Introduction

Abstract

Unfortunately, during the last thirty years, most research about Financial Stability, systemic risk and aspects of sustainable growth (economic, social, urban and environmental sustainability) has focused on the financial sector and macroeconomic issues (i.e. correlations, systemic risk, monetary policy, volatility, derivatives, etc.), and has neglected the real sector, microeconomics (industrial organization; and analysis and failure of companies, households and individual financial institutions; etc.), online social networks and psychology issues (human biases; group-decisions; organizational psychology; etc.).

Appendices

Appendix 1

Table 1.2 List of the top-100 most successful startups in the world

Appendix 2

Table 1.3 List of the worst startup failures in the world—2017/2018

Appendix 3: The Most Significant and/or Largest Economic/Financial Crises in the World During the Last Few Centuries

• 1. The crash of the Tulip Mania Bubble in the Netherlands in 1637 (https://en.wikipedia.org/wiki/Tulip_mania).

• 2. The crashes of the South Sea Bubble (Great Britain) and the Mississippi Bubble (France) in 1720 (https://en.wikipedia.org/wiki/South_Sea_Bubble; https://en.wikipedia.org/wiki/Mississippi_Bubble).

• 3. The Financial Crisis of 1763 which started in Amsterdam and extended to Germany and Scandinavia (https://en.wikipedia.org/wiki/Amsterdam_banking_crisis_of_1763).

• 4. The financial Crisis of 1772 (in London and Amsterdam): twenty important banks in London became bankrupt (https://en.wikipedia.org/wiki/Crisis_of_1772).

• 5. France’s financial and Debt Crisis of 1783–1788: France had incurred large debts for its involvement in the Seven Years’ War (1756–1763) and the American Revolution (1775–1783).

• 6. The bank run of 1792 in the US: which was caused by the expansion of credit by the newly formed Bank of the United States (https://en.wikipedia.org/wiki/Panic_of_1792).

• 7. The crises and mass hysteria of 1796–1797 in Britain and the US: caused by land speculation bubble (https://en.wikipedia.org/wiki/Panic_of_1796%E2%80%931797).

• 8. South Sea Bubble (1720) in the UK (https://en.wikipedia.org/wiki/South_Sea_Bubble); and Mississippi Company (1720) (France) (https://en.wikipedia.org/wiki/Mississippi_Company).

• 9. The Great East Indian Bengal Bubble Crash of 1769 in India—the crash was caused by rapid over-valuation of East India Company (https://en.wikipedia.org/wiki/Bengal_Bubble_of_1769).

• 10. The economic crises and mass hysteria of 1785 in the United States.

• 11. The economic crises and mass hysteria of 1792 in the United States (https://en.wikipedia.org/wiki/Panic_of_1792).

• 12. The crises and mass hysteria of 1796–1797 in Britain and United States (https://en.wikipedia.org/wiki/Panic_of_1796%E2%80%931797).

• 13. The bankruptcy of the Danish government in 1813 (https://en.wikipedia.org/wiki/Danish_state_bankruptcy_of_1813).

• 14. The Financial Crisis of 1818 in England which also affected the US—which reduced bank lending.

• 15. The economic recession and mass hysteria of 1819 in the USA—marked by bank failures and the USA’s first boom-to-bust economic cycle (https://en.wikipedia.org/wiki/Panic_of_1819).

• 16. The economic recession and mass hysteria of 1825 in Britain—wherein many British banks failed and Bank of England nearly failed (https://en.wikipedia.org/wiki/Panic_of_1825).

• 17. The economic recession and mass hysteria of 1837 in the USA—marked by bank failures and a subsequent 5-year depression (https://en.wikipedia.org/wiki/Panic_of_1837).

• 18. Crises and mass hysteria of 1847 in Britain—marked by collapse of British financial markets and the end of the 1840s railroad boom (https://en.wikipedia.org/wiki/Panic_of_1847; https://en.wikipedia.org/wiki/Railroad). Also see Bank Charter Act of 1844 (https://en.wikipedia.org/wiki/Bank_Charter_Act_1844).

• 19. The economic recession of 1857 in the USA—marked by bank failures (https://en.wikipedia.org/wiki/Panic_of_1857).

• 20. The Overend Gurney crisis (international financial crises but primarily British)—defined by the failure of Overend, Gurney & Company in London (https://en.wikipedia.org/wiki/Panic_of_1866; https://en.wikipedia.org/wiki/Overend_Gurney_crisis).

• 21. The Gold Panic of 1869 (https://en.wikipedia.org/wiki/Black_Friday_(1869)).

