The World 's Economy Was Devastated

1732 Words7 Pages
Assignment 4
Bradley Bache
Submitted September 10, 2015

In 1929, the western world’s economy was devastated. With the crash of the United States Wall Street, the realm drove into what is now known as the “Great Recession”. Its neighbour to the north, Canada also felt these affects as unemployment and poverty grew. After a decade of despair, the massive rise in government spending for the Second World War and the reductions in taxes, the economies returned to prosper. With decades of industrialization, population growth and surging economies, the Western World mainly the United States and Canada, became world leaders. With the growth and mass usage of technology and telecommunications, the world saw rise
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Canada which is home of many natural resources, saw lower exportation and the value of these assets diminish as well as manufacturing slow down. Most of Europe and the European Union took major hits as their banking systems fell apart and took on massive amounts of debt from third parties such as the International Monetary Fund. Several smaller countries in Europe such as Greece have still been unable to payback debts as their economies crumbled and saw massive unemployment and their assets diminish in value. This had led to debates on whether smaller countries in the EU can last as members or whether the EU itself should continue.
The question for this essay is: When it comes to globalization in the twenty-first century, what is the most important lesson to be learned from the recent global financial crisis, including both the “euro crisis” in Europe and the “Great Recession” in the United States? This essay will argue that the most important lesson learned from the recent financial crisis, euro crisis and Great Depression in regards to globalization is that while globalization has been primarily seen as a positive change to countries’ economies, it also provides a looming trap as the chain on one country’s economy can greatly affect the now global market. The main arguments of the essay will look deeper into the specific results and repercussions
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