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From the Great Depression to the current crisis: more than analogy, genealogy


  • Luca Fantacci

    () (Università Bocconi - Dipartimento di Analisi delle Politiche e Management Pubblico)


This paper investigates the ties that link the Great Depression to the current crisis through the channel of liquidity. The main objective is not to compare the conjunctures that make crises happen, but to highlight the structures that make crises possible. Liquidity is shown to be the distinctive feature, the elusiveness of which has made both the strength and the fragility of monetary and financial systems over the past century. The brief conclusion hints at several ways in which international liquidity could be reduced to stem the flux of financial crises.

Suggested Citation

  • Luca Fantacci, 2014. "From the Great Depression to the current crisis: more than analogy, genealogy," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 22(3), pages 23-46.
  • Handle: RePEc:hid:journl:v:22:y:2014:3:2:p:23-46

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    References listed on IDEAS

    1. Sargent, Thomas J. & Wallace, Neil, 1976. "Rational expectations and the theory of economic policy," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 169-183, April.
    2. Tony Lawson, 2009. "The current economic crisis: its nature and the course of academic economics," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 759-777, July.
    3. Roger E. A. Farmer, 1999. "Macroeconomics of Self-fulfilling Prophecies, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262062038, July.
    4. Meacci, Ferdinando & Caldari, Katia, 2007. "Errors in Time as Causes of Economic Fluctuations: An Introduction," MPRA Paper 11703, University Library of Munich, Germany.
    5. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-225, June.
    6. Ferdinando Meacci, 2009. "Uncertainty And Expectations In Shackle'S Theory Of Capital And Interest," Metroeconomica, Wiley Blackwell, vol. 60(2), pages 302-323, May.
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