Global imbalances associated with the U.S. current account deficit have given rise to speculation about the nature of the impending adjustment: Will it be smooth and gradual, or will it be sudden and costly? This paper summarizes the two views and then considers three historical periods with...

In contemporary American political discourse, issues related to the scope, authority, and the cost of the federal government are perennially at the center of discussion. Any historical analysis of this topic points directly to the Great Depression, the "moment" to which most historians and...