The worldwide economic meltdown shattered many economies and wiped out trillions of dollars. It not only rendered millions out of work, but also turned embodiments of capitalism into die-hard socialists. As big financial powers, the US went kaput, the dominoes effect ripped every country that had assets. It will be safe to say that the meltdown put the global growth back by many years. UBS and now Dubai world, the beacons of capitalism fell one after another leaving many developing nations high and dry. However, India being a domestic consumption-and-investment-driven market was not affected much. The crisis, however, made severe dent into American power.
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