Jon Krause

与经济大萧条的类比

当今,几乎每一次与经济大萧条进行的比较,都以1929年作为参照点。但是,大萧条显示出两种完全不同的病状,而各自又需要不同的诊断和不同的治疗方法。

第一种也是最有名的病状,就是1929年10月美国股市的崩盘。没有任何其他国家的股市的恐慌有过类似的规模,这在很大程度上是因为,没有任何其它国家曾经历过股格如此让人兴奋的上升从而把众多的背景迥异的美国人卷进了金融投机的活动中。

第二个病状是在糟糕的衰退变成大萧条的过程中起了决定性作用的。一系列的银行恐慌开始于1931年夏天的中欧,并传染到英国,然后到美国和法国,并最终蔓延到世界各地。

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