In 2019, the pandemic crashed the economy creating a great deal of uncertainty about the future. HOw long would it last? What would be the long-term consequences? Would the recovery be V shaped, K shaped or something else? The crisis didn't hit all parts of society equally; social justice issues already being debated intensified.
How should our leadership respond? What is the role of the government? Economic Stimulus? Calling for sacrifice? Try something new? Deficit spending? Modern Monetary Theory? Universal Basic Income?
We've had these debates before. During the Great Depressions Americans debated how to respond to an economic collapse accompanied by other disasters. The details differ, but many of the big themes remain. Economic orthodoxy of Keynesian economics? Raise tariffs? Stay on the gold standard? Provide economic relief?
Like now, the crisis changed society and brought existing conditions into the light. Families were under stress. Jim Crow segregation presented a real challenge to recovery efforts.
The Great Depression changed American politics, economics, and society. What lessons can we learn for today? Take the special topics course, the Great Depression taught by Phillip Payne.
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