Here we go again

By Martin Hutchinson

The echoes of the 1930s in the current situation are not confined to foreign policy. Economically also, the parallels between the 1929-32 downturn and the current difficulties are becoming alarmingly apparent. It must be remembered: the Great Depression became such, as distinct from a garden-variety downturn, though egregious policy errors by decision-makers in a number of countries. Repetition of those errors, all of which would have appeared unthinkable a decade ago, is becoming increasingly likely and in some respects is already happening.