The 2008 financial crisis was one of the toughest economic shocks to the world economy in history. Unemployment, homelessness, and poverty became very prevalent problems in even the World’s most developed countries. While the effects of the crisis were devastating for most people, there were some benefits which came out of the financial crisis. Now whether these benefits outweigh the cost is another argument all together.
Economists refer to these benefits as “positive externalities”. An externality is an unintended consequence of an event. The most commonly used example of an externality is that factory production leads to pollution. This is what economists refer to as a “negative externality”. An article published on this site which discussed positive externalities can be found here. The article discusses how the success of the Britpop band Oasis unintentionally led to a successful business being setup in Manchester which gave tours to places where the band grew up.
In keeping with the positive externality vibe this article takes a look at how the 2008 financial crisis unintentionally led to singer Aloe Blacc’s rise to fame. The I Need a Dollar singer lost his job as a result of the recession and decided to pursue music instead. Blacc said in an interview that on his first day in work everyone had to do a party trick. He chose to sing and was told by his coworkers that he was in the wrong business.
That was probably a good call considering Blacc now has an estimated net worth of $5 million. So, yes the 2008 financial crisis was a dark moment in the world’s history, but it is nice to think there were some positives came from it.
By Daragh O’Leary