The 2008 economic crisis began when one of the largest US investment banks collapsed, signaling the start of the largest economic crisis since the 1930s. As a result of the crisis, economic growth rates dropped worldwide, job losses dramatically increased, and incomes took a significant dive. However, the wealth of the top 1% increased greatly, exacerbating social inequality. While the crisis challenged globalization, it did not end it, as structural changes and innovations continued albeit at a slower pace, with both incremental and radical innovations occurring.