Evaluate the reasons for the recent global financial crisis. ( Banking Essay

Evaluate the reasons for the recent global financial crisis. ( Banking Essay

Evaluate the reasons for the recent global financial crisis. ( Banking and Finance Moudle) - Essay Example The recent global economic crisis has been labelled by economists as the worst economic crisis since the Great Depression and the domino effect of the crisis has culminated in the decline of consumer spending, demise of established businesses in key industry sectors and heightened government burden in developed countries (United Nations, 2009 p.1). Indeed, in the United Nations’ “Global Outlook: Economic Situation and Prospects 2009�, the United Nations comments that “it was never meant to happen again, but the world economy is now mired in a severe financial crisis since the Great Depression� (United Nations, 2009, p.1). Moreover, the global nature of the economic crisis has not only had a domino impact on national economies, infrastructure and the retail sector; it has also served as a barrier to quick recovery (Shiller, 2008).