How was the recession that began in 2008 an example of globalization?

The 2008 recession exemplified globalization through the interconnectedness of global financial markets, where the collapse of major U.S. financial institutions due to subprime mortgage failures triggered a worldwide economic downturn. Financial products and risks were widely distributed across countries, leading to a rapid contagion effect as banks and economies around the world faced significant losses. Additionally, the recession highlighted how global trade and investment flows could amplify local crises, affecting employment and economic stability in both developed and developing nations. This interconnectedness underscored the vulnerabilities inherent in a globalized economy.