Recession

The Great Recession emerged in mid-2008. It surfaced as a result of economic mismanagement by financial players, such as local and transnational bankers. The mismanagement of the global economy led to the collapse of many banks and countries’ economies. The inability of many banks to finance the nations’ economies was first noticed by the European Commission, led by José Barroso. The European Commission, with its counterpart in the United States, began a move to secure the global economy from imminent collapse. The first step toward recovery was stimulating various countries’ economies. The recession experienced in the present era is different from the Great Depression of 1929. The aftermaths of the two economic downturns are more pronounced for poor people. It creates more poverty and the ...