Financial downturns have occurred nearly every 13 years. These downturns are part of a pattern known as the business cycle. There were two major standouts of these financial downturns: the Great Depression and the financial crisis of 2008. These crises were atypical in their scale, magnitude and reach. Although, these two crises share similarities in cause and mechanism, it is important to note that financial crises are not a construct of modern times. Financial crises have occurred for centuries and this study aims to highlight financial crises of the past and apply lessons learned from these to present times.
Mubashir Shabil Billah. "Does History Repeat Itself: Financial Crises." Proceedings of the New York State Economics Association. vol. 5, October 2012, p. 27-36
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