Learn › Economic history › The 2008 Financial Crisis
Economic history · Britain
Learn what caused the 2008 financial crisis, how it reached Britain, why the banks were bailed out, and what it cost.
See the decisions you have taken
The last module, the final test and the Ceteris Certificate are for members. How the certificate works
Modules are written to be read in order: each one opens on the question the last one closed with. Start wherever you like.
1 The Housing Bubble and Subprime Lending Learn how risky American mortgage lending built a housing bubble, and what happened when prices started to fall. 6 steps · 9 min Done 2 Securitisation and the Shadow Bank Run Learn how bad mortgages were turned into bonds rated safe, and how that set off a run on the shadow banks. 8 steps · 12 min Done 3 Northern Rock and the Crisis in Britain Learn how an American mortgage problem reached Britain, and why Northern Rock suffered the first bank run since 1866. 6 steps · 9 min Done 4 The Collapse of Lehman Brothers Learn why Lehman Brothers was allowed to fail in September 2008, and what had to be rescued after it. 9 steps · 14 min Done 5 The UK Bank Bailouts Learn how Britain rescued its banks in October 2008, and why it bought shares rather than lending. 8 steps · 12 min Done 6 The Great Recession and Pay Learn how deep the recession after 2008 was, and why Britain lost fewer jobs but saw pay fall instead. 7 steps · 10 min Done 7 The Bailout Exits and Bank Reform Learn how the government sold its bank shares, and what the rescues cost in the end. 7 steps · 10 min Members Done Members · final stepFinal test and Ceteris Certificate15 questions, 19 minutes. Pass to earn a graded certificate (Pass, Merit or Distinction) for The 2008 Financial Crisis, with a link anyone can use to check it. Membership opens the final module, the test and the certificate.Leave an address and you will hear as each module goes up.
Your address joins the Ceteris email list, which is sent through beehiiv. You can leave at any time.
Country data from the World Bank (CC BY 4.0) and the UNDP Human Development Report (CC BY 3.0 IGO)
Games · Learn · Atlas · Read · Feedback · Privacy · Contact