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:
“Classes struggle, some classes triumph, others are eliminated. Such is history; such is the history of civilization for thousands of years.”
—Mao Zedong (1893–1976)
“The true theater of history is therefore the temperate zone.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“The greatest horrors in the history of mankind are not due to the ambition of the Napoleons or the vengeance of the Agamemnons, but to the doctrinaire philosophers. The theories of the sentimentalist Rousseau inspired the integrity of the passionless Robespierre. The cold-blooded calculations of Karl Marx led to the judicial and business-like operations of the Cheka.”
—Aleister Crowley (1875–1947)