The document summarizes the causes, effects, and lessons of the global recession. It outlines factors like the housing bubble burst, subprime mortgages, high oil prices, and corruption as causes. Effects included bankruptcy, bailouts, foreclosure, and stock market declines. Lessons discussed avoiding excessive borrowing and that jobs are most important. The recession impacted India through foreign investment declines and stock market crashes. However, some lessons still have not been learned like matching supply and demand or ensuring full financial transparency.