10. The Global Financial Crisis (2008)
The 2008 Global Financial Crisis was a severe worldwide economic downturn that began in the United States and quickly spread globally. It was precipitated by the collapse of the U.S. housing market, where excessive speculation and risky lending practices, particularly in subprime mortgages, led to a housing bubble. When home prices declined, many borrowers defaulted, causing mortgage-backed securities to lose value and triggering a liquidity crisis.
The crisis resulted in the failure of major financial institutions, a severe global recession, and widespread unemployment. Governments worldwide intervened with bailouts and stimulus packages to stabilize economies. The effects of the crisis continue to influence financial regulations and economic policies today (britannica.com).
