The Impact and Enlightenment of the 2008 Economic Crisis on International Economic and Political Setup

Abstract

Economic crisis was no doubt that had a great impact on international economic and political setup. This study in order to help people more easily to comprehend the impact. This study employs textual analysis and secondary data analysis to examine the impacts of the 2008 financial crisis on the global political and economic setup, as well as its implications. The study has examined the causes of the 2008 economic crisis through the angles of both fundamental and principal contradictions and analyzed its impact on the national economic setup. Furthermore, the study assessed the implications of the crisis for the global political order from the perspectives of international relations and monetary systems. Finally, the study derived crucial lessons on balancing government regulation with market freedom, optimizing industrial structure, and promoting standardized international governance. The study advised that countries are committed to promote world multipolarity together and establish a global governance system, where nations assist each other to handle economic crisis together.