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The Great Recession And The Great Depression

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Executive Summary

This paper discusses parallels between the current recession and the Great Depression for the intelligent general public. It stresses the role of economic models and ideas in public policy and argues that gold-standard mentality still holds sway today. The parallels are greatest in the generation of the crises, and they also illuminate the policy choices being made today. The authors have escaped a repeat of the Depression, but they appear to have lost the opportunity for significant financial reform.

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