The Great Depression is among the most consequential periods in American history. The collapse that began in 1929, and the economic, social, and political consequences of the subsequent decade, have been an enormously popular subject for historians and economists. Yet, despite this significant...

This paper analyses several severe financial crises observed in the history of capitalism which led to a longer period of stagnation or low growth. Comparative case studies of the Great Depression, the Latin American debt crisis of the 1980s and the Japanese crisis of the 1990s and 2000s are...

The current crisis is like an earthquake for the theoretical foundations of economic policies, which have guided governments and central banks for the last few decades. The efficient market hypothesis and its application to labor markets –“natural rate theory”- dominated interpretations of...