The Great Recession, 2008

In 2008, the shock collapse of the Lehman Brothers Bank, which held assets worth $600 billion, became the symbolic start of the most dramatic financial crisis since the Great Depression. The causes have been attributed variously to the likes of a deregulated financial sector, poor public monetary policies and an international economy that was ultimately based upon a house of sand, with unsustainable levels of debt in both public and private sectors. 

Wherever the responsibility really lies, the effects are undeniable. Between the credit crunch, the stock market collapse and the ensuing recession, growth in recent years has been stunted, unemployment has remained high and governments have struggled to retain control over their own finances. It was estimated by one financier that by March 2009, up to 45% of global wealth had been destroyed. It could take years to reclaim it.