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Opinion | The Third Depression (Published 2010)
Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions†at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31. Neither the Long Depression of the 19th century nor the Great Depression of th
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