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Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
The debt ceiling issue was one of the causes for the 2013 government shutdown, and a lack of a budget bill over the issue forced the government to sequester its budget. The crisis, as well as the government shutdown, ended on October 17, 2013, with the passing of the Continuing Appropriations Act, 2014.
2013 was a common year starting on Tuesday of the Gregorian calendar, the 2013th year of the Common Era (CE) and Anno Domini (AD) designations, the 13th year of the 3rd millennium and the 21st century, and the 4th year of the 2010s decade.
Rajan’s analysis of the roots of the 2008 financial crisis focuses on three fundamental stresses: widening income inequality in the US, trade imbalances in the global economy arising out of historical trajectories followed by late-developing countries, and the clash between arm’s length financial systems, as present in the US and Britain, and relationship-based financial systems, as ...
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 title of the book points at the sharp decline in stock prices following the bankruptcy of the investment bank Lehman Brothers in September, 2008. Meanwhile, its subtitle reveals Stiglitz's conviction that free markets are at the bottom of the crisis, as he makes deregulation responsible for the rise of the shadow banking system, over-leveraged banks and subprime mortgages.
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Several major U.S. economic variables had recovered from the 2007-2009 Subprime mortgage crisis and Great Recession by the 2013-2014 time period. The recession officially ended in the second quarter of 2009, [3] but the nation's economy continued to be described as in an "economic malaise" during the second quarter of 2011. [80]