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The Great Recession and Its Distinctive Features

In: The Global Economic Crisis and the Future of Migration: Issues and Prospects

Author

Listed:
  • Bimal Ghosh

Abstract

“Man cannot bathe twice in the same water in a running stream” - is an old saying, attributed to Heraclitus, the Greek philosopher, dating back to 500 B.C. No matter who said this first; it holds sway. History is indeed like a running stream, as it has always been. If it repeats itself, it does not do so in exactly the same way; “at best it rhymes,” as Mark Twain put it. Since before the Great Depression, the world has seen several economic crises. But no two of them have been exactly alike. The recent recession is not an exception. History can nonetheless be useful in understanding the present, and keep us alive to the differences and similarities between current events and their predecessors. We can also learn from history how we can avoid some of the mistakes made in the past and not repeat them. As a recent report by the UK-based Chartered Financial Analyst Society tersely, even if somewhat hyperbolically, warned, “Financial amnesia disarms individuals, the market and the regulator. It causes risk to be mispriced, bubbles to develop and crises to break.”

Suggested Citation

  • Bimal Ghosh, 2013. "The Great Recession and Its Distinctive Features," Palgrave Macmillan Books, in: The Global Economic Crisis and the Future of Migration: Issues and Prospects, chapter 1, pages 15-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-29130-1_2
    DOI: 10.1057/9781137291301_2
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