History
See also: List of banking crises and List of economic crisesA noted survey of financial crises is This Time is Different: Eight Centuries of Financial Folly (Reinhart & Rogoff 2009), by economists Carmen Reinhart and Kenneth Rogoff, who are regarded as among the foremost historians of financial crises. In this survey, they trace the history of financial crisis back to sovereign defaults – default on public debt, – which were the form of crisis prior to the 18th century and continue, then and now causing private bank failures; crises since the 18th century feature both public debt default and private debt default. Reinhart and Rogoff also class debasement of currency and hyperinflation as being forms of financial crisis, broadly speaking, because they lead to unilateral reduction (repudiation) of debt.
Read more about this topic: Financial Crises
Famous quotes containing the word history:
“History is the present. That’s why every generation writes it anew. But what most people think of as history is its end product, myth.”
—E.L. (Edgar Lawrence)
“Books of natural history aim commonly to be hasty schedules, or inventories of God’s property, by some clerk. They do not in the least teach the divine view of nature, but the popular view, or rather the popular method of studying nature, and make haste to conduct the persevering pupil only into that dilemma where the professors always dwell.”
—Henry David Thoreau (1817–1862)
“The history of reform is always identical; it is the comparison of the idea with the fact. Our modes of living are not agreeable to our imagination. We suspect they are unworthy. We arraign our daily employments.”
—Ralph Waldo Emerson (1803–1882)