Erupting in September 2008, the global financial crisis has___1_____for a decade.After the crisis,the worldwide trend of surplus production capacity and___2_____demand could not be reversed and the world economy has remained____3____,leading to ___4_____ changes in the world and creating serious social problems.We need to analyze the root causes and lessons of the crisis so as to better____5____any likely new crisis.
After the crisis, many reasons were____6____, such as greedy financial institutions and financial product investors who cared only for high investment returns but were____7____the high risks; loopholes in the accounting system and problematic practices and principles of the industry; irresponsible rating firms whose credit scores were not in line with facts; and excessive financial innovation but___8_____fi-nancial regulation, which caused systemic risks.
All these need to be ____9____ , but they are not the root causes of the once-in-a-century crisis.A-gainst the background of globalization and the history of the 20th century, we can____10____ the real root cause: the massive surplus caused by information asymmetry and inadequacy during the process of international capital and production capacity transfer.It led to both the Great Depression in the 1930s and the recent Great Recession.
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