• 22. The USA economic recession and mass hysteria of 1873—defined by bank failures and the five year “Long Depression” (https://en.wikipedia.org/wiki/Panic_of_1873; https://en.wikipedia.org/wiki/Long_Depression).

• 23. The crises and mass hysteria of 1884 in the USA—affected New York banks (https://en.wikipedia.org/wiki/Panic_of_1884).

• 24. The Baring Crisis of 1890—defined by the near-failure of a major London bank and the South American financial crises (https://en.wikipedia.org/wiki/Panic_of_1890).

• 25. The economic recession and mass hysteria of 1893 in the USA—defined by failures of railroad overbuilding and bank failures (https://en.wikipedia.org/wiki/Panic_of_1893).

• 26. The Australian banking crisis of 1893 (https://en.wikipedia.org/wiki/Australian_banking_crisis_of_1893).

• 27. The 1896 acute economic depression in the United States—caused by lower silver reserves and perceptions of its effects on the gold standard (https://en.wikipedia.org/wiki/Panic_of_1896; https://en.wikipedia.org/wiki/Recession; https://en.wikipedia.org/wiki/Gold_standard).

• 28. The post-Napoleonic depression (post-1815) in England (https://en.wikipedia.org/wiki/Post-Napoleonic_depression).

• 29. The economic recession and mass hysteria of 1819 in the USA—marked by bank failures and the US’s first boom-to-bust economic cycle (https://en.wikipedia.org/wiki/Panic_of_1819).

• 30. The Great Depression of the British Agriculture industry during 1873–1896 (https://en.wikipedia.org/wiki/Great_Depression_of_British_Agriculture).

• 31. The Long Depression of 1873–1896 (https://en.wikipedia.org/wiki/Long_Depression).

• 32. The Australian banking crisis of 1893 (https://en.wikipedia.org/wiki/Australian_banking_crisis_of_1893).

• 33. US economic recession and mass hysteria of 1907—marked by bank failures (https://en.wikipedia.org/wiki/Panic_of_1907).

• 34. The economic recession and mass hysteria of 1901 in the US—which started a tussle for the financial control of the Northern Pacific Railway (https://en.wikipedia.org/wiki/Panic_of_1901).

• 35. The crises and mass hysteria of 1910–1911 (https://en.wikipedia.org/wiki/Panic_of_1910%E2%80%931911).

• 36. The Shanghai rubber stock market crisis of 1910 (https://en.wikipedia.org/wiki/Shanghai_rubber_stock_market_crisis).

• 37. The US economic recession, depression and mass hysteria of 1920–1921 after the end of World War One (https://en.wikipedia.org/wiki/Depression_of_1920%E2%80%9321).

• 38. The Wall Street Crash of 1929 and Great Depression of 1929–1939 in the US—which was the worst depression of modern history (https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929; https://en.wikipedia.org/wiki/Great_Depression).

• 39. The 1973 global oil crisis and the 1973 OPEC oil price shock—oil prices increased which caused the 1973–1974 stock market crash (https://en.wikipedia.org/wiki/1973_oil_crisis; https://en.wikipedia.org/wiki/1973%E2%80%931974_stock_market_crash).

• 40. The 1970s global energy crisis (https://en.wikipedia.org/wiki/1970s_energy_crisis).

• 41. The 1979 global energy crisis (https://en.wikipedia.org/wiki/1979_energy_crisis).

• 42. The secondary banking crisis of 1973–1975 in the UK (https://en.wikipedia.org/wiki/Secondary_banking_crisis_of_1973%E2%80%931975).

• 43. The Latin American debt crisis of late-1970s and early-1980s (https://en.wikipedia.org/wiki/Latin_American_debt_crisis).

• 44. The early 1980s economic recession (https://en.wikipedia.org/wiki/Early_1980s_recession).

• 45. The Chilean crisis of 1982 (https://en.wikipedia.org/wiki/Crisis_of_1982).

• 46. The bank stock crisis of 1983 in Isreal (https://en.wikipedia.org/wiki/Bank_stock_crisis_(Israel_1983)).

• 47. The Nigerian recession and structural adjustments programs of 1983–1986.

• 48. The Japanese asset price bubble of 1986–1992—which collapsed in 1990 (https://en.wikipedia.org/wiki/Japanese_asset_price_bubble).

• 49. The stock market crash of 1987 in the USA (Black Monday)—one of the most significant declines of stock markets in history (https://en.wikipedia.org/wiki/Black_Monday_(1987)).

