Tuesday, February 28, 2012

The History of Economic Downturns

It is fashionable to think that this is worst it has ever been. But of course, the people saying that haven't studied history. BBC News - Is Greece's the longest recession in history? The whole thing is interesting, but here are some highlights.

Country  Year   Years of Negative Growth  
Greece 2008 5
Ireland 2006 7
Liberia 1980 17 (Civil War)
USA 1873 5 (The Long Depression)

There are more. The Great Depression (which was a double dip), the Irish Famine, the Black Death, etc.
Prior to globalisation and the Industrial Revolution, recessions were more severe than now, says Professor Ritschl, because they were more difficult to ride out and often sparked by catastrophic events which killed millions.
Huh. Never thought the BBC would have something good to say about globalization.

No comments: