A Comparative Study of Two Global Crises

He Liu
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He Liu: Office of the Central Leading Group on Financial and Economic Affairs, People's Republic of China, Beijing, China; National Development and Reform Commission, People's Republic of China, Beijing 100824, China

Frontiers of Economics in China-Selected Publications from Chinese Universities, 2015, vol. 10, issue 3, 396-413

Abstract: This article identifies the differences and common features of two global crises: the Great Depression of 1929 and the international financial crisis of 2008. The circumstances of the two crises differ in terms of the demographic structure, the technological conditions, the economic and social systems in developed countries, the extent of globalization and other global economic situations. Among the common features, both crises were preceded by unprecedented economic booms, laisse-faire regulatory policies, easy monetary and credit policies, asset bubbles and yawning income gaps. Moreover, the crises had a strong redistribution effect, which would cause shifts of power among large countries and major changes in international economic order.

Keywords: Great Depression; 2008 international financial crisis; boom bust; long wave (search for similar items in EconPapers)
JEL-codes: E32 N1 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:fec:journl:v:10:y:2015:i:3:p:396-413

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