Top Ten Economic Contractions?
By Arnold Kling
What are the ten most important episodes of economic contraction to study? Some obvious ones:
1. The Great Depression in the U.S.
2. The Great Depression in Europe
3. The Japanese slump of the 1990’s and beyond
4. The oil shock of 1973-75
What about other countries and other time periods? Should the British slump that followed Churchill’s restoration of pre-war gold parity be included, separately from the Great Depression?