The Anti-History Boys
When modern economic historians explain why the world is currently in the grips of a financial crisis and a deep economic downturn, they point to a long train of similar bubbles, crashes, crises, and recessions. Macroeconomists, by contrast, either profess ignorance or offer models that are utterly implausible.
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BERKELEY – If you asked a modern economic historian like me why the world is currently in the grips of a financial crisis and a deep economic downturn, I would tell you that this is the latest episode in a long history of similar bubbles, crashes, crises, and recessions that date back at least to the canal-building bubble of the early 1820’s, the 1825-1826 failure of Pole, Thornton ampamp; Co, and the subsequent first industrial recession in Britain. We have seen this process at work in many other historical episodes as well – in 1870, 1890, 1929, and 2000.