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Discussion
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The Global Financial Crisis: Causes and Prevention

The global financial crisis experienced during 2007-08 was arguably one of the most
severe and had numerous effects on individuals at all levels in the society. Numerous
organizations collapsed and some only survived as a result of the massive support they
received from their governments. International trade was crippled and all world regions
experienced an economic downturn (Rudd, 2009). Due to the consequences that were faced
globally, it is imperative that all people should understand the causes of such financial crises
and work towards the prevention of such occurrences.
Causes of the Financial Crisis
“The Ascent of Money” explores some of the reasons why a financial crisis can take
place. For instance, due to the First World War, various governments had to increase their
money supply, causing inflation. This led to the emergence of the bond market to help boost
consumption and exports. However, this only led to hyperinflation, affecting countries like
Poland and Russia ("The Ascent of Money - Human Bondage (Episode 2)", 2019).
While there are a number of causes, the main trigger for the global financial crisis was the
decline in the market prices of residential houses. This resulted in a subprime mortgage crisis
in the country whereby it became increa...