Background of the research
The entire dissertation is based on the financial crisis and how these crises affected different sectors. In a similar manner emphasis of the dissertation shall be on the US automobile sector and how change management policies were actually implemented by organizations that are working in this sector. The background of the research actually discusses the factors that are associated with the financial crisis and it discusses the facts that pertain to the reasons because of which the financial crises started in the financial sector as well as those because of which it slowly and gradually affected all the sectors of the economy. Furthermore, the research objectives, the strategy of the research and key questions of research are also discussed in this chapter.
The financial crisis although started long time ago but the year 2008 is considered as the year of financial crisis when giant organizations collapsed. The biggest news came forth on September 15 when the Lehman Brother officially declared their bankruptcy. Strategists and analysts at that time actually considered that these crises are basically banking crises but these crises rapidly spread from the Wall Street to the Main Street and it actually tarnished the economic growth of corporate America (CFO 2008). Different individuals have different views about the financial crises and certain individuals and financial analysts actually believe that financial crises that affected the economic performance can be regarded as the folly of the government. A strict policy was not developed and ultimately the policies that were developed before 2008 actually proved to be counterproductive.
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