Global Business & Economy: Impact of the 2008 Financial Crisis

This report provides an in-depth analysis of the 2008 financial crisis, focusing primarily on its impact on the United States economy. The introduction provides context by describing the US as a major global power and the effects of the crisis, particularly in terms of rising unemployment. The literature review consolidates information from various sources, emphasizing the severity of the crisis and the impact on employment rates. The main body of the report examines who was affected, particularly employees and the banking sector, and the impacts on the US economy. It discusses relevant microeconomic concepts like supply and demand and consumption, as well as the repercussions, including household income losses and government spending. The summary highlights key points and the need for international cooperation, government support, and preparedness for future crises. The conclusion reiterates the importance of the crisis and its lasting effects. References are provided to support the analysis.