Editing 2001 (section)

== Economy ==
{{further|Category:2001 in economic history}}
{{see also|2001 world oil market chronology|Economic effects of the September 11 attacks}}
[[File:Obelisco 20Dic01.jpg|thumb|upright|Social unrest occurred during the [[1998–2002 Argentine great depression|Argentine great depression]].]]
A [[Early 2000s recession|minor economic decline]] took place among many developed economies in 2001.<ref name=":7" /> It was amplified by the [[dot-com crash]], in which [[Dot-com company|dot-com companies]] went out of business every day for much of the year due to an overvaluation of the tech industry.<ref name=":7" /><ref name=":8">{{Cite news |last1=Johnson |first1=Bobbie |last2=Francisco |first2=San |date=2009-12-14 |title=Ten years of technology: 2001 |language=en-GB |work=The Guardian |url=https://www.theguardian.com/technology/blog/2009/dec/14/technology-decade-2001 |access-date=2023-09-30 |issn=0261-3077 |archive-date=October 6, 2023 |archive-url=https://web.archive.org/web/20231006204734/https://www.theguardian.com/technology/blog/2009/dec/14/technology-decade-2001 |url-status=live }}</ref> Further economic disruption occurred in the aftermath of the September 11 attacks.<ref name=":7">{{Cite web |last=Huddleston |first=Tom |date=2020-04-09 |title=How many recessions you've actually lived through and what happened in every one |url=https://www.cnbc.com/2020/04/09/what-happened-in-every-us-recession-since-the-great-depression.html |access-date=2022-12-10 |website=CNBC |language=en |archive-date=December 10, 2022 |archive-url=https://web.archive.org/web/20221210180825/https://www.cnbc.com/2020/04/09/what-happened-in-every-us-recession-since-the-great-depression.html |url-status=live }}</ref> These factors gave the first major demonstration of globalization causing mutual downturn across nations rather than the more typical mutual growth.<ref name=":6" />{{Rp|page=7}} Global growth in 2001 was the lowest in a decade, though middle income countries such as those in Eastern Europe were able to sustain growth despite the global downturn.<ref name=":6">{{Cite book |url=https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-2002/ |title=World Economic Situation and Prospects 2002 |publisher=United Nations Department of Economic and Social Affairs |year=2002 |isbn=92-1-109141-1 |access-date=September 29, 2023 |archive-date=November 28, 2021 |archive-url=https://web.archive.org/web/20211128003013/https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-2002/ |url-status=live }}</ref>{{Rp|page=30}} Unemployment and [[deflation]] became concerns across developed nations.<ref name=":6" />{{Rp|page=3}} The year also marked a decline in [[international trade]] by about 1.5%, which contrasted with the 11% increase in 2000. This was the first negative change in international trade since 1982. IT industries and the dot-com crash are attributed for the decline in trade.<ref>{{Cite report |url=https://www.wto.org/english/res_e/statis_e/its2002_e/its2002_e.pdf |title=International trade statistics 2002 |date=2002 |publisher=World Trade Organization |isbn=92-870-1225-3 |issn=1020-4997 |access-date=2022-11-28 |archive-date=December 6, 2022 |archive-url=https://web.archive.org/web/20221206202829/https://www.wto.org/english/res_e/statis_e/its2002_e/its2002_e.pdf |url-status=live }}</ref>

Economic crises took place [[1998–2002 Argentine great depression|in Argentina]] and [[2001 Turkish economic crisis|in Turkey]].<ref name=":6" />{{Rp|page=16}} The recession in Argentina negatively affected the economy throughout Latin America,<ref name=":6" />{{Rp|page=37}} and the years-long economic crisis reached its peak in December, causing widespread social unrest and the resignation of the President of Argentina.<ref name=":10">{{Cite book |url=https://archive.org/details/annualregister200000unse/ |title=The Annual Register: A Record of World Events 2001 |publisher=Keesing's Worldwide |year=2002 |isbn=1-886994-45-5 |editor-last=Lewis |editor-first=D. S. |volume=243}}</ref>{{Rp|page=16}}<ref name=":9">{{Cite book |last1=Epstein |first1=Edward |title=Broken Promises?: The Argentine Crisis and Argentine Democracy |last2=Pion-Berlin |first2=David |publisher=Lexington Books |year=2006 |isbn=978-0-7391-5268-3 |pages=3 |language=en}}</ref> America Online ([[AOL]]), a U.S.&nbsp;online service provider, was at the apex of its popularity and purchased the media conglomerate [[Time Warner]]. The deal was announced on January 10, in the largest merger in history at that time. AOL would rapidly shrink thereafter, partly due to the decline of [[dial-up]] and rise of [[broadband]], and the deal would fall apart before the end of the decade, which would be regarded as one of the world's greatest business failures.<ref name=":13">{{Cite web |last=Lovelace |first=Berkeley |date=2018-06-13 |title=Steve Case to AT&T: Learn from my AOL-Time Warner failures |url=https://www.cnbc.com/2018/06/13/steve-case-to-att-learn-from-my-aol-time-warner-failures.html |access-date=2022-12-01 |website=CNBC |language=en |archive-date=December 1, 2022 |archive-url=https://web.archive.org/web/20221201171523/https://www.cnbc.com/2018/06/13/steve-case-to-att-learn-from-my-aol-time-warner-failures.html |url-status=live }}</ref><ref name=":14">{{Cite news |last=Arango |first=Tim |date=2010-01-11 |title=How the AOL-Time Warner Merger Went So Wrong |language=en-US |work=The New York Times |url=https://www.nytimes.com/2010/01/11/business/media/11merger.html |access-date=2022-12-01 |issn=0362-4331 |archive-date=January 24, 2010 |archive-url=https://web.archive.org/web/20100124024239/https://www.nytimes.com/2010/01/11/business/media/11merger.html |url-status=live }}</ref>

Major businesses that ended operations in 2001 included the American energy company [[Enron]] and the national airlines of Belgium and Switzerland ([[Sabena]] and [[Swissair]], respectively).<ref name=":5" />{{Rp|page=189}} The [[Enron scandal]] took place in October 2001 when, Enron was found to be committing fraud, bringing about the criminal conviction of several executives and causing the company to undergo the largest bankruptcy at that point in U.S. history.<ref>{{Cite magazine |title=How the Enron Scandal Changed American Business Forever |url=https://time.com/6125253/enron-scandal-changed-american-business-forever/ |access-date=2022-12-01 |magazine=Time |language=en |archive-date=December 1, 2022 |archive-url=https://web.archive.org/web/20221201054738/https://time.com/6125253/enron-scandal-changed-american-business-forever/ |url-status=live }}</ref> [[E-commerce]] declined in 2001, with the exception of [[eBay]], which saw significant growth.<ref name=":5" />{{Rp|page=178}}