Credit Crunch Geography
Why did the global credit crunch cause Iceland to lose its McDonald’s restaurants?
McDonald’s is pulling out of Iceland. The mid-Atlantic island’s economy has been badly hit by the “global credit crunch.” Big Macs no longer pull in profit there. Rising unemployment and a collapsing currency mean that tills have stopped ringing in capital Reykjavik’s Americanised fast food stores.
Eighteen months on from global credit crunch headlines first appearing in newspapers, we also report here on the wider geographical impacts of the worst global recession of the post-war era.
We ask: what happens when global flows slow down, or even go into reverse gear? And what led to the sudden "de-coupling" of so many global connections in the first place?
- AS/A2/IB teaching of globalisation, glocalisation and the operation of global networks (interdependent places)
- KS5 synoptic study of the global credit crunch
In the Members' Area:
- The “de-McDonaldsisation” of Iceland
- Financial connectivity and the global credit crunch explained
- Geographical impacts of the credit crunch
- KS3 PowerPoint