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The World Financial Crisis
Capitalism, an economic system whereby land, labor, production, pricing, and distribution are all determined by the market, has a history of moving from extended periods of rapid growth to relatively shorter periods of contraction.
Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.
On the one hand, many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly interconnected world. The problem could have been avoided if ideologues supporting the current economic models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.
The effects of the global financial crisis have been more severe than initially forecast. The turning point was the decision in September 2008 to let Lehman Brothers fail, an event that had a series of ruinous cascading effects. Given the depth of the crisis in the US & Europe, it was only to be expected that India too would be affected. But India’s well-regulated banking system and adequate policy responses should ensure that the fallout, at least on the banking sector, will be contained.