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Financial crisis 2008 effect on world economy
Financial crisis of 2008 global economy
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I decided to pursue a degree in Finance following the Global Financial Crisis of 2008, which had a powerful effect on both my country and my life. After taking an advanced history course that covered the biggest economic decline of the 20th Century – the Great Depression – I became acutely aware of how an economic crisis can have a devastating impact on global infrastructure. My continued desire to understand the hidden contributive factors behind these downfalls led me to read Akerlof’s and Schiller’s Animal Spirits. This book, which humanizes the subject and challenges conventional theories about economic collapse and recovery, taught me to consider how human psychology and primal group instincts can drive the trajectory of economic development as much as, if not more than, the machinations of banking and politicking. My intrigue having grown to outright passion, I continued my quest for knowledge by reading more related material, such as The Economist and The Wall Street Jurnal. The book Freakonomics, in particular, was of great interest to me, as it explored the obfuscated and s...
Palley, T. I. (2012). From financial crisis to stagnation: the destruction of shared prosperity and
A number one bestseller many say is grasping in amazement: Freakonomics is said to unravel the untold stories of life. Steven D. Levitt and Stephen J. Dubner break common misconceptions about economics by revealing its true science. Freakonomics shatters the view of economics as an arid study of finance and markets. They pull in information to make inferences on past occurrences that subtly influence the present. Freakonomics packs punch with its countless number of tables and figures, serving as concrete data to make assumptions.
Animal Spirits – How Human Psychology Drives the Economy, And Why It Matters for Global Capitalism. ‘Animal Spirits’ is a term used by John Maynard Keynes in his renowned ‘General Theory’ to describe the psychological factors that drive consumer confidence in the economy. During the financial crisis of 2009, Akerlof and Shiller took it upon themselves to expand further on the term, devising five key ideas in which they associate with the phrase in Part I of the text. These key ideas are confidence, fairness, corruption, money illusion, and stories. The authors believe that animal spirits are present in the everyday economy and they must be taken into account otherwise economic policies may not be particularly useful.
The Ascent of Money, published by historian and Harvard professor Niall Ferguson in 2008, is a non-fictional account of the world’s financial history. Since the Spanish conquest in America to the current interdependence between the American and Chinese markets, the author argues that money has been an ambitious drive behind human progress. He guides the reader through different stages of the continuous development of the financial system, like the bond and the stock market, and highlights two influential forces behind it. Ferguson claims that the constant changes in the economy embody an evolutionary process that has been subject to the uncertainty of the future and human behavior throughout history.
This essay will examine the causes of the 2008 Global Financial Crisis (GFC) from a Marxist perspective. This paper will specifically examine and critique how Marx’s Theory of Crisis can be applied to understand and interpret the underlying structural causes of the 2008 Global Financial Crisis.
However, the real life implications regarding this simplified and skewed understanding are not discussed. The financial crisis as a natural disaster disseminates the idea that the crisis was not preventable and lacked direct human causes. This shifts blame and accountability away from the individuals and system that created the financial climate that eventually had to crash. Thus, making it harder for the average person to understand why certain changes should be made within our neoliberal capitalist system, and also quieting angry claims for greedy and shady bankers to be held accountable. Metaphors are a powerful way to disseminate ideas, but when these ideas cripple the populations factual understanding of an event metaphors can become problematic. They cause changes in understanding that hinders the call for progress and changes to our system that should come as a reaction to the 2008 financial
Life can be so short and shallow, sometimes it requires a tragedy to evoke us of what is truly crucial in life. Eight years ago my cousin died after suffering a severe asthma attack. I was so melancholy when thinking about all the life experiences that he will being missed by taken at such a youngish age, and what a loss this was for the whole society to never be aware of what good or contribution he could have achieved, if given time. Breathe in the future, breathe out the past. I realised that the fact of his end is not a nightmare. It is a wake-up call that blares for the current healthcare technology and innovation insufficiency, in meeting the medical and societal challenges.
After attaining a first class undergraduate degree in Applied Psychology from Kinnaird College, Lahore, Pakistan, I felt I should gain some practical experience and first-hand knowledge of what the life of a psychology degree holder entails. I have an overall work experience of almost two years as a Pre-school Story Teacher, Human Resource Officer and Examinations Coordinator. I want to return to academic studies and undertake graduate degree in Organizational and Social psychology so that I am able to satisfy my need to specialize in the field of my interest and pursue my career towards becoming an Industrial/Organizational Psychologist.
I am interested to apply for the bachelor’s degree program in natural science in university of Roskilde starting in 2014.
It is often said that necessity is the mother of invention and technology is driven by need. Hence it is the technology that brings about an invention. Engineers nurture technology, thus it is an engineer’s role to bring about a sustainable technological change. Machines and mechanisation that bring about this technological advancement have always fascinated me. I first got to know about a machine, my bicycle, when I was in my 7th grade. I became interested in the mechanism of the bicycle once when the chain slipped over the sprocket. The efforts I made in putting that in place and also replacing the worn out friction pads of brakes piqued my interest in machines.
My decision to pursue PhD in electrical and computer engineering at the university of, my life time goal is to do a great research in electromagnetic field theory. I can full fill it by doing research in electrical and computer engineering. I expect my PhD program to help me to learn more about my chosen field, and give me the right imaginative thinking ability in electromagnetic field theory.
“Hope is a good thing, may be the best of things, and no good thing ever dies.”
Mathematics as a subject fascinated me during my high school. This motivated me to pursue engineering for my undergraduate studies, I got admission in Vishwakarma Institute of Technology, Pune, which is ranked as one of the top engineering college under University of Pune. My interest in algorithms and programming languages inspired me to choose computer science as my major. This decision paved the way to get exposure in my interest areas and build on my technical and analytical skills. The guidance of an experienced faculty along with an exhaustive and rigorous interdisciplinary curriculum helped me to identify and work on my interest areas.
I am applying to the MSc degree program in Geology at the Department of Earth and Environmental Sciences, Ludwig Maximilian University of Munich, starting in winter 2014. My previous education and work experience as an exploration geologist make me a good candidate for this program. I have a strong research interest in understanding different Earth’s Lithosphere and plate boundary processes in relation to petrogenesis, mechanisms of rock deformation and metamorphism, and dynamics of crustal fluid migration during these deformation events through a combination of field-based, experimental and theoretical methods; with emphasis to better define and understand the architecture of fertile metallurgic districts. My future intent is to become an academia based consultant – structural geologist, in the mineral exploration industry. I found this programme appealing, as I believe that it can provide me with the necessary knowledge and competence to deal with the technical and theoretical shortcomings that are confronting me by offering a balanced coursework in deformation and transformation of rocks, tectonics, geochronology, ore geology, computer modeling and mathematical geology.
Warwick J. McKibbin, and Andrew Stoeckel. “The Global Financial Crisis: Causes and Consequences.” Lowy Institute for International Policy 2.09 (2009): 1. PDF file.