Great Recession
Also known as: Lesser Depression · global recession of 2007–2009 · Second Great Depression
The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009, overlapping with the closely related 2008 financial crisis.
Connections1
Modern example of a Minsky moment
The 2008 crisis is frequently cited by economists as a textbook example of a Minsky moment, triggered by the collapse of the subprime mortgage market.