One striking weaknesses of our financial architecture, which helped
bring on and perhaps deepen the Panic of 2008, is an inadequate
appreciation of the past. Information about how the system
functioned and the reliability of organizations and institutional
controls were drawn from a relatively narrow group of recent
examples. History and Financial Crisis: Lessons from the 20th
Century is an attempt to broaden the range of historical sources
used by policy makers to understand and treat financial crises.
Many recent discussions of the 2008 panic and the economic turmoil
have found the situation to either be unprecedented or greatly
similar to that of 1931. However, the book's wide range of
contributors suggest that the economic crisis of 2008 cannot be
categorised in this way. This book was originally published as a
special issue of Business History.
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