.org/cycles/) September 25, 2008, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), NBER, accessed August 9, 2012.
6. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-6)**
Park, Byeong U.; Simar, Léopold; Zelenyuk, Valentin (2020). ["Forecasting of recessions via dynamic probit for time series: Replication and extension of Kauppi and Saikkonen (2008)"](https://link.springer.com/article/10.1007/s00181-019-01708-2). *Empirical Economics*. **58**: 379–392\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/s00181-019-01708-2](https://doi.org/10.1007%2Fs00181-019-01708-2). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[2078\.1/216348](https://hdl.handle.net/2078.1%2F216348).
7. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-Merriam-Webster_recession_7-0)**
Merriam-Webster (May 31, 2023), ["headword 'recession'"](http://www.merriam-webster.com/dictionary/recession), *Merriam-Webster Collegiate Dictionary online*.
8. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-8)**
[Hulbert, Mark](https://en.wikipedia.org/wiki/Mark_Hulbert "Mark Hulbert") (July 15, 2010). ["It's Dippy to Fret About a Double-Dip Recession"](https://www.barrons.com/articles/SB50001424052970203983104575367471896032724). *[Barron's](https://en.wikipedia.org/wiki/Barron%27s "Barron's")*.
9. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-9)** V.I. Keilis-Borok et al., [Pattern of Macroeconomic Indicators Preceding the End of an American Economic Recession.](http://www.jprr.org/index.php/jprr/article/view/106) [Archived](https://web.archive.org/web/20110716022254/http://www.jprr.org/index.php/jprr/article/view/106) July 16, 2011, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Journal of Pattern Recognition Research, JPRR Vol. 3 (1) 2008.
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`{{cite news}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
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153. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-BBC1_153-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-BBC1_153-1)
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154. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-154)** [NPR](https://www.npr.org/templates/story/story.php?storyId=100781975) article "Economic Crisis Poses Threat To Global Stability" by Tom Gjelten
155. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-nytReport_155-0)** Romero, Simon. ["Bus-fare protests hit Brazil's two biggest cities"](https://www.nytimes.com/2013/06/14/world/americas/bus-fare-protests-hit-brazils-two-biggest-cities.html) *The New York Times*, June 2013.
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159. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-159)**
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160. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-160)** E. Shadrina et al. "Russia and the "Great Recession", *International Affairs: A Russian Journal of World Politics, Diplomacy & International Relations* (2010), 56\#2, pp 113–129.
161. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-161)**
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163. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-163)**
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165. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-Langley2015_165-0)**
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167. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-167)**
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170. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-170)**
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178. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-World_Banks_178-0)**
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181. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-181)**
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185. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-185)**
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186. ^ [***a***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-marketwatch.com_186-0) [***b***](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-marketwatch.com_186-1)
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188. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-nytimes.com_188-0)**
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189. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-189)**
Evans, Ambrose (April 16, 2009). ["IMF warns over parallels to Great Depression"](https://web.archive.org/web/20090417185822/http://www.telegraph.co.uk/finance/financetopics/recession/5166956/IMF-warns-over-parallels-to-Great-Depression.html). *The Daily Telegraph*. London. Archived from [the original](https://www.telegraph.co.uk/finance/financetopics/recession/5166956/IMF-warns-over-parallels-to-Great-Depression.html) on April 17, 2009. Retrieved January 21, 2010.
190. **[^](https://en.wikipedia.org/wiki/Great_Recession#cite_ref-190)**
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- Gertler, Mark, and Simon Gilchrist. "What happened: Financial factors in the great recession." *Journal of Economic Perspectives* 32.3 (2018): 3–30. [online](https://scholar.google.com/scholar?output=instlink&q=info:9I1bXGbxqbcJ:scholar.google.com/&hl=en&as_sdt=0,27&as_ylo=2017&scillfp=12543900128079003130&oi=lle) [Archived](https://web.archive.org/web/20220305145415/https://scholar.google.com/scholar?output=instlink&q=info:9I1bXGbxqbcJ:scholar.google.com/&hl=en&as_sdt=0,27&as_ylo=2017&scillfp=12543900128079003130&oi=lle) March 5, 2022, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")
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- [Greenspan, Alan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan"); [Wooldridge, Adrian](https://en.wikipedia.org/wiki/Adrian_Wooldridge "Adrian Wooldridge") (2018). *Capitalism in America: A History*. New York: [Penguin Press](https://en.wikipedia.org/wiki/Penguin_Press "Penguin Press"). pp. 368–388\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0735222441](https://en.wikipedia.org/wiki/Special:BookSources/978-0735222441 "Special:BookSources/978-0735222441")
.
- Krugman, Paul (2009). *The Return of Depression Economics and the Crisis of 2008*; [excerpt](https://www.amazon.com/Return-Depression-Economics-Crisis-2008/dp/0393337804/).
