The Great Depression and the Current Financial Crisis
The Great Depression and the Current Financial Crisis
This chapter analyzes the Great Depression in an attempt to understand the current financial crisis. The Great Depression of the 1930s is known for the combination of financial collapse, economic downturn, increased unemployment, and failed regulatory efforts. Historians and economists sought to identify conditions in the 1920s that contributed to the Great Depression of the 1930s, and the institutional and policy measures adopted during the administration of former President Roosevelt. The chapter compares these measures with how the Obama administration dealt with the current financial crisis and eventually proposed regulatory overhaul that aimed at preempting similar turmoil in the future.
Keywords: Great Depression, 1930s, President Roosevelt, Obama administration, regulatory overhaul, financial crisis
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