ITS 201 Chapter Notes - Chapter 4: Economic Liberalism, Government Debt, Arab Spring
19 Dec 2017
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Great economic crisis: was the global economic downturn in 2008 that still hurts people today. Occurred because of a decline in liquidity which is ability to pay debts when they"re due without having unacceptable losses. Started in the united states and quickly spread because it"s a financial hub. Recession: generally, refers to a period of reduced economic activity. The eurozone was hit hard by the recession. In 2009 there was alarm over a possible sovereign debt crisis. Loss of the united states and european investment led to greater economic ties with. Countries in the middle east without much petroleum experienced the arab spring because of the recession. Development in africa stagnated because of the recession. Economics: social science concerning the production, distribution, and consumption of goods and services. There are three economic paradigms: liberal economics, nationalist economics and marxist economics. Started with adam smith and the wealth of nations .
