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The 2008 Global Financial Crisis
Cause/Effect Essay Practice
Introduction to Academic English
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Essay Question:
The2008GlobalFinancialCrisisresultedintheworstrecessionsincethe1930s.Describethefactorsthatcausedthecrisisand,thesubsequentconsequences.
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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
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Comprehension questions
TASK2 Whichfive countriesarementionedinthevideo?
(1)TheUSA
(2)TheUK
(3)Spain
(4)Ireland
(5)China
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Comprehension questions
TASK2 Whichfive countriesarementionedinthevideo?
(1)TheUSA
(2)TheUK
(3)Spain
(4)Ireland
(5)China
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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.
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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)
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Reading, Notetaking, Organising & Writing
Format sources (author, date)
1 colour for “causes” (reasons); 1 colour for “consequences” (results)
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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
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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
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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)
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Notetaking and Organising
PersonallyIseethisasatwostepprocess; Steponetakenotes,dothispersource
Steptwoorganisethenotesintoalogicalstory(thismaymeanswitchingbetweenthesourcesasyouconstructacoherentandwellorganisedparagraphoutline)
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Writing a descriptive paragraph
NowIwouldlikeyoutowriteabodyparagraphthatfocusesontheeffects.
The2008GlobalFinancialCrisisresultedintheworstrecessionsincethe1930s.Describethefactorsthatcausedthecrisisand,thesubsequentconsequences.
Remember:
• Thefirstsentenceisatopicsentence– nocitationrequired.
• Thelastsentenceshouldwrap‐uptheparagraph– nocitationrequired.
• Citations– (Author,Date)– gointhebodyofthebodyparagraph!