UNIVERSITI MALAYSIA SABAH
English For Academic Reading And Writing
NAME: PAULUS LEE XING RONG
NO. MATRIKS: BS09110544
LECTURER: MR.LOURDES NAGARAJAN
FIELD OF STUDY: HS08 MATHEMATICS WITH ECONOMIC
TITLE OF THE TERM PAPER: HOW THE ECONOMIC CRISIS HAS CHANGED OUR WORLD TODAY
SUBMISSION DATE: 28 SEPTEMBER 2009
HOW THE ECONOMIC CRISIS HAS CHANGED OUR WORLD TODAY
The economy in our world today is facing a severe crisis, one that has been considered to be a major global issue. It has brought the nations to work together and come out with a solution to prevent the crisis from becoming even worse than it already is. This is because the economic crisis has changed our world in a negative way ever since the start of the crisis, which is evidently seen in the rising of crime rates and unethical behaviours, in the growth of poverty and the increase in global pollution.
Since the year 1991, America experienced an economic expansion, a period of continuous economic growth without any significant downturn. Throughout the years, the unemployment rate was low and decreasing further, and consumers as well as investors were able to spend robustly. But in 2001, the decade old economic expansion, which is said to be the longest record breaking expansion ever experienced in America, came to an end, and a recession arose. One of the major causes of the recession was the September 11 attack on the World Trade Centre in New York, an attack that shook not only America but the entire world in many areas including the economy. Though the recession did not last long, it was the beginning of a global inflation which raised concerns all around the world. No significant changes took place for about 6 years, but the rate of the inflation was slowly but surely growing, acting like a silent killer. In 2008, the silent killer finally arose to take it’s kill in the economy leading to the...