The economic history of the last half century offers two...

The economic history of the last half century offers two cases of serious international depressions in countries with an essential orientation towards a market economy: In the first half of the 1930ies and in the middle of the 1970ies. With some simplification one can say that in the former case recovery started after a few years without the aid of much conscious expansionist policy.

Bertil Ohlin

Ohlin, Bertil. "1933 and 1977: Some Expansion Policy Problems in Cases of Unbalanced Domestic and International Economic Relations." Nobel Memorial Lecture, December 8, 1977; Published in: The Scandinavian Journal of Economics (1978): 360-374.

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