The financial crisis of the 1970s to 1980 affected so many economies especially the world biggest and most stable economies (Ashford, 1982.) This resulted into a global depression where most firms within the global economy went under.
Economies were declared bankrupt and insolvent. Living standards of the global population diminished drastically leading to a massive reduction in the life expectancy. Another serious problem was that of the social decay and immorality where many economies experienced decay in the ethics and morality (Cohen & Gourevitch, 1982). Examples of social decay and immorality experienced during this period included child labor and prostitution, adult prostitution, and robbery amongst others. This gave most of the governments of global economies to respond differently to the financial crisis.
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