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Car Scrappage Scheme
A scrappage program is a government budget programme to promote the replacement of old vehicles with modern vehicles. Scrappage programmes generally have the dual aim of stimulating the automobile industry and removing inefficient, more polluting vehicles from the road. Many European countries have introduced large-scale scrappage programmes as an economic stimulus to increase market demand in the industrial sector during the Great Recession, global recession that began in 2008. Scrappage programmes were touted with different names, mostly referring to an environmental benefit. The Vehicle Efficiency Initiative, Vehicle Efficiency Incentive in Canada was based on fuel efficiency of cars. In Romania, this program was called "Rabla" (the wreck), and was launched by Automobile Dacia, Dacia in 2000. In Germany, the economic stimulus program was called "Umweltprämie" (''environmental premium'') and in Austria "Ökoprämie" (''eco-premium'') while most of the public referred to it simpl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
