1929 or 1989?
As the global economic crisis has deepened and widened, comparisons to the classical cyclical downturns of 1982 or 1973 have given way to references to 1929 and 1931. But, for geo-strategists, the year that naturally comes to mind, in both politics and economics, is 1989.
PARIS – As the economic crisis deepens and widens, the world has been searching for historical analogies to help us understand what has been happening. At the start of the crisis, many people likened it to 1982 or 1973, which was reassuring, because both dates refer to classical cyclical downturns.