THE ECONOMICAL IMPACTS OF THE GLOBAL FINANCIAL CRISIS IN ARAB COUNTRIES AND ITS THREATENS ON LEGAL PROTECTION

When examining the causes for the financial crisis most people start directly with the real estate market (the place where the crisis really began in USA) focusing on the mortgages and unscrupulous lenders and casting the blame on the unsustainable real estate bubble which began to collapse in 2006. The effects of the global financial crisis on the Arab economies reflected the financial crisis on the economies of countries. Arab countries have been affected on the grounds that it part of the global economy and economic ties. It is certain that the degree of impact varies between Arab countries as they relate to the degree of integration into the global economy. About four billion people worldwide find themselves excluded from the protections provided by the rule of law. In urban slums and rural villages, poor people often have no legal identity, no birth certificate, no legal address, no rights to their home or business, and no protection of their labor. It calls for focus on property, labor, entrepreneurial rights and access to justice. As a package, these rights can help prevent legal exclusion and foster economic and reduction in poverty. With rising unemployment, wages are likely to fall, working conditions to deteriorate and labor rights to be violated. This work is a review of the concept of the global financial crisis and its causes, and their impact on Arab economics and people legal protection. Financial crisis is the collapse of the entire financial system accompanied by failure of a large number of financial and non-financial institutions with the sharp contraction in overall economic activity. Protection of law is essential for people living in poverty to shield them against oppression, create economic opportunities, and enable them to secure decent standards of living with dignity.