Over the past quarter-century, the global economy has been repeatedly shaken by financial crises that tested markets, institutions and policymakers, leaving lasting impacts on growth, debt and investor confidence.
Some shocks were triggered by speculative excesses within the financial system, while others stemmed from geopolitical upheaval, pandemics or abrupt policy shifts. Together, they produced cycles of boom and bust that erased trillions of dollars in wealth and reshaped the rules governing markets and state intervention.
From the dot-com collapse and the global financial crisis to the eurozone debt turmoil, the COVID-19 crash and renewed trade barriers, the 21st century has been marked by persistent uncertainty and volatility across financial markets.
Taken together, these episodes trace how governments, central banks and global institutions have adapted to a world that is becoming more interconnected, more unstable and more exposed to risk.
Dot-com bubble
As the 1990s drew to a close, enthusiasm for internet-based companies surged, fueling a speculative boom in technology stocks. Investors poured capital into firms with limited revenues and unproven business models, driving valuations to extreme levels.
The bubble burst in early 2000, triggering a sharp sell-off in technology shares.
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