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A Comparative Study of Two Global Crises

Author

Listed:
  • LIU He

    (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)

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.

Suggested Citation

  • LIU He, 2015. "A Comparative Study of Two Global Crises," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 10(3), pages 396-413, September.
    • Handle: RePEc:fec:journl:v:10:y:2015:i:3:p:396-413
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    File URL: http://journal.hep.com.cn/fec/EN/10.3868/s060-004-015-0017-0
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    Citations

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    Cited by:

    1. dos Santos, Marco Aurélio & Fávero, Luiz Paulo Lopes & Distadio, Luiz Fernando, 2016. "Adoption of the International Financial Reporting Standards (IFRS) on companies’ financing structure in emerging economies," Finance Research Letters, Elsevier, vol. 16(C), pages 179-189.
    2. Naqvi, Asjad, 2017. "Deep Impact: Geo-Simulations as a Policy Toolkit for Natural Disasters," World Development, Elsevier, vol. 99(C), pages 395-418.
    3. Baser, Onur, 2021. "Population density index and its use for distribution of Covid-19: A case study using Turkish data," Health Policy, Elsevier, vol. 125(2), pages 148-154.
    4. Augustus De Melo, Conrado & De Martino Jannuzzi, Gilberto & De Mello Santana, Paulo Henrique, 2018. "Why should Brazil to implement mandatory fuel economy standards for the light vehicle fleet?," Renewable and Sustainable Energy Reviews, Elsevier, vol. 81(P1), pages 1166-1174.

    More about this item

    Keywords

    Great Depression; 2008 international financial crisis; boom bust; long wave;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations

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