• 50. The US savings and loan (S&L) crisis of 1986–1995—marked by the failures of 1043 out of the approximately then-existing 3234 S&L banks during 1986–1995 in the USA (https://en.wikipedia.org/wiki/Savings_and_loan_crisis).

• 51. The African sovereign debt crisis of 1980–1989.

• 52. The 1991 economic crisis in India.

• 53. The Scandinavian banking crisis of the early 1990s: Swedish and finnish banking crises of 1990s (https://en.wikipedia.org/wiki/Economy_of_Sweden#Crisis_of_the_1990s; https://en.wikipedia.org/wiki/Finnish_banking_crisis_of_1990s).

• 54. The early-1990s global economic recession (https://en.wikipedia.org/wiki/Early_1990s_recession).

• 55. The speculative attacks on currencies in the European Exchange Rate Mechanism during 1992–1993 (https://en.wikipedia.org/wiki/Black_Wednesday; https://en.wikipedia.org/wiki/European_Exchange_Rate_Mechanism).

• 56. The Latin American debt crises of the 1990s.

• 57. The 1994–1995 economic and financial crisis in Mexico—marked by speculative attacks on the Mexican Peso and defaults of Mexican debt (https://en.wikipedia.org/wiki/1994_economic_crisis_in_Mexico).

• 58. The economic crisis of 1991 in India (https://en.wikipedia.org/wiki/1991_India_economic_crisis).

• 59. The 1997–1998 Asian financial crisis—marked by currency devaluations and banking crises in Asian countries (https://en.wikipedia.org/wiki/1997_Asian_financial_crisis).

• 60. The 1998 financial crisis in Russia (https://en.wikipedia.org/wiki/1998_Russian_financial_crisis).

• 61. The 1998–1999 financial crisis in Ecuador (https://en.wikipedia.org/wiki/1998-99_Ecuador_financial_crisis).

• 62. The Thailand financial crisis of 1997.

• 63. The economic crisis of 1999–2002 in Argentina (https://en.wikipedia.org/wiki/Argentine_economic_crisis_(1999%E2%80%932002)).

• 64. The Samba Effect of 1999 in Brazil (https://en.wikipedia.org/wiki/Samba_effect).

• 65. The Turkish economic crisis of 2000–2001 (https://en.wikipedia.org/wiki/2001_Turkish_economic_crisis).

• 66. The early 2000s global recession (https://en.wikipedia.org/wiki/Early_2000s_recession).

• 67. The crash of the technology/internet stock bubble in the US in 2000—speculation about stock prices of internet companies (https://en.wikipedia.org/wiki/Dot-com_bubble).

• 68. The Uruguay banking crisis of 2002 (https://en.wikipedia.org/wiki/2002_Uruguay_banking_crisis).

• 69. The Venezuelan general strike of 2002–2003 (https://en.wikipedia.org/wiki/Venezuelan_general_strike_of_2002%E2%80%9303).

• 70. The Global Financial Crisis and economic crises of 2007–2012—which was caused in part by the subprime mortgage crises of 2006–2008 in the USA. In many countries, government interventions (e.g. government bail-outs/bail-ins; new financial regulations; quantitative easing; etc.) didn’t spur economic growth or lending volumes (https://en.wikipedia.org/wiki/Late-2000s_financial_crisis).

• 71. The late-2000s global economic recession (https://en.wikipedia.org/wiki/Late-2000s_recession).

• 72. The worldwide energy crisis and oil price bubble of 2003–2009 (https://en.wikipedia.org/wiki/2000s_energy_crisis).

• 73. The Thailand financial crisis of 2008.

• 74. The wordwide oil price bubble of 2013–2015.

• 75. The Subprime mortgage crisis of 2006–2010 in the USA (https://en.wikipedia.org/wiki/Subprime_mortgage_crisis).

• 76. The United States housing bubble and United States housing market correction of 2003–2011 (https://en.wikipedia.org/wiki/United_States_housing_bubble; https://en.wikipedia.org/wiki/United_States_housing_market_correction).

• 77. The Automotive industry crisis and government bailouts of 2008–2010 in the USA (https://en.wikipedia.org/wiki/Automotive_industry_crisis_of_2008%E2%80%932010).

• 78. The Icelandic financial crisis of 2008–2012 (https://en.wikipedia.org/wiki/2008%E2%80%932012_Icelandic_financial_crisis).

• 79. The 2008 financial crisis in Indonesia.

• 80. The Irish banking crisis of 2008–2010 (https://en.wikipedia.org/wiki/2008%E2%80%932010_Irish_banking_crisis).

