The Global Great Depression: Then and Now

April 6th, 2009

Barry Eichengreen and Kevin H. O’Rourke give the global perspective. Just look at the pictures and read their last paragraph. Viz:

The X scale is in months.

Bottom line: While U.S. indicators hold hints of promise, the world as a whole is looking worse than it did in the Great Depression.

The good news: policy responses have been pretty aggressive–downright spectacular compared to the total non-response in the U.S.  pre-FDR.

That may well save us.

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