Bertil Ohlin Quote
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.
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.