Economic crisis and corporate social responsibility

The financial crisis has brought about dramatic consequences for the world economy and society and we are still witnessing a fragile recovery. A great number of economic and financial experts agree in considering the current world-wide economic and financial crisis to be the worst since the Second World War. The crisis began in the United States with the burst of the subprime mortgage housing bubble, after governmental, supervisory and regulatory authorities undervalued the real risk of the situation. But as the world has become closer, economic and financial markets have diminished in number but increased in size and interconnection. The effects of a financial problem are wide-sweeping and all the world economies suffer the consequences.