The Great Recession and Its Distinctive Features

Bimal Ghosh

Chapter 1 in The Global Economic Crisis and the Future of Migration: Issues and Prospects, 2013, pp 15-36 from Palgrave Macmillan

Abstract: Abstract “Man cannot bathe twice in the same water in a running stream” - is an old saying, attributed to Heraclitus, the Greek philosopher, dating back to 500 B.C. No matter who said this first; it holds sway. History is indeed like a running stream, as it has always been. If it repeats itself, it does not do so in exactly the same way; “at best it rhymes,” as Mark Twain put it. Since before the Great Depression, the world has seen several economic crises. But no two of them have been exactly alike. The recent recession is not an exception. History can nonetheless be useful in understanding the present, and keep us alive to the differences and similarities between current events and their predecessors. We can also learn from history how we can avoid some of the mistakes made in the past and not repeat them. As a recent report by the UK-based Chartered Financial Analyst Society tersely, even if somewhat hyperbolically, warned, “Financial amnesia disarms individuals, the market and the regulator. It causes risk to be mispriced, bubbles to develop and crises to break.”

Keywords: Foreign Direct Investment; International Monetary Fund; Financial Time; European Central Bank; Great Depression (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-29130-1_2

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DOI: 10.1057/9781137291301_2

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