For many of us, the Great Depression (1929) is a history lesson, rather than a memory. However, the more recent Great Recession (2008) may still be a lingering reality or a painful memory. On October 11, Atlas Obscura published an article on a Scottish Library dedicated to lessons learned from the Great Depression and the Great Recession.
It’s a case of “smart people doing stupid things.”
Birmingham Northern Rock Bank Run in 2007
In both 1929 and 2008, economic experts everywhere claimed to know exactly what they were doing, yet not a single person could fix the series of mistakes that crashed the world’s economy. To avoid future financial catastrophes, a library in Edinburgh, Scotland has compiled a collection of sensible economic literature that aims to educate the next generation of economists.