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The world economy is tracking or doing worse than during the Great Depression | vox - Research-based policy analysis and commentary from leading economists
voxeu.org - 4/7/2009
The world economy is tracking or doing worse than during the Great Depression | vox - Research-based policy analysis and commentary from leading economists
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Figure 1. World Industrial Output, Now vs Then Source: Eichengreen and O Rourke (2009).

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The Monkey Cage:  Are we in another Great Depression?

The Daily Dish | By Andrew Sullivan:  How Bad Is It?

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Are we in another Great Depression?
The Monkey Cage — ... If you look at the figures for the world, rather than just the US, the answer is yes - or at least the patterns we see resemble the start of the Great Depression. Barry Eichengreen and Kevin O’Rourke have the graphs. The one below compares falls in world industrial output starting in June 1929 and April 2008. They have other graphs showing that global decreases in stock prices and trade are even starker than the Great Depression. However (and this is where the political economy comes in), they also show that the policy response to the crisis has ...

How Bad Is It?
The Daily Dish | By Andrew Sullivan — Professors of Economics Barry Eichengreen and Kevin O’Rourke use the d-word: ...the world is currently undergoing an economic shock every bit as big as the Great Depression shock of 1929-30. Looking just at the US leads one to overlook how alarming the current situation is even in comparison with 1929-30. The good news, of course, is that the policy response is very different. The question now is whether that policy response will work. Krugman is his usual chipper self. What Eichengreen-O’Rourke ...

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