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What is Understanding Economic Recessions about?

This document discusses how major economic recessions are characterized by novel factors that could not have been predicted based on past recessions alone. It argues that the history of capitalism is one of "dialectical failure," where successful institutions eventually prove dysfunctional, leading to reforms through government regulation or self-regulation by markets. While some patterns can be learned from past recessions like the Great Depression, the current crisis contains new uncertainties that could

Author

mbelano1

Language

EN