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Great Recession

The Great Recession was a period of marked general decline observed in national economies globally during the late 2000s and early 2010s. The scale and timing of the recession varied from country to country. The International Monetary Fund has concluded that it was the most severe economic and financial meltdown since the Great Depression and it is often regarded as the second-worst downturn of all time. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2006. When housing prices fell and homeowners began to walk away from their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the Subprime mortgage crisis. The combination of banks unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in the Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months. The recession was not felt equally around the world; whereas most of the worlds developed economies, particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developed economies suffered far less impact, particularly China, India and Poland, whose economies grew substantially during this period – similarly, the highly developed country of Australia was unaffected, having experienced uninterrupted growth since the early 1990s.

                                               

List of world production

This is a list of annual world production. Motor vehicle 84.141.209 in 2012 Cement 3.400.000.000 tonnes in 2011

                                               

Oil burden

Oil burden is the volume of petroleum consumed, multiplied by the average price, and divided by nominal gross domestic product. This gives the proportion of the world economy devoted to buying oil. It is a concept developed by Veronique Riches-Flores of Societe Generale.

                                               

Primakov Readings

The Primakov Readings is an international summit aimed at promoting dialogue on trends in global politics and economics among high-ranking experts, diplomats and decision-makers. The summit is named in honor of the academician and statesman Yevgeny Primakov. The Readings are intended both to commemorate Primakov and to continue to develop his ideas through international dialogue. The summit is organized by the Institute of World Economy and International Relations IMEMO and is held in Moscow, Russia. Approximately 50 leaders from think tanks, universities and the diplomatic community from more than 30 countries participate in the Readings each year.

                                               

Too connected to fail

The too connected to fail concept refers to a financial institution which is so connected to other institutions that its failure would probably lead to a huge turnover in the whole system. Contrary to the "too big to fail" theory, this approach takes into consideration the highly connected network feature of the financial system rather than the absolute size of one particular institution.

                                               

Trade justice

Trade justice is a campaign by non-governmental organisations, plus efforts by other actors, to change the rules and practices of world trade in order to promote fairness. These organizations include consumer groups, trade unions, faith groups, aid agencies and environmental groups. The organizations campaigning for trade justice posit this concept in opposition to free trade, the advocates of which often also claim pro-poor outcomes. Trade justice advocates argue that truly free trade does not and will never exist, and that governmental policies on trade should be in the public interest, rather than the interest of wealthy entities who try to influence trade negotiation to benefit their individual interests. Advocates of trade justice argue that growing inequity and serious gaps in social justice, and the global export of terrorism, are symptoms of an economic system that permits harms to be exported to other countries, while importing their goods. They point to extinction, deforestation, social unrest, as consequences of globalisation, and in particular of an "unfair" globalisation. In the past, the responses sought by critics of the international trade system included various penalties on "unfair" goods. This argument generally made little headway against the long-term movement towards free trade; imposition of penalties for "dumping" was sometimes motivated by domestic political reasons such as the United States imposition of steel tariffs in 2001). Today, the trade justice movement concentrates more on the abolition of agricultural subsidies and dumping, and to a much lesser extent on offsetting penalties on "unfair" goods. Indeed, although there are many who are still critical of free trade in general, there is a trend towards campaigning against what is seen as hypocrisy by developed countries in using protectionism against the poorest countries, especially in agricultural products, while requiring them to leave their own producers without protection.

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