- [Kynaston, David](https://en.wikipedia.org/wiki/David_Kynaston "David Kynaston") (2017). *Till Time's Last Sand: A History of the Bank of England, 1694–2013*. New York: [Bloomsbury](https://en.wikipedia.org/wiki/Bloomsbury_Publishing "Bloomsbury Publishing"). pp. 747–776\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1408868560](https://en.wikipedia.org/wiki/Special:BookSources/978-1408868560 "Special:BookSources/978-1408868560")
.
- [Lo, Andrew W.](https://en.wikipedia.org/wiki/Andrew_Lo "Andrew Lo") (2012). "Reading About the Financial Crisis: A Twenty-One-Book Review". *[Journal of Economic Literature](https://en.wikipedia.org/wiki/Journal_of_Economic_Literature "Journal of Economic Literature")*. **50** (1): 151–178\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1257/jel.50.1.151](https://doi.org/10.1257%2Fjel.50.1.151). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[1721\.1/75360](https://hdl.handle.net/1721.1%2F75360). [JSTOR](https://en.wikipedia.org/wiki/JSTOR_\(identifier\) "JSTOR (identifier)") [23269975](https://www.jstor.org/stable/23269975). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [145081442](https://api.semanticscholar.org/CorpusID:145081442).
- Levy, Jonathan (2021). *Ages of American Capitalism: A History of the United States*. [Excerpt](https://www.amazon.com/Ages-American-Capitalism-History-United/dp/0812995015/).
- [Meltzer, Allan H.](https://en.wikipedia.org/wiki/Allan_H._Meltzer "Allan H. Meltzer") (2009). *A History of the Federal Reserve – Volume 2, Book 2: 1970–1986*. Chicago: [University of Chicago Press](https://en.wikipedia.org/wiki/University_of_Chicago_Press "University of Chicago Press"). pp. 1243–1256\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0226213514](https://en.wikipedia.org/wiki/Special:BookSources/978-0226213514 "Special:BookSources/978-0226213514")
.
- OECD (2010). [*OECD Insights From Crisis to Recovery: The Causes, Course and Consequences of the Great Recession*](https://books.google.com/books?id=feCQqOS2x1gC&dq&pg=PA3). OECD Publishing.
- [Paulson, Hank](https://en.wikipedia.org/wiki/Henry_Paulson "Henry Paulson") (2010). *On the Brink: Inside the Race to Stop the Collapse of the Global Financial System*. London: Headline. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-7553-6054-3](https://en.wikipedia.org/wiki/Special:BookSources/978-0-7553-6054-3 "Special:BookSources/978-0-7553-6054-3")
.
- Ramey, Valerie A. ["Ten years after the financial crisis: What have we learned from the renaissance in fiscal research?"](https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.33.2.89) *Journal of Economic Perspectives* 33.2 (2019): 89–114.
- Read, Colin (2009). [*Global Financial Meltdown: How We Can Avoid the Next Economic Crisis*](https://archive.org/details/globalfinancialm0000read). New York: Palgrave Macmillan. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-230-22218-2](https://en.wikipedia.org/wiki/Special:BookSources/978-0-230-22218-2 "Special:BookSources/978-0-230-22218-2")
.
- Reinhart, Carmen M., and Kenneth S. Rogoff. *This Time is Different: Eight Centuries of Financial Folly* (Princeton UP, 2009) [summary](https://www.nber.org/papers/w13882.pdf).
- Rosenberg, Jerry M. (2012). [*The Concise Encyclopedia of The Great Recession 2007–2012*](https://archive.org/details/conciseencyclope0000rose) (2nd ed.). Scarecrow Press. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9780810883406](https://en.wikipedia.org/wiki/Special:BookSources/9780810883406 "Special:BookSources/9780810883406")
.
- Shimelse Ali, [Uri Dadush](https://en.wikipedia.org/wiki/Uri_Dadush "Uri Dadush"), Lauren Falcao (June 2009). [Financial Transmission of the Crisis: What's the Lesson?](https://web.archive.org/web/20090715055648/http://www.carnegieendowment.org/publications/index.cfm?fa=view&id=23284&prog=zgp&proj=zie). *[International Economics Bulletin](https://en.wikipedia.org/wiki/International_Economics_Bulletin "International Economics Bulletin")*.
- Stein, Howard (July 25, 2012). ["The Neoliberal Policy Paradigm and the Great Recession"](https://doi.org/10.2298%2FPAN1204421S). *Panoeconomicus*. **59** (4): 421–440\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.2298/PAN1204421S](https://doi.org/10.2298%2FPAN1204421S). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [26437908](https://api.semanticscholar.org/CorpusID:26437908).
- Sorkin, Andrew Ross. *Too big to fail: The inside story of how Wall Street and Washington fought to save the financial system – and themselves* (Penguin, 2010) [online](http://etonline-digitallibrary.com/bitstream/123456789/1711/1/1007.pdf) [Archived](https://web.archive.org/web/20210420165547/http://etonline-digitallibrary.com/bitstream/123456789/1711/1/1007.pdf) April 20, 2021, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine").
