Lessons from the 2008 financial crash

Abstract

On September 11, 2001, the twin towers of the World Trade Centre were destroyed in a terror attack. An event, equally momentous but more devastating in its impact on the world economy, occurred on September 15, 2008, when the American investment bank, Lehman Brothers, declared bankruptcy. This was the trigger for the great economic catastrophe that has come to be known as the Global Financial Crisis. Originating in the financial system of the United States of America, it quickly spread to other parts of an interlinked world.