IDEAS home Printed from
   My bibliography  Save this article

International relations then and now: why the Great Recession was not the Great Depression


  • Jonathan Kirshner

    () (Cornell University - Department of Government)


Why did the global financial crisis of 2007-2008 result in ‘only’ a severe, stubborn recession, but not a second Great Depression? Better public policy was a crucial factor in determining this outcome. Less appreciated is the extent to which international political factors – the relatively benign international political environment in 2007-2008 compared with the intense security dilemma of the inter-war years – were also essential in not making a bad situation worse. Nevertheless, two perennial political problems of international macroeconomic relations – the unique challenges of monetary cooperation and the strategic conduct of monetary diplomacy – remain present now, as they were then, and could still contribute to the consequential deterioration of global economic conditions.

Suggested Citation

  • Jonathan Kirshner, 2014. "International relations then and now: why the Great Recession was not the Great Depression," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 22(3), pages 47-70.
  • Handle: RePEc:hid:journl:v:22:y:2014:3:3:p:47-70

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hid:journl:v:22:y:2014:3:3:p:47-70. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mario Aldo Cedrini). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.