-slump macroeconomic cycles. During both crises, world trade collapsed faster than world incomes and the trade decline was highly … trade costs hitting international supply chains. So far, the global economy has avoided the global trade wars and banking … collapses of the Depression perhaps due to improved policy. Even so, the global economy remains susceptible to large shocks due …

labor regulation of partners because intraindustry trade was important. The New World exported less differentiated products …

model developed in this section suggests that the failure to coordinate policies lent a deflationary bias to the world … economy which may have contributed to the on set of the Great Depression. The third part asks what policymakers learned from …

growth or contraction of the economy. What mattered was not simply growth at the time of the election but cumulative growth …