The economy is a fragile thing. There’s a tremendous number of factors which influence it, and sometimes, if we are not paying attention a catastrophic damage can occur.
Through the course of history many economical crisis have resulted in disasters, taking many years to put things in balance again.
If you are unfamiliar with what we are talking about here are the 5 economic disasters that shocked the world to its core:
1. The Great Depression (1929-1939)
A historic event, but more like a tragedy which lasted 10 years. Millions of people were left unemployed, even more were starving.
It was the worst financial disaster of the century.
It was believed it was triggered by the crash of Wall Street and poor political decisions.
2. The Crisis of 2007-2008
This was the most serious crisis since the Great Depression. It was concluded that its main causes was the U.S housing bubble and irresponsible lending practices.
It took almost a decade to come back to normal while many banks and businesses collapsed.
3. Russian Financial Crisis (2o14)
Generated by the fact that their economy was dependent only on the energy export market and it took a nasty turn when the prices dropped dramatically.
On top of that, Putin started invading Crimea which resulted into drastic sanctions by the U.S. and Europe which also contributed to their financial crisis.
4. The Asian Crisis (1997)
The Eastern and Southeastern parts were among the most affected ones and this happened as a result of the collapse of the currency of exchange rate.
5. The Economic Crisis Generated by COVID-19 (2020-?)
The ongoing COVID-19 pandemic was a catastrophe which no one saw coming and took many lives with it.
Besides the health supply crisis and the uncontrollably mass hysteria, this pandemic also started an economic crisis.
Since billions of businesses had to a pause on their activity for an unknown amount of time and weren’t prepared for this, they went bankrupt, leaving countless people without a dime in their pocket.
Take Away
These events are proof that even though our society has developed significantly and made tremendous progress, empires can still fall, people can still have everything today and by tomorrow have nothing.
