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Essay / Research Paper Abstract
This 3 page paper compares and contrasts the economic crisis of 2008-2009 with the Great Depression of the 1930s. Bibliography lists 7 sources.
Page Count:
3 pages (~225 words per page)
File: D0_HVtdydep.rtf
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Unformatted sample text from the term paper:
Just how bad the current crisis is seems to depend on whom one asks. Some predict a crash that will make 1929 look like a walk in the park; others
see similarities, but enough differences to make a long-term depression unlikely. Perhaps the fairest thing to say is that the economy is so vast, and so interconnected, on both a
national and global level, that a true and accurate forecast is impossible. But even though the current meltdown is still unfolding, we can make some comparisons. According to one opinion,
". I actually believe that the macroeconomic fundamentals today are much worse, so that we are in for a protracted period of economic depression - a depression much worse than
the Great Depression" (Petrov). Petrov lists the mistakes that were made in the 1920s, including asset bubbles, excessive leverage, and corrupt gatekeepers and says that many of the same conditions
prevail today, so that a similar depression is likely (Petrov). In addition, there has been "lagging" regulation; that is, the government has not adequately policed the financial sector and now
is playing catch-up, passing regulations that are too little, too late (Petrov). Also, there has been a slavish devotion to the "market ideology of laissez faire, which Soros quite appropriately
described as Market Fundamentalism" (Petrov). But the free market mechanism has not been free to operate, because the Fed "determines the cost of money (interest rates), and can fix this
cost for as long as it wants," with the result that "all sorts of financial imbalances can be sustained without the discipline imposed by the market" (Petrov). The result is
the mess we have today. Finally, there is the issue of non-transparency: in the 1930s, "it was widely recognized that businesses and especially financial institutions lacked transparency, which allowed for
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