By Saranya Das Sharma
Saranya Das Sharma is a junior studying English in the College of Arts & Sciences and Operations, Information and Decisions at Wharton.
Twelve years ago, the world was in the throes of a similar crisis as the one before us today. Although there was no global pandemic, the recessionary scenes seem eerily familiar: staggering unemployment, government bailouts and an uncertain economic recovery. However there is one key difference- no major bank has become insolvent. A large part of this can be attributed to one of the world’s largest soft law mechanisms- the Basel III Capital Accords, which are a product of the aftermath of the previous crisis.