Speak about the global problems of world economy

9. Speak about the global problems of world economy.

1) Carried along by the current wave of human society development, we`re now successfully entered a new period called “Informational society”.

2) An informational society, which is seen as the successor of industrial society, is a model in which the creation, distribution, use, integration and manipulation of information is a significant economic, political and cultural activity.

3) And where the knowledge of economy is its economic counterpart whereby wealth is created through the economic exploration of understanding.

4) Destructuralization of social consciousness entailed changes in all spheres of human life including world economy.

5) The main problem of modern world economy is the high level of dependance of its segments from each other.

6) Credit-based economics resulted in unsustainable growth of debt and debt crisis lead to mass panic in America. Today's global financial crisis is the most obvious example of such problem.

7) Financial slump in one economic sector or even in one country can cause a chain reaction all around the world.

8) The initial stage of the crisis was the inflation of US securitized mortgages and insurance credits.

9) The practice of offering credits and mortgages on a low percent was so widespread that it emptied the funds of estate agencies and insurance companies, in its turn, they were'nt able to return credits to the banks and it resulted in the inability of the banks to maintain financial system which led to crisis of liquidity.

10) That was the stage when crisis gained the global character due to the fact, that american banking system is the main source of financial capital for other world.

11) Other economies suffered the same chain reactions but most severely suffered the countries with underdeveloped financial systems or with resource-oriented economies and industrial countries.

 12) Other global economic problems are connected with unequal allocation of economic resources and huge gaps in the rate of developement.

13) All these problems result in a dreadful disbalance in the global economy.

14) Summing up, I should say that there was no crisis that was not profitable for huge transnational banks, and I personally believe that current crisis was also artificially created.