1. Economic Crisis Ex-Post
- Author:
- Amity Shlaes
- Publication Date:
- 09-2009
- Content Type:
- Journal Article
- Journal:
- The Journal of Diplomacy and International Relations
- Institution:
- School of Diplomacy and International Relations, Seton Hall University
- Abstract:
- The extent to which government should intervene in the market is much more than an academic question. By altering incentives, redistributing wealth, and providig safety nets, the government influences living standards and economic expectations of both businesses and individuals. Since the Great Depression, the precise role that the government should play in regulating the economy and furthering the welfare state has been an issue of contentious debate and intense convictions precisely because it strikes at the heart of what a society's priorities are and how they should be organized. The current financial crisis has revitalized this debate, recasting it onto a globalized world where different characteristics require a perspective that judiciously incorporates lessons learned from the past with a thorough understanding of the unique features of the present.