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P.S I just finished an assignment on this lol
The 2008 recession/financial crises one of the worst of its kind in a generation. Major economies including the United States and the UK suffered a period of recession, consistent low-growth, rising unemployment and many businesses closing down.
A 10-member committee called the Financial Crisis Inquiry Commission was setup by the US government to study the causes of the recession, in the hopes that a future similar crisis could be prevented.
In 2011, the committee released their findings and pointed out the two major reasons for the crisis:
1. The basic reason for the crises as the Collapse of the housing market.
2. Which in turn was fueled by toxic mortgages, low-interest and easy credit available to everyone and minimal regulation.
The report also pointed out vast problems of corporate governance, lack of government will and unpreparedness.
It was world ww1 6/6-5/61-
Traditional economies are frequently based totally on one or a few of agriculture, looking, fishing, and amassing. Barter and change is frequently used in region of money. There's not often a surplus produced. In different words, maximum of the goods and services are completely used