• 81. The Russian financial crisis of 2008–2009 (https://en.wikipedia.org/wiki/Russian_financial_crisis_of_2008%E2%80%932009).

• 82. The Latvian financial crisis of 2008 (https://en.wikipedia.org/wiki/2008_Latvian_financial_crisis).

• 83. The Venezuelan banking crisis of 2009–2010 (https://en.wikipedia.org/wiki/Venezuelan_banking_crisis_of_2009%E2%80%9310).

• 84. The Venezuelan economic recession and financial crises of 2013–present (https://en.wikipedia.org/wiki/Crisis_in_Bolivarian_Venezuela; https://en.wikipedia.org/w/index.php?title=2012-2017_Venezuela_crisis&action=edit&redlink=1).

• 85. The Spanish financial crisis and sovereign debt crisis of 2008–present (https://en.wikipedia.org/wiki/2008-16_Spanish_financial_crisis).

• 86. The Mexican financial crisis of 2008.

• 87. The mass hysteria and financial crisis of 2008–2009 in South Korea.

• 88. The f mass hysteria and inancial crisis of 2008 in China.

• 89. The Nigerian banking crises and economic crises of 2007–2012—marked by high bank NPL-rates, bank failures and excessive loan interest rates.

• 90. The European sovereign debt crisis of 2010–2018 (https://en.wikipedia.org/wiki/2010_European_sovereign_debt_crisis).

• 91. The Russian financial crisis of 2014–2015—the rubble crisis (https://en.wikipedia.org/wiki/2014_Russian_financial_crisis).

• 92. The economic crisis of 2014–2017 in Argentina—marked by mass protests, economic recession and sovereign debt default.

• 93. The Nigerian currency/financial/economic crises of 2014–2018—marked by the crash of the stock market in 2014–2015, 150% + currency devaluation and economic recession.

• 94. Crashes of the Chinese stock markets during 2015 (https://en.wikipedia.org/wiki/2015_Chinese_stock_market_crash).

• 95. The crashes of global commodity prices during 2015–2017.

• 96. The Greek government-debt crisis of 2009–present (https://en.wikipedia.org/wiki/Greek_government-debt_crisis).

• 97. The Portuguese financial crisis of 2010–2014 (https://en.wikipedia.org/wiki/2010-14_Portuguese_financial_crisis).

• 98. The Ukrainian crisis of 2013–2014 (https://en.wikipedia.org/wiki/Ukrainian_crisis).

• 99. The Ukrainian/Crimea war and economic crises of 2016–2018.

• 100. The Brazilian economic crisis and mass hysteria of 2014–2017—which was marked by popular mass protests, the jailing of two former Brazilian Presidents and radical changes in government (https://en.wikipedia.org/wiki/2014-2017_Brazilian_economic_crisis).

• 101. The 2013 financial crisis in Indonesia.

• 102. The crashes of worldwide commodity prices during 2015–2017.

• 103. The Malaysian financial crisis, mass hysteria and 1MDB scandal of 2014–2018 which resulted in the re-election of a former President and the jailing of another former President of Malaysia.

• 104. The worldwide cryptocurrency mania, bubble and frauds of 2015–present.

• 105. The worldwide “Sharing Economy” mania, stock-bubble and frauds of 2014–present.

• 106. The USA housing bubble of 2016–present.

• 107. The United Nations, US and EU economic sanctions that were imposed on Russia, North Korea and Iran during 2010–2018.

• 108. The US-China trade disputes of 2018–present.

• 109. The economic crisis and debt crisis of 2017–2018 in India (excessive debt owed by companies which affected the growth of the Indian economy).

• 110. The economic, financial (peso) and political crisis and mass hysteria (of 2014–present) in Argentina

• 111. The 2014–2017 mass hysteria, political crisis and economic crisis in Brazil which resulted in the impeachment of President Dilma Rousseff and in widespread protests about political system and the Brazilian economy.

• 112. The EU economic sanctions that were imposed on Belarus from 2016–2019.

• 113. The debt crisis (excessive debt especially in the private sector) of 2017–2018 in China.

• 114. The EU economic sanctions that were imposed on Egypt during 2015–2019.

• 115. The EU economic sanctions that were imposed on Democratic Republic of Congo during 2015–2018.

• 116. The s mass hysteria, socioeconomic and political crisis of 2012–present in Venezuela.

• 117. The mass hysteria and 2015–2018 economic recession and financial crisis in Japan.

• 118. The EU and US economic sanctions that were imposed on Iraq during 2009–2011.