Question

Identify two or three social, political, or economic events in contemporary society and describe the impact those events had on the evolution of security.

Answer 1

Social, political, or economic events in contemporary society

• Social events that impact on modern society are the Second World war and the end of the cold war

• Political events that impact on contemporary society are the fall of the Berlin wall and the great financial crisis in Greece

• Economic events that impact contemporary society are the housing crisis in 2007 and the crisis in the global banking system in 2008.

Impact of the events

Social events

Second world war: The second world war: The second world war significantly changed the global socio-political and economic scenario. The societies across the globe turned into a new direction. USA, Russia, and the UK became the new superpowers of the world.

The end of the cold war: The end of the cold war significantly changed the socio-economic perspectives across the globe. America started becoming one of the most undisputed economic powers. Open trade policies started initiating activities.

Political events

The fall of the Berlin wall: The fall of the Berlin wall needed constant communist rule across Eastern Europe. The political decisions started impacting on economic activities.  

The financial crisis in Greece: The economic crisis in Greece in the year 2010 gave a new direction to global politics. It showed that bad and biased political decisions could lead a country to the financial debacle.

Economic event

The housing crisis in 2007: The housing crisis in 2007 can be considered as one of the biggest financial disasters of the first decade of the twenty-first century as the housing price radically fell, and more than 10 million homeowners lost their residents.

Crisis in the global banking system in 2008: The global banking system faced a severe financial crisis in the year 2008. Most of the banks failed to maintain a profitable run due to bad debts. The bad mortgages were a prime reason for it. The reformation in the new economic policy brought in use after the event.