Financial Crisis
In the last few centuries mankind began to witness financial development and upraise in the economy by all means but also witnessed the downside of finance: Global Financial Crisis. Some of the crises were due to fall of stock prices like the “Great Depression”, or the collapse of a currency like the “1997 Asian financial crisis", or by a drop of securities values like the “Financial crisis of 2007–2008”. Get to know the inside of these stories and their effect on history itself”.
Great Depression
1929 to 1933
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across the world; in most countries, it started in 1929 and lasted until the 1930s. It was the longest, deepest, and most widespread depression of the 20th century. The Great Depression is commonly used as an example of how intensely the global economy can decline.
1973 oil crisis
1973 to 1979
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries led by Saudi Arabia proclaimed an oil embargo. The embargo was targeted at nations that supported Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom, and the United States with the embargo also later extended to Portugal, Rhodesia, and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US$3 per barrel ($19/m3) to nearly $12 per barrel ($75/m3) globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock".
1997 Asian financial crisis
Wednesday Jul 2, 1997 to Friday Jan 1, 1999
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.
Financial crisis of 2007–2008
Monday Jan 1, 2007 to Monday Dec 31, 2007
The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the most serious financial crisis since the Great Depression of the 1930s. It began in 2007 with a crisis in the subprime mortgage market in the United States, and developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008. Excessive risk-taking by banks such as Lehman Brothers helped to magnify the financial impact globally. Massive bail-outs of financial institutions and other palliative monetary and fiscal policies were employed to prevent a possible collapse of the world financial system. The crisis was nonetheless followed by a global economic downturn, the Great Recession. The Asian markets (China, Hong Kong, Japan, India, etc.) immediately impacted and volatilized after the U.S. sub-prime crisis. The European debt crisis, a crisis in the banking system of the European countries using the euro, followed later. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US following the crisis to "promote the financial stability of the United States". The Basel III capital and liquidity standards were adopted by countries around the world.