- Stiglitz, Joseph E. *Freefall: America, free markets, and the sinking of the world economy* (WW Norton & Company, 2010). [online](https://api.duponttateandlyle.com/sites/default/files/webform/pdf-freefall-america-free-markets-and-the-sinking-of-the-world-eco-joseph-e-stiglitz-pdf-download-free-book-94b662c.pdf) [Archived](https://web.archive.org/web/20210420165514/https://api.duponttateandlyle.com/sites/default/files/webform/pdf-freefall-america-free-markets-and-the-sinking-of-the-world-eco-joseph-e-stiglitz-pdf-download-free-book-94b662c.pdf) April 20, 2021, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")
- [Tooze, Adam](https://en.wikipedia.org/wiki/Adam_Tooze "Adam Tooze") (2018). *Crashed: How a Decade of Financial Crises Changed the World*. New York: [Viking](https://en.wikipedia.org/wiki/Viking "Viking"). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9780670024933](https://en.wikipedia.org/wiki/Special:BookSources/9780670024933 "Special:BookSources/9780670024933")
.
- [Woods, Thomas E.](https://en.wikipedia.org/wiki/Thomas_Woods "Thomas Woods") (2009). [*Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse*](https://en.wikipedia.org/wiki/Meltdown_\(Woods_book\) "Meltdown (Woods book)"). Washington, DC: [Regnery Publishing](https://en.wikipedia.org/wiki/Regnery_Publishing "Regnery Publishing"). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-59698-587-2](https://en.wikipedia.org/wiki/Special:BookSources/978-1-59698-587-2 "Special:BookSources/978-1-59698-587-2")
.
- Worswick, G. David N. "Two great recessions: the 1980s and the 1930s in Britain." *Scottish Journal of Political Economy* 31.3 (1984): 209–228.
- Zuckerman, Gregory. *The greatest trade ever: The behind-the-scenes story of how John Paulson defied Wall Street and made financial history* (Crown, 2010).
[](https://en.wikipedia.org/wiki/File:Wikinews-logo.svg)
- [Assessing the Costs and Consequences of the 2007–09 Financial Crisis and Its Aftermath](http://www.dallasfed.org/assets/documents/research/eclett/2013/el1307.pdf) ([Archived](https://web.archive.org/web/20161211234846/https://dallasfed.org/assets/documents/research/eclett/2013/el1307.pdf) December 11, 2016, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")), September 2013, [Federal Reserve Bank of Dallas](https://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_Dallas "Federal Reserve Bank of Dallas")
- [Tracking the Global Recession](http://research.stlouisfed.org/recession/) – Information from the [Federal Reserve Bank of St. Louis](https://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_St._Louis "Federal Reserve Bank of St. Louis")
- Federal Reserve Bank of St. Louis, ["What Caused the Crisis"](https://web.archive.org/web/20110501152231/http://timeline.stlouisfed.org/index.cfm?p=articles&ct_id=10), collection of papers
- ["Global Outlook"](https://web.archive.org/web/20090715071508/http://www.carnegieendowment.org/publications/index.cfm?fa=view&id=23283&prog=zgp&proj=zie), [Uri Dadush](https://en.wikipedia.org/wiki/Uri_Dadush "Uri Dadush"), *[International Economics Bulletin](https://en.wikipedia.org/wiki/International_Economics_Bulletin "International Economics Bulletin")*, June 2009.
- [Global Recession](http://news.bbc.co.uk/1/hi/in_depth/business/2007/creditcrunch/default.stm) ([Archived](https://web.archive.org/web/20090607071519/http://news.bbc.co.uk/1/hi/in_depth/business/2007/creditcrunch/default.stm) June 7, 2009, at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine")) ongoing coverage from [BBC News](https://en.wikipedia.org/wiki/BBC_News "BBC News")
- [Global Recession](https://www.theguardian.com/business/globalrecession) ongoing coverage from *[The Guardian](https://en.wikipedia.org/wiki/The_Guardian "The Guardian")*
- [ILO Job Crisis Observatory](http://www.ilo.org/public/english/support/lib/financialcrisis/index.htm)
- [A Spectral Analysis of World GDP Dynamics: Kondratieff Waves, Kuznets Swings, Juglar and Kitchin Cycles in Global Economic Development, and the 2008–2009 Economic Crisis](http://www.escholarship.org/uc/item/9jv108xp).
- [The Second Wave of the Global Crisis? On mathematical analyses of some dynamic series](http://escholarship.org/uc/item/85j5n55b)
- [Recession 'link' with over 10,000 suicides in the West](http://www.ox.ac.uk/news/2014-06-12-recession-link-over-10000-suicides-west). [University of Oxford](https://en.wikipedia.org/wiki/University_of_Oxford "University of Oxford"), June 2014. |
| Shard | 152 (laksa) |
| Root Hash | 17790707453426894952 |
| Unparsed URL | org,wikipedia!en,/wiki/Great_Recession s443 |