The Great Depression 7 - Arsenal of democracy
There are a lot of parallels between the present moment and the late 1800s, including a backlash against globalization: economist Author photo By ANDREA RIQUIER Courtesy Everett Collection Nope, not the Great Depression - there was one that by many accounts was even worse A financial crisis that left in its wake deflationary price pressures, low productivity, stagnant incomes, a spike in populism, a backlash against globalization: if that all sounds familiar, you may not like the following insight. It comes from Dario Perkins, global macro economist for TS Lombard, who, in a Wednesday note, described the historical period he thinks most resembles the current moment. That era is called, a bit bleakly, the Long Depression, and stretched from 1873 to about 1896, depending on the country. TS Lombard The U.S., for example, was in recession from October 1873 to March 1879, a stretch that remains the longest downturn on record, and which was followed by four more recessionary period...
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