Samuelson: Our Unhealthy Depression Obsession

by Benjamin Domenech on 9:15 am April 20, 2009

WASHINGTON — The Great Depression of the 1930s was the most momentous economic event of the 20th century. It was a proximate cause of World War II, having fed the Nazis’ rise in Germany. It inspired a new American welfare system as a response to mass misery. Everywhere, it discredited unsupervised capitalism. Given today’s economic crisis, our renewed fascination with the Depression is natural. But we ought not stretch the parallels too far.

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