6. The 2008 Global Financial Crisis
The 2008 Global Financial Crisis, rooted in the U.S. housing market collapse, was a catastrophic event that sent shockwaves through the world’s economies. Triggered by the proliferation of subprime mortgages and complex financial derivatives, the crisis led to massive bank failures and a severe credit crunch. As financial institutions teetered on the brink, global markets tumbled, resulting in widespread economic downturns. Governments and central banks intervened with unprecedented measures to stabilize the financial system. The crisis underscored the interconnectivity of global finance, prompting reforms aimed at enhancing transparency and reducing systemic risks.
