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The 21st-Century Case for a Managed Economy: The role of disequilibrium, feedback loops and scientific method in post-crash economics by Sean Harkin

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5. Two Modern Crises as Feedback Loops

History is replete with financial ups and downs that conform to the feedback model. One could focus on the panic of 1907, on the depression years of 1929-1939, on the ‘great inflation’ of 1973-1979, on the third-world debt crisis of the 1980s, on the stock market crashes of 1987, on Japan’s lost years of 1991-2003, on the emerging markets crisis of 1997-2002, on the global credit crisis and recession of 2007-2009* or on a host of other dramatic events. Here we will focus on just those events which culminated in 1997-2002, and on the distinct events which came to a head in 2007-2009. These are sufficient to put some more flesh on the bones of the feedback perspective and to draw everything we have looked ...

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