: As the world enters another recession, here are the lessons to remember from 2008 #IndiaNEWS As the coronavirus continues to spread around the world, it is abundantly clear that the global economy

As the world enters another recession, here are the lessons to remember from 2008 #IndiaNEWS
As the coronavirus continues to spread around the world, it is abundantly clear that the global economy is entering a recession â€“ the first weâ€™ve seen since 2008. Some officials have compared the last period of economic decline â€“ also know as the Great Recession â€“ to the Depression, which began in 1929.Yet, it is clear that these two downturns differed not only in severity but also in the consequences they had for inequality in the United States.Though the Depression was bigger and longer than the Great Recession, the decades following the Great Depression substantially reduced the wealth of the rich and improved the economic security of many workers. In contrast, the Great Recession exacerbated both income and wealth inequality. Some scholars have attributed this phenomenon to a weakened labour movement, fewer worker protections and a radicalised political right wing. In our view, this account misses the dominance of Wall Street and the financial sector and overlooks its fundamental role in generating economic disparities. We are experts in income inequality, and our new book, Divested: Inequality in the Age of Finance, argues that inequality from the Recession has a lot to do with how the government designed its response.The DepressionReforms during the Great Depression restructured the financial system by restricting banks from risky investment, Wall Street from gambling with household savings and lenders...Read more

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