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The Next Thirty Years

Posted in 2007-08 Financial Crisis, History of economics Tagged with: , , , , , , , , , , ,

So much for the first two depressions, the one that happened in the twentieth century, and the other that didn’t happen in the twenty-first.  What about that third depression?  The presumptive one that threatens somewhere in the years ahead. Avoiding the second disaster, when a full-blown systemic panic erupted in financial markets in September 2008 after fourteen months of slowly growing apprehension, turned on understanding what precipitated and exacerbated the first disaster, the Great Depression of the 1930s. By the same token, much will depend on how the crisis of 2007-08 comes to be understood by politicians and policy-makers in