Overview

The global economic crisis of 2008-2009 exposed systemic failures in the workings of financial markets and major deficiencies at the core of economic policy making. The rapid spread of the financial fallout in the United States of America throughout nearly the entire world, affecting jobs and livelihoods, underscored the interconnectedness of the global economy. Moreover, the economic and financial crisis came on top of several other crises. Skyrocketing but highly volatile world food and energy prices reflected a decades-long neglect of food agriculture and failure to reign in increasingly speculative energy markets. Climate change is already a clear and present danger whose consequences are being felt in many parts of the world in the form of more frequent and severe droughts and excessive rainfall; its effects are compounding the other crises.

Related Subject(s): Economic and Social Development