Financial Crises Previous economic crises including Southeast Asia crisis, Brazilian crisis, Russian rouble crisis, also appears in financial sector, but they are far smaller, quicker and less destructive than Amarican financial crisis. In addition, financial crises reignited long-lasting debates between two major economic schools of Adams Smith and Keynes. Especially in America, where free economy is most developed, people started to take a new look at the relationship between the free market and government control.