We all knew, before the current crisis that is, that all the controls in place nowadays would prevent anything even remotely close to what happened during the Depression. Sure thing.
How similar is the current crisis to the Great Depression?Read the article here.
Thomas Helbling © voxEU.org
29 April 2009
Despite the stunning contraction of industrial production and trade across the globe, the global economy is still a far cry away from the calamities of the Great Depression. However, if the economic damage of the current global crisis may have been contained so far, worrisome parallels to the early 1930s remain and preventive policy actions must be kept up.