Contours of Crisis: Plus ça change, plus c'est pareil?
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Abstract or Brief Description
This is the first in a series of short articles we plan to write on the current crisis. Our aim in this series is threefold: to outline some of the important contours of the crisis; to situate these patterns in historical context; and to reflect on their possible causes and implications.
This paper sets the stage for the series. It outlines the conventional wisdom about the cause of crisis; it describes the chronology of events; and it contrasts the pattern and magnitude of the current downturn with those of earlier episodes. The overall picture painted by this analysis is highly stylized: crises appear to come and go with remarkable regularity, their oscillations are fairly similar and they share the same order of magnitude. The whole process seems almost ‘automatic’, and automaticity is reassuring: it suggests that the current crisis has run much of its course and that doom and gloom will soon give way to a new upswing.
But what if this automaticity is a mirage?
Article - Magazine
capital crisis finance stock market
12 May 2009
Available Versions of this Item
- Contours of Crisis: Plus ça change, plus c'est pareil? (deposited 12 May 2009) [Currently Displayed]
- Contours of Crisis: Plus ça change, plus c'est pareil?. (deposited 12 May 2009) [Currently Displayed] .