By Barry Eichengreen & Kevin H. O’Rourke
Voxeu.org
“This is an update of the authors’ 6 April 2009 column comparing today’s global crisis to the Great Depression. World industrial production, trade, and stock markets are diving faster now than during 1929-30. Fortunately, the policy response to date is much better. The update shows that trade and stock markets have shown some improvement without reversing the overall conclusion—today’s crisis is at least as bad as the Great Depression.”
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