consequences for the confidence in the safety and quality of mainland Chinese manufactured goods in the global economy. The age of turbulence The decade was marked by two financial and economic crises. In 2001, the Dot-com bubble burst, causing turmoil in financial markets and a decline in economic activity in the developed economies, in particular in the United States. However, the impact of the crisis on the activity was limited thanks to the intervention of the central banks, notably the U.S. Federal Reserve System. Indeed, Alan Greenspan, leader of the Federal Reserve until 2006, cut the interest rates several times to avoid a severe recession, allowing an economic revival in the U.S. As the Federal Reserve maintained low interest rates to favor economic growth, a housing bubble began to appear in the United States. In 2007, the rise in interest rates and the collapse of the housing market caused a wave of loan payment failures in the U.S. The subsequent mortgage crisis caused a global financial crisis, because the subprime mortgages had been securitized and sold to international banks and investment funds. Despite the extensive intervention of central banks, including partial and total nationalization of major European banks, the crisis of sovereign debt became particularly acute, first in Iceland, though as events of the early 2010s would show, it was not an isolated European example. Economic activity was severely affected around the world in 2008 and 2009, with disastrous consequences for carmakers. In 2007, the UK's Chancellor of the Exchequer Gordon Brown, delivered his final Mansion House speech as Chancellor before he moved into Number 10. Addressing financiers: "A new world order has been created", Everyone needed to follow the city's "great example", "an era that history will record as the beginning of a new Golden Age". Reactions of governments in all developed and developing countries against the economic slowdown were largely inspired by keynesian economics. The end of the decade was characterized by a Keynesian resurgence, while the influence and media popularity of left-wing economists Joseph Stiglitz and Paul Krugman (Nobel Prize recipients in 2001 and 2008, respectively) did not stop growing during the decade. Several international summits were organized to find solutions against the economic crisis and to impose greater control on the financial markets. The G-20 became in 2008 and 2009 a major organization, as leaders of the member countries held two major summits in Washington in