Shimshon Bichler and Jonathan Nitzan, "Contours of Crisis: Plus ça
change, plus c'est pareil?" Dollars & Sense, December 31, 2008.
ABSTRACT:
This is the first in a series of short articles we plan to write on the
current crisis. Our aim in this series is threefold: to outline some of
the important contours of the crisis; to situate these patterns in
historical context; and to reflect on their possible causes and
implications.
This paper sets the stage for the series. It outlines the conventional
wisdom about the cause of crisis; it describes the chronology of events;
and it contrasts the pattern and magnitude of the current downturn with
those of earlier episodes. The overall picture painted by this analysis
is highly stylized: crises appear to come and go with remarkable
regularity, their oscillations are fairly similar and they share the
same order of magnitude. The whole process seems almost ‘automatic’, and
automaticity is reassuring: it suggests that the current crisis has run
much of its course and that doom and gloom will soon give way to a new
upswing.
But what if this automaticity is a mirage?
FULL TEXT: http://bnarchives.yorku.ca/255/
Free to repost with due attribution under the Creative Commons Licence
--
Jonathan Nitzan
Political Science
York University
4700 Keele St.
Toronto, Ontario, M3J-1P3
Canada
Voice: (416) 736-2100, ext. 88822
Fax: (416) 736-5686
email: nitzan at yorku.ca
website: http://bnarchives.net
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