In whiz of the first phrases of the NBC news report entitled In Europe, Tough Times All Over, the anchor utilizes the term ball-shaped crisis to refer to the widely spread economic debacle that took view around 2009 (and that is still going on). I completely hold in with the usage of this term, since this was, indeed, a global phenomenon and it is an excellent example of how the emergence of globalization has created a complex system of nations in which, when an key event occurs in one of them, it may easily act the others.
If the main causes of the crisis are analyzed, it is clear that there are accredited common characteristics with previous financial recession events; such as a prolonged period of credit growth, low jeopardize premiums and the creation of a real estate bubble. However, the outcome of this particular crisis is unprecedented, and this is thought to be mainly due to globalization. Nowadays, most all nations operate with each other: without a globalized world, such a speculative crisis would have never occurred.
However, even though the crisis can be thought of as one big global phenomenon, its outcome has been different in several countries, which proves the laissez faire of nations within the globalized world.
One example of this observation may be extracted from the video itself: for instance, the main issue Hungary is facing is the lack of funds and the difficulty in paying loans and loan interests, which are straightway one third more expensive than they used to be. plot of land in Spain, unemployment is one of the main difficulties touch on Spanish people, particularly in the construction sector, for which demand has dropped significantly. So, even though the crisis is the same, non every country experiences the same issues.
Another example of this crisis affecting countries in a global fashion is the situation that Greece went done recently. A loan from other European Union countries had to be made in order to help...If you want to get a full essay, order it on our website: Ordercustompaper.com
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