The Ghosts of Summits Past
The upcoming G-20 summit bears an eerie resemblance to the 1933 World Economic Conference, which also met in London. Now, as then, governments in times of great economic difficulty are unwilling to make sacrifices that might entail a short-term cost, and are seeking a scapegoat for the failure of internationalism.
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PRINCETON – The world is confronted by a dramatic financial crisis that many policymakers believe is more severe than the interwar Great Depression. Before 2008, experts said that a new Great Depression was impossible because of the strength and the depth of the cooperative mechanisms set up at the end of World War II.