Measuring The Impact Of The Financial Crisis On New Business Registration
Business owners and would-be entrepreneurs are often at the mercy of macroeconomic conditions. This was never more true than in 2008 and 2009, when the financial crisis reverberated throughout the global economic system following the failure of several U.S. and Western European banking institutions. The first phase of the crisis affected mainly the United States, the United Kingdom, and other developed countries. After the collapse of Lehman Brothers, in September 2008, the crisis rapidly spread around the globe, reaching even the most remote destinations. Markets plummeted, global trade collapsed, and millions of people were left unemployed.