local impact of the global economic crisis project

The concept of a one world government is firmly based on what many see as a need for a unified global economy. The strengths and weaknesses of the independent nations in terms of their economy can have a major impact on other nations.

In the United States, during the housing market boom at the turn of the century, home prices shot up. And that was a good thing for just about everybody, or so it seemed. So long as the market kept going up, banks and sellers reaped huge benefits. They lowered loan standards and began handing out millions of loans to home buyers. However, a huge collapse in the mortgage and housing market left individuals and major corporations both in dire financial crisis. As people began to lose their jobs, they couldn’t pay their mortgages. Banks were left owning properties that no one wanted to buy.

The impact of the financial crisis in America was not just felt across the nation, but across the world. With American finances in dire straights, world businesses and governments that both owned stock in American corporations or relied on American investment saw huge dips in their stocks. The world fell into a financial crisis as stock markets everywhere began to sink lower.

Our semester project will be to take a look at the financial crisis from three different perspectives: the local economy, the national economy, and the local economy of another nation. We will establish a link between the American citizen, the nations of the world, and small businessmen across the world. How does the loss of a man’s home in North Bend, Washington impact a major Wall Street Corporation, and how might it impact a coffee bean grower in Guatemala?

Part I – The Local Economy

Develop a brief summary of the changes in your home town economy (USE CHARLESTON, SOUTH CAROLINA). Provide examples of these changes through a variety of different mediums. You may create a video, write an essay or journal, create a multimedia presentation, or a combination of each which includes the following:

  1. An interview with a local citizen about how the crisis has impacted their life
  2. A summary of businesses that have closed in the area over the last three years, including how many of these were locally owned versus corporate owned
  3. A summary of the number of jobs and homes lost in the area over the last three years
  4. Other examples of economic decline (i.e. housing projects or other construction left unfinished, closed banks and other loan companies)
  5. Examples of initiatives and programs in the local economy to help facilitate economic development