In the context of the ongoing financial and economic crisis reference is frequently made to the Great Depression of the 1930s and fears are voiced that we may have embarked on a similar path. This article looks at the conditions prevailing back then and compares them with the present economic...

The article discusses the economic difficulties from which the industrialized nations have been suffering for the past years giving special regard to the controversy as to what concept of economic policy should be adopted in order to overcome the present problems.