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¶ … Lessons from the Great Depression, William Watson is comparing the current recession with the time frame between 1939 and 1940. This is when Britain and France had declared war on Germany after its invasion of Poland. However, no real hostilities took place between the two until Germany invaded France in May 1940. The time when there was little conflict that was occurring, fooled many people into thinking that the war and the subsequent events would not be as bad as feared. Once this occurred, it caused the public to have a sense of complacency about these events and the impact that they would have on the lives of ordinary people. (Watson, 2009, pp. 41 -- 44)
According to Watson, a similar situation is occurring with the recent financial crisis that has taken place. This was sparked initially by doomsday predictions that many in news media were making about: the bailouts...
At first, this caused critics to draw direct comparisons with current recession and the Great Depression. (Watson, 2009, pp. 41 -- 44)
In this case, Watson argues that this economic calamity is not the same as the events that occurred in 1929. The reason why, is because the number of people that were out of work in comparison with the general population is far lower. To illustrate these views, he will refer to the unemployment rate in comparison with the size of the nation. During the Great Depression, these figures were 1 out of every 3 persons who were unemployed. In the recession that occurred in from 2007 to 2009, this number was 1 out of every 18 people. This is important, because the author argues that this is showing how these events are not similar to the Great Depression. The reason why is because, the total number of people who are unemployed…
Bibliography
Watson, W. (2008). Lessons from the Great Depression. Policy Options, 41 -- 44.
But this does not mean it is fair to ignore how many fragile emerging economies, such as Iceland, Ireland, and Greece, have been suffering far worse turmoil than either the U.S. Or Canada today. Regarding the worries about the 'jobless recovery,' Watson believes decreases in employment do not always presage more serious recessions later on. There are profound differences between today and the 1930s. The difference seem to lie in
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