For this extra credit assignment, you are tasked with exploring the causes and consequences of the global financial crisis of 2008 within the context of a market-centered economy model. Your responses to the questions should provide a detailed analysis and demonstrate your understanding of how regulatory failures, risky financial practices, and the global interconnectedness of markets contributed to the crisis.

Question 3 : The global interconnectedness of financial markets within a market-centered economy means that events in one part of the world can quickly impact markets globally. During the 2008 crisis, the interconnectedness of global financial institutions and markets intensified the crisis. The failure of major financial institutions in one country had ripple effects across borders. How did this global interconnectedness contribute to the severity of the crisis?

Question 4 : The implications of the 2008 financial crisis within a market-centered economy were profound. It led to a severe economic downturn, including a global recession, causing widespread job losses, foreclosures, and significant damage to businesses and investor portfolios. The market-driven responses included government bailouts of financial institutions and a reevaluation of regulatory policies. How did these market-driven responses address the crisis and its impact on the economy?

the assignment successfully, you are required to use references and cite them appropriately. Ensure that your responses are well-researched and demonstrate a comprehensive understanding of the market-centered economy's role in the 2008 financial crisis.