3. Importance of economic development

Following on from the subprime crisis of 2007, the financial crisis of 2008, a real earthquake in the banking world, had the collateral effect of plunging countries into a debt crisis and economic slowdown. As a corollary, the current crisis is generating a social crisis, with worldwide protest movements such as the Indignés in 2011. The increased risk of a systemic crisis (i.e., one crisis generating another, then another by domino effect until the system collapses) is now forcing governments to review their economic development model. Although imperfect in its current form, economic development remains a necessity.