What Eichengreen-O’Rourke show, it seems to me, is that knowledge is the only thing standing between us and Great Depression 2.0. It’s only to the extent that we understand these things a bit better than our grandfathers – and that we act on that knowledge – that we have any real reason to think this time will be better.
Fat times for social studies teachers right now. Just wait until The Great Protractor War of 1875 revives itself. Then it’ll be our turn.