Contours of Crisis: Plus ça change, plus c'est pareil?

Contours of Crisis: Plus ça change, plus c'est pareil?
Bichler, Shimshon and Nitzan, Jonathan. (2008). Dollars & Sense. 31 December. (Magazine Article; English).

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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?



Publication Type

Article - Magazine


capital crisis finance stock market


BN Money & Finance
BN State & Government
BN International & Global
BN Business Enterprise
BN Capital & Accumulation
BN Region - North America
BN Policy
BN Value & Price
BN Crisis
BN Macro

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Deposited On

12 May 2009

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