What are the Main Effects of the Global Financial Crisis of 2007-8? From https://eas.epigeum.com The global financial crisis of 2007-08 has had a number of major interrelated effects. These effects are important and wide-ranging. This global financial crisis was arguably the most major crises of its type since the great depression of the 1920s and 1930s (Crotty, 2009), and was caused by various factors including the US sub-prime lending phenomenon, high consumer debt in many of the major advanced economies, and banking practices. This essay examines the most serious effects following the crisis and argues that their impact was not only financial and economic but also social and environmental (Peters, et al., 2012). First and foremost, the crisis was financial, but it was also social. In other words, the impacts were felt by ordinary people in serious ways. For instance, there was a significant tightening in the lending behavior of banks in western economies, particularly the USA and the UK. Many people were no longer able to get loans to buy houses, with access to credit made more difficult. Answer here​