Greece’s crisis has invited comparisons to the 1953 London Debt Agreement, which ended a long period of German default on external debt. This column suggests that looking back, the 1953 agreement was unnecessarily generous given that Germany’s rapid growth lightened the debt repayment burden. Unfortunately for Greece, the motivations driving the 1953 agreement are nearly entirely absent today.
Timothy W. Guinnane, Thursday, August 13, 2015 - 00:00
Stephen Broadberry, Tuesday, November 11, 2014 - 00:00
Hugh Rockoff, Saturday, October 4, 2014 - 00:00
Avner Offer, Friday, September 19, 2014 - 00:00
Harold James, Wednesday, July 9, 2014 - 00:00
The 1907 panic affected the world, demonstrating the fragility of the international financial system. This column discusses the steps the US and Germany took in fortifying their financial systems following 1907. There is a link between the financial crisis and the escalation of diplomatic relations that led to war in 1914. And this link has implications for today as the world is recovering from the 2008 crisis.
Drew Keeling, Monday, June 23, 2014 - 00:00
When nations declared war in 1914, migration policies changed. This column describes some of these changes and how they affected later migration incentives and patterns. Before 1914, migration had been peaceful and driven by market incentives. Since 1914, it has been shaped by politically determined quotas, legal restrictions, and flights from wars and oppression.
Mark Harrison, Tuesday, June 3, 2014 - 00:00
The Great War offers lessons for today. But this column argues from recent research that many so-called lessons are misunderstood. Secretive, authoritarian regimes become dangerous when they fear the future. Deterrence matters. Other aspects also demand re-evaluation.