Even the United States, less than a decade ago, experienced the Saving-and-Loans crisis, the direct result of lop-sided deregulation and market-distorting official guarantees. The United Kingdom and Japan had credit-induced asset booms and busts only a decade ago. Sweden experienced a meltdown of its financial sector in the early 1990s.
The combination of globalisation and technological progress has also provided all companies, and not just multinationals, with a new potential pool of human capital from around the globe, such as low cost manufacturing workers from China, software and customer service professionals from India, or skilled workers from Eastern Europe.