Vergleichende Aspekte der Großen Krisen nach 1929 und 2007

The two Great Crises occurred in times of very different international political relations. While they were conditioned by some different economic circumstances, they also display many common characteristics. From comparing such similarities one might deduce the causes of Great Crises and develop policy concepts for protecting economies against such breakdowns. This article limits the comparison mainly to developments in the United States, where both Great Crises originated. It sets the scene with some general remarks on the recent financial crisis, its timing, and some of its economic consequences in comparison to those of the 1930s′ crisis. It then takes stock of the classical-liberal laissez-faire setting that the Republicans in power during the New Era of the 1920s created for business to thrive in. This setting is remarkably similar to the blueprint of neo-liberal policies that were set in motion in the second half of the 1970s and have led up to the recent Great Crisis.