Ten years ago, Lehman Brothers applied for bankruptcy protection, which marked the arrival of another devastating financial crisis. It caused banking crises in two dozen countries and brought in its wake the eurozone debt crisis, austerity and stagnation. Millions lost jobs and homes. 

A decade later, the banking system is better storm-proofed, though risks have spread elsewhere. Growth has returned and animal spirits in advanced economies are rising. However, some deeper consequences of the crash are only now being felt and the concerns about whether a new financial crisis will hit the world financial market still remain. 

What Professor M.D. Nalapat from Manipal University doesn't believe is that the United States, definitely, or in other parts of the world, people are once again going to have a situation in which the utter rich become richer at their expense. In his view, the financial meltdown of 2008 was basically due to the greedy capitalists who own large amounts of capital.

"Actually, I'd like to say the reason for the crisis ten years ago was the excessive greed of a small group of financial institutions based in the US and the European Union," Nalapat said. "The whole world suffered, but these are the people who really caused the crisis… Republican and Democrats got together to give 700 billion dollars to some of the richest people in America. At the same time, tens of millions of poor Americans lost their homes, lost their jobs; neither Nancy Pelosi nor Barack Obama or even George Bush bothered about them. My point is, that created the burning Sandler situation." 

Banks in most major economies are today backed by as much as 10 times more equity capital than a decade ago, and carry far more liquid funding. Detailed "living will" plans submitted to regulators can be implemented in a crisis. But the challenge to the world economy is grim, according to Charles Tang.

The chairman of Brazil-China Chamber of Commerce & Industry is of the view that the main problem for the world economy is lack of globalization. As the heated trade war plays out, it will hit the world economy hard. Although the stock market in the US appears to be doing well, the consequences of the trade war will damage the US economy in the foreseeable future. And for China, it will import products from other emerging markets instead of the US because of the high tariff levied by the US.

"I think present crisis could come, not from globalization, but from lack of globalization. Because of the trade war, if continuing and increasing in scale, could damage severely the global economy… If the trade war continues, that could provoke serious consequences, " he said.

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