The Great Depression: Lessons Learned

The Great Depression: Lessons Learned

Introduction

The history of economies is evidence of many weaknesses in current international economic system. The two most prominent example of recession is the Great Depression of 1930s, and financial meltdown of 2007-2008. According to various analysts, the economic situation of 2008 was similar to that of 1930s; however, this time around, economists were able to divert the second Great Depression. The situation of industrial production, global trade and equity were similar, or even worse than in initial years of 1930s. The overall outcomes in both cases are very different, and this was achieved ...