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date: 20 February 2020

global financial crisis, 2008 

A Dictionary of Contemporary World History

Christopher Riches,

Jan Palmowski

The most serious global financial crisis since the Great *Depression had its origins in the ready availability of capital and low interest rates at the start of the twenty-first century. Money was lent too easily by banks without prudent assessment of risk. The crisis developed out of the US housing market where many loans had been made to house purchasers who could not afford them. These ‘sub-prime’ loans were then sold on by banks as safe investments, but when the US housing market went into decline in ... ...

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