tag:blogger.com,1999:blog-6245381193993153721.post7861912485687829452..comments2024-03-28T17:08:15.784-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: Academic Agent versus Reality on the US Industrial Recession of 1873–1878Lord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-6245381193993153721.post-13769560619904991742018-09-22T09:23:52.048-07:002018-09-22T09:23:52.048-07:00Thanks for this. An article published almost exac...Thanks for this. An article published almost exactly 10 years ago by historian Scott Reynolds Nelson adds a lot of useful detail.<br /><br />He argues that the Panic of 1873 started as property bubble in continental Europe that was punctured by the post-civil war emergence of the US as a low-cost competitor and this then resulted in a metastasising banking crisis.<br /><br />For my money 1873, 1929 and 2008 are all ‘balance sheet depressions’ where imprudent lending compounded by fraud lead to a substantial part of the banking system going bankrupt. <br /><br />https://conspireality.tv/2008/10/06/the-real-great-depression/<br />Gordonhttps://www.blogger.com/profile/09261797893125328161noreply@blogger.com