Effects of 2008 Global Recession to the Third World Countries (2012)
| | | | | The Effects Of The 2008 Global Recession To Third World Countries
Lorem ipsum dolor sit amet, consectetur adipiscing elit. | Amapola Bulusan, Franchette Torres, Maxine Lee2BLM, (2nd Semester, 2012)
Ma. Jesusa Avila Bato
March 6, 2012 |
Chapter 1:
Background:
For the longest time the United States of America is considered as the capital city of the world. They stayed on top in terms in terms of politics, business infrastructures, technology and economics. Almost everyone outside America especially those who live in third world countries like Philippines, Afghanistan, and Mexico have this so-called American Dream. A very good example of American dreamers is us, Filipinos. Since we have been under the US government for quite some time after the Spanish regime and after the World War II, we have developed this colonial mentality. We have this dream of going to the United States believing that if work and live there we would be able to uplift our living conditions. But all of a sudden the Lehman brothers who started the American crisis that later on marked the beginning of the 2008 Global Crisis crashed this dream of ours. In 2008, the United States of America a major financial crisis which led to the most serious recession since the Second World War. This all started when the Lehman Brothers, one of the largest investing bank in the world, failed (The financial crisis of 2008: Year in Review by Joel Havemann, Encyclopedia Britannica eb.com). On September 15, 2008 to be exact the fall of the Lehman Brothers resulted to the downfall of the United States stock market and the laying off of employees by many successful companies. Now the question left is how does the failure of this major financial company affects the US stock market and even marked the beginning of the 2008 Global Crisis? In a critical sense, financial business is more important that other industries because finance is necessary for every business to operate
Lorem ipsum dolor sit amet, consectetur adipiscing elit. | Amapola Bulusan, Franchette Torres, Maxine Lee2BLM, (2nd Semester, 2012)
Ma. Jesusa Avila Bato
March 6, 2012 |
Chapter 1:
Background:
For the longest time the United States of America is considered as the capital city of the world. They stayed on top in terms in terms of politics, business infrastructures, technology and economics. Almost everyone outside America especially those who live in third world countries like Philippines, Afghanistan, and Mexico have this so-called American Dream. A very good example of American dreamers is us, Filipinos. Since we have been under the US government for quite some time after the Spanish regime and after the World War II, we have developed this colonial mentality. We have this dream of going to the United States believing that if work and live there we would be able to uplift our living conditions. But all of a sudden the Lehman brothers who started the American crisis that later on marked the beginning of the 2008 Global Crisis crashed this dream of ours. In 2008, the United States of America a major financial crisis which led to the most serious recession since the Second World War. This all started when the Lehman Brothers, one of the largest investing bank in the world, failed (The financial crisis of 2008: Year in Review by Joel Havemann, Encyclopedia Britannica eb.com). On September 15, 2008 to be exact the fall of the Lehman Brothers resulted to the downfall of the United States stock market and the laying off of employees by many successful companies. Now the question left is how does the failure of this major financial company affects the US stock market and even marked the beginning of the 2008 Global Crisis? In a critical sense, financial business is more important that other industries because finance is necessary for every business to operate