What are the causes and what is the significance of the global financial and economic crisis that began in August 2007?
1. INTRODUCTION It could be argued that for the current global financial and economic era, the notions of time and geography are tenuous . Although the previous statement may not be completely true, there are several inherent and intrinsic characteristics of capitalism that negatively affect the stability of the contemporary global financial and economic system. The deregulation of national markets and the neoliberal policies that can be identified under the headings of neoliberalism, the so-called Washington consensus, caused financial crises to become a standard phenomenon of the contemporary financial system and, as a result, created uneven repercussions for the world. The growing interdependence and interconnection of the financial and economic system spread the serious negative results everywhere. This essay will begin by introducing the contemporary global financial system and its main characteristics. It will then go on to provide an account of the features and the causes of th