Hall of Mirrors
The Great Depression, the Great Recession, and the Uses-and Misuses-of History
in:
U.S. History
Summary:
The book compares the Great Depression of the 1930s with the Great Recession of 2008, analyzing the economic, political, and policy parallels and differences between the two crises. It explores how historical lessons were used or misapplied in the response to the Great Recession, and the impact of these decisions on economic recovery and future policy-making.
Key points:
1. Similarities between crises: Eichengreen notes that both the Great Depression and the Great Recession were caused by financial innovation, loose credit, and weak regulation. However, the response to the Great Recession was improved by lessons from the past.
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