A) Explain ONE effect of the 2008 economic crash on the developed world. B) Explain ONE effect of the 2008 economic crash on the developing world.

C) Describe ONE response to globalism in light of the 2008 economic crash.

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A) One effect of the 2008 economic crash on the developed world is that the developed world was hit a lot harder, and as a result they lost a lot during this time. This set them back, and left their monopolies on certain industries as well as their control over foreign economic endeavors awry. This is shown on the graph, as when you look at how hard different groups of countries were hit (grouped by development status), you will see that the higher their development, the harder they were hit, so this proves the notion that they were hit the hardest, and thus lost control over some facets of worldwide industry.

B) One effect of the 2008 economic crash on the developing world is that the developing world was given more of a chance to catch up to the already developed countries, as developed countries were hit much harder, as shown by the graph. As mentioned in answer A, developed countries during this time period were left weakened, and lost their control over certain industries, which allowed developing countries to have a part in these industries and further strengthen their economies. So, in short, the 2008 economic crash, while it did still affect developing countries negatively, it gave them a chance to grow their economy and have a larger role in global trade.

C) One response to globalism in light of the 2008 economic crash is the decrease of economic dependencies on each other. One of the root causes of the 2008 economic crash was the fact that at that point, many countries had become dependent on each other’s economies, and if one of those economies collapsed, then other economies would suffer as well. So, measures were put in place to take care of this issue, as well as prevent the recession from occurring again. The American Recovery and Reinvestment Act (ARRA) and The Troubled Asset Relief Program (TARP) are both examples of responses to the crisis. They helped supply banks with more money, as well as the general populous of the United States, and ended the recession.