Compare between Great depression and 2008 crisis

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Compare between Great depression and 2008 crisis

Compare between Great depression and 2008 crisis

ANSWER


The 2008 economic crisis bears similarity and differences to the Great Depression in a number of ways. Both have been described as the worst economic crisis in the history of the country and they seem to have same antecedents and impact.  They were both preceded by market booms and then a sudden fall of the economic sector and lead to widespread job loses. However, the Great Depression had severe impact compared to the 2008 economic crisis, which means both differ in magnitude.   Both Great Depression an the 2008 economic crisis can be explained  using different theories but Marx economic crisis theory, