Does 2019 look lot like 1929?

Wharton dean Geoff Garrett in this piece fears 2019 looking lot like 1929:

In my darkest moments, I fear that 2019 is looking more like 1929. Ninety years ago, economic inequality was at an all-time high in America and Europe. The seeds of authoritarian nationalism were sprouting in Asia, Europe and Latin America. World War I had destabilized the old global order without creating a new one. Against this backdrop, the stock market crash of October 1929 then ignited the horrendous cascade of depression, fascism and World War II—arguably the worst 15 years in history.

The notion that we could even remotely be near such a global paroxysm may seem unthinkable today. But I bet that is how everybody living the life of The Great Gatsbyand Downton Abbey in the late 1920s felt, too.

The good news today is that while a market correction and a potential recession seem likely sometime, the chances of a crash on the scale of 1929 appear remote. This gives us some time—time to do all we can to reverse the big trends, time to make sure the 2020s are not a replay of the 1930s.

Part of what we must do no doubt requires demanding more of our political leaders—to be more open about the challenges we face and more creative about the potential solutions. But I implored our students to embrace the real difference they can make: that bottom-up actions by the many can change the world as much as, or more than, the actions of even the most effective leaders.

So, my suggestions for change are part policy wonkism, part personal wisdom. 

Hmm..

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