The reduction in oil revenue also contributed to the 1998 Russian financial crisis , which in turn caused Long-Term Capital Management in the United States to collapse after losing $ 4.6 billion in 4 months . A wider collapse in the financial markets was avoided when Alan Greenspan and the Federal Reserve Bank of New York organized a $ 3.625 billion bailout . Major emerging economies Brazil and Argentina also fell into crisis in the late 1990s ( see Argentine debt crisis ) . The September 11 attacks contributed to major shockwave in Developed and Developing economies Stock market downturn of 2002 The crisis in general was part of a global backlash against the Washington Consensus and institutions such as the IMF and World Bank , which simultaneously became unpopular in developed countries following the rise of the anti-globalization movement in 1999 . Four major rounds of world trade talks since the crisis , in Seattle , Doha , Cancún , and Hong Kong , have failed to produce a significant agreement as developing countries have become more assertive , and nations are increasingly turning toward regional or bilateral free trade agreements ( FTAs ) as an alternative to global institutions
September 11 attacks
September 11 attacks
1997 Asian financial crisis