The paper “ Global Financial Crisis and Consequent Reforms” is an engrossing variant of the literature review on macro & microeconomics. Economic development is the desirable positive change from a lower caste in terms of economic growth to higher levels. Today the world economy is a collection of nations with diversity in their rates and degrees of development however cooperation between these countries enhances good relations among such nations and economic interaction. In order to understand global financial crisis better it is important to trace this phenomenon from late 1920s.
This did mark the first crisis with the end of the First World War that. Many nations participating in the war have little to desire because of the immense suffering as a result of this war. It is almost a century since this event however the current situation did not witness similar condition even though the crisis is evident. The causes and the reforms following the current global financial crisis result from analyzing different nations and their subsequent reaction to the crisis. In addition it is evident that many nations are victim to declining global economies whose effects leaves a mark.
All sovereign states ranging the most developed to the least have their share of the crisis however the difference arise in the strategies that the we put in place to counter such effects. For instance developed nations will take a very short time to fully recover on the other hand poor economies may have to wait for economic aid for effective recovery. Therefore the main objective in this essay is to try and analyze the world economic status by looking at different nations and assessing the causes of economic crisis and evaluating major reforms that these governments are embarking on in order realise their development objectives.
In addition we will assess the role of international financial institution in contributing to this crisis as well as the major changes that we expect to see in these institutions so that they can restore the hope among many.
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