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The Great Recession and the Great Depression: Reflections and Lessons

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  • Barry Eichengreen

Abstract

The Great Recession that started in 2008 has drawn constant comparisons with the Great Depression that unfolded in 1929. This paper documents how the response of policy makers in the current episode has been markedly different from the one observed in the 1920s and 1930s and to what extent this different behavior has followed the lessons from the historical analysis of the Great Depression. The historical account is also used to discuss probable changes to the world’s economic landscape regarding both trade and financial globalization.

Suggested Citation

  • Barry Eichengreen, 2010. "The Great Recession and the Great Depression: Reflections and Lessons," Working Papers Central Bank of Chile 593, Central Bank of Chile.
    • Handle: RePEc:chb:bcchwp:593
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    File URL: https://www.bcentral.cl/documents/33528/133326/DTBC_593.pdf
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    References listed on IDEAS

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    1. Eichengreen, Barry & Irwin, Douglas A., 2010. "The Slide to Protectionism in the Great Depression: Who Succumbed and Why?," The Journal of Economic History, Cambridge University Press, vol. 70(4), pages 871-897, December.
    2. Kee, Hiau Looi,Neagu, Cristina,Nicita, Alessandro, 2010. "Is protectionism on the rise ? assessing national trade policies during the crisis of 2008 : Is protectionism on the rise? assessing national trade policies during the crisis of 2008," Policy Research Working Paper Series 5274, The World Bank.
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    Cited by:

    1. Clair Brown & Julia Lane & Timothy Sturgeon, 2013. "Workers' Views of the Impact of Trade on Jobs," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 52(1), pages 1-21, January.
    2. Anupam Das, 2011. "External Resources and Savings Rate: A Pooled Mean Group Analysis for Developing Countries," Journal of Economics and Behavioral Studies, AMH International, vol. 3(1), pages 51-62.
    3. Luis Felipe Céspedes & Roberto Chang & Diego Saravia, 2011. "Monetary Policy under Financial Turbulence: An Overview," Central Banking, Analysis, and Economic Policies Book Series, in: Luis Felipe Céspedes & Roberto Chang & Diego Saravia (ed.),Monetary Policy under Financial Turbulence, edition 1, volume 16, chapter 1, pages 001-021, Central Bank of Chile.

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