Financial crises represent systemic ruptures arising from structural imbalances, policy failures, and behavioral excesses. This chapter analyzes their anatomy through the lens of the 2007–2008 Global Financial Crisis, examining key drivers such as credit booms, asset bubbles, regulatory gaps, and global interdependencies. It traces the crisis from its origins in the U.S. subprime mortgage market through its transmission across banking systems and economies worldwide. The discussion further assesses policy responses—including fiscal stimulus, quantitative easing, and financial regulation—that shaped recovery and reform.