Economics
The most significant evolution of the early 2000s in the economic landscape was the long-time predicted breakthrough of economic giant China, which had double-digit growth during nearly the whole decade. To a lesser extent, India also benefited from an economic boom which saw the two most populous countries becoming an increasingly dominant economic force. The rapid catching-up of emerging economies with developed countries sparked some protectionist tensions during the period and was partly responsible for an increase in energy and food prices at the end of the decade. The economic developments in the latter third of the decade were dominated by a worldwide economic downturn, which started with the crisis in housing and credit in the United States in late 2007, and led to the bankruptcy of major banks and other financial institutions. The outbreak of this global financial crisis sparked a global recession, beginning in the United States and affecting most of the industrialized world.
Read more about this topic: 2000s (decade)
Famous quotes containing the word economics:
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)