The years preceding the rendezvous with the first Raman spaceship in early 2130 had been an extraordinarily stable and prosperous time. After the world recovered from the devastating cometary impact near Padua, Italy, in 2077, there was an entire half century of moderate growth. Except for a few relatively short, and not too severe, economic recessions, living conditions improved in a wide range of countries throughout the time period. Isolated wars and civil disturbances did erupt from time to time, primarily in the undeveloped nations, but the concerted efforts of the global peacekeeping forces always contained these problems before they became too serious. There were no major crises that tested the stability of the new international mechanisms.
Immediately following the encounter with Rama I, however, there were rapid changes in the basic governing apparatus. First, emergency appropriations to handle Excalibur and other large Rama-related projects drained revenues from established programs. Then, starting in 2132, a loud clamor for tax cuts (to put more money into the hands of the individuals) reduced even further the allocations for needed services. By late 2133, most of the newer international institutions had become understaffed and inefficient. Thus the global market crash took place in an environment where there was already growing doubt in the minds of the populace about the efficacy of the entire network of international organizations. As the financial chaos continued, it was an easy step for the individual nations to stop contributing funds to the very global organizations that might have been able, if they had been used properly, to turn the tide of disaster.