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The Long Shadow Of Depression

Project Syndicate  |  By Posted: 03/30/2012 8:19 am Updated: 03/30/2012 8:23 am

Unemployment Line

BERKELEY – Four times in the past century, a large chunk of the industrial world has fallen into deep and long depressions characterized by persistent high unemployment: the United States in the 1930’s, industrialized Western Europe in the 1930’s, Western Europe again in the 1980’s, and Japan in the 1990’s. Two of these downturns – Western Europe in the 1980’s and Japan in the 1990’s – cast a long and dark shadow on future economic performance.

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Filed by Maxwell Strachan  |