A Comparative Study of the Two Global Financial Crises

Liu He (刘鹤)
Office of the Central Leading Group on Financial and Economic Affairs, Beijing, China

 
Abstract: This paper examines the differences and similarities of the two global financial crises to find out the fundamental reasons why these two crises have occurred and what we can learn from these two crises. In 2010, we launched a comparative study on the Great Depression of the 1930s and today’s international financial crisis. This paper is the main summary of the project we have accomplished together. This research draws on the historical event and data to analyze the true reasons behind these two global crises. It concludes that the endogenous conflicts of capitalism, with the inability to self-adjust have caused these crises to take place.
Keywords: financial crises, economic development, growth, historical comparison

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