Winning the Confidence Game
The world economic crisis is being driven by a profound loss of confidence, as people everywhere, consumers and investors alike, are canceling spending plans. But restoring confidence is not a simple matter of stimulating spending and credit expansion, as the history of the Great Depression and its aftermath shows.
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NEW HAVEN – On April 2, the G-20 will hold a summit in London to discuss what we may hope will be an internationally coordinated plan to address the world economic crisis. But can such a plan really work?