Understanding the Dynamics of the Causes and Consequences of Global Financial Crisis-2008

After the Great depression of 1930’s, Global Financial Crisis 2008 (GFC-08) of United States was the single most catastrophic financial crisis that plunged the economy of most developed countries into deep recession. Most countries (both developed and developing) are still struggling to recover from the contractionary impact of the GFC-08. The extent of loss of output and employment was humongous on a global scale. The lecture is divided into four sections: First part briefly outlines the history of financial crisis in modern capitalist economy, second part analyses the causes of GFC-08, third part evaluates the impact of Global Financial Crisis on the economies of both developed and developing countries and the last part concludes with lessons drawn from the GFC-08.

Lecture by:
Dawa Sherpa
pursuing PhD in Economics from Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi

This lecture is part of the refresher course - "Contemporary issues in Economics", conducted by the National Resource Centre, Shri Ram College of Commerce, SRCC, under ARPIT 2019 (Annual Refresher Programme in Teaching), as part of Pandit Madan Mohan Malviya National Mission on Teachers and Teaching of Ministry of Human Resource Development (MHRD), Government of India