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The 2008 Global Financial Crisis

Cause/Effect Essay Practice

Introduction to Academic English

Essay Question:

The2008GlobalFinancialCrisisresultedintheworstrecessionsincethe1930s.Describethefactorsthatcausedthecrisisand,thesubsequentconsequences.

Subject-relevant vocabulary

Matchthesewords/terms/phrasestotheirmeanings: Findatleastfiveofthesewordsinyourpaperdictionary,foldthepage;highlightthe

word

Austerity Credit Greenback Penury The Fed

Borrow Debt Lend Recession Wall Street

CDOs Depression Mortgage Speculate Silicon Valley

Comprehension questions

TASK2 Whichfive countriesarementionedinthevideo?

(1)TheUSA

(2)TheUK

(3)Spain

(4)Ireland

(5)China

Comprehension questions

TASK2 Whichfive countriesarementionedinthevideo?

(1)TheUSA

(2)TheUK

(3)Spain

(4)Ireland

(5)China

Comprehension questions

TASK3

Statement True/False

1 In the 1970s prices of goods and products fell and living standards rose.

2 In the 1990s cheap credit (easy to get bank loans) made it easy for people to spend more money than they could afford to repay.

3 In the 1990s government regulations on mortgages were relaxed, it became easier for anyone to get a loan (borrow money) to buy a house.

4 Ireland, Spain and the USA lent a lot of money to China in the 2000s.

5 By 2007, many people realised the “debt bubble” was unsustainably large: many borrowers (people) would not be able to pay back the money they owed to banks.

6 Because the debt bubble was so big, governments had to step in and help the private banks.

7 As a result of the United Kingdom government’s “austerity measures” economic recession was avoided in 2011.

Comprehension questions

TASK3

Statement True/False

1 In the 1970s prices of goods and products fell and living standards rose. (false)

2 In the 1990s cheap credit (easy to get bank loans) made it easy for people to spend more money than they could afford to repay.

(true)

3 In the 1990s government regulations on mortgages were relaxed, it became easier for anyone to get a loan (borrow money) to buy a house.

(true)

4 Ireland, Spain and the USA lent a lot of money to China in the 2000s. (false)

5 By 2007, many people realised the “debt bubble” was unsustainably large: many borrowers (people) would not be able to pay back the money they owed to banks.

(true)

6 Because the debt bubble was so big, governments had to step in and help the private banks. (true)

7 As a result of the United Kingdom government’s “austerity measures” economic recession was avoided in 2011.

(false)

Reading, Notetaking, Organising & Writing

Format sources (author, date)

1 colour for “causes” (reasons); 1 colour for “consequences” (results)

Reading

Lookatthetitles: Whichdoyouthinkwillfocusonthereasons andwhichwillfocusontheresults?

TEXT 1: The Origins of the Financial Crisis

TEXT 2: What Caused the Financial Crisis?

TEXT 3: Good things that came out of the financial crisis

TEXT 4: Consequences of the 2008 Global Financial Crisis

Reading

Formatsourcesfor“in‐text”citations: Remember,ifnoauthorname,gofortheinstitution’sname.

TEXT 1: ~

TEXT 2: What Caused the Financial Crisis?

TEXT 3: Good things that came out of the financial crisis

TEXT 4: Consequences of the 2008 Global Financial Crisis

Reading

Formatsourcesfor“in‐text”citations: Remember,ifnoauthorname,gofortheinstitution’sname.

TEXT 1: ~

TEXT 2: What Caused the Financial Crisis?

TEXT 3: Good things that came out of the financial crisis

TEXT 4: Consequences of the 2008 Global Financial Crisis

(The Economist, 2013)

(Thomas & Hennessey, 2011)

(Gandel, 2015)

(Eliot, 2014)

Notetaking and Organising

PersonallyIseethisasatwostepprocess; Steponetakenotes,dothispersource

Steptwoorganisethenotesintoalogicalstory(thismaymeanswitchingbetweenthesourcesasyouconstructacoherentandwellorganisedparagraphoutline)

Writing a descriptive paragraph

NowIwouldlikeyoutowriteabodyparagraphthatfocusesontheeffects.

The2008GlobalFinancialCrisisresultedintheworstrecessionsincethe1930s.Describethefactorsthatcausedthecrisisand,thesubsequentconsequences.

Remember:

• Thefirstsentenceisatopicsentence– nocitationrequired.

• Thelastsentenceshouldwrap‐uptheparagraph– nocitationrequired.

• Citations– (Author,Date)– gointhebodyofthebodyparagraph!