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the United States and Europe were partially nationalized, independent investment banks have disappeared in the United States. Till the October 15th, global stock markets has a loss of about 27 trillion U.S. dollars during the year, which was shrunk by 40%.  On October 10th, Down Jones industrial average index was  as low as 7773.71 points, which was as half as the peak a year ago. According to estimation of Bank of England, the losses in bond market and value of securities will be about 2.8 trillion U.S. dollars, which is 1 times higher than the number of 1400 billion U.S. dollars estimated by the International Monetary Fund (IMF), it is equivalent to 85% of core capital of 3.4 trillion U.S. dollars of global bank's. The international financial situation has sharply deteriorated, which has quickly evolved into the most serious international financial crisis since the Great Depression in the last century. The financial crisis has a rapid impact on the real economy and the risk of the global economic downturn increases.

1. The crisis stimulates innovation, innovation drives development

Historical experience shows that major crises often breed a larger innovation, and significant scientific and technological innovation tends to promote world economic recovery and prosperity. A worldwide economic crisis occurred in 1857 had triggered the second technological revolution which had been marked by the electric revolution. The scientific discoveries came out in the Great Depression in 1930s became the basis of the third technological revolution which took electronics, aerospace and nuclear energy as its symbol. The information and technology revolution of the Internet rose in the 1990's has also created a new round of world economic prosperity. Austrian-American economist Schumpeter had analyzed the three industrial revolutions in the history and pointed out that, it was technological revolution that brought about economic take-off after the economic recession. 90 For example, the economic recession in the early 20th century led to the emergence of software giant and Internet companies; the burst of Internet bubble in the beginning of the 21st century has stimulated Apple to develop its new products, such as the iPod, which has a dramatic impact on the music industry.

While it is generally agreed that the current crisis is arising as a result of insufficient demand to a certain extent, but the scientific and technological innovation are faced with an unlimited and broad market demand. For example, the demand of every country in the world for technological innovation of new energy has become increasingly urgent. People are eager to have new, clean, relatively inexpensive and safe energy英国留学生论文technology to replace the existing energy technologies. Faced with declining purchasing power caused by a crisis, consumers’ demand for well-designed, In terms of innovation and entrepreneurship, what lessons can we learn from the recent financial crisis?
simple and reliable, low-cost products will be significant grew, which also needs enterprises to vigorously carry out the diversity of product innovation, invention, in order to help people solve practical problems and improve living quality.

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