This essay provides a comprehensive analysis of the Global Financial Crisis (GFC), examining its potential causes such as deregulation and increased borrowing by banks and investors. It discusses the possibility of a recurrence, highlighting potential asset bubbles and rising global debt. The essay also assesses the scale and impact of the GFC on various economies, including Australia, China, the US, and Europe, noting the effects on manufacturing, trade, and employment. Furthermore, it identifies actual and proposed reforms implemented by governments to enhance financial stability and prevent future crises, such as strengthening financial institutions and addressing shadow banking risks. The conclusion emphasizes the GFC's significance as a major economic catastrophe and the importance of ongoing reforms to mitigate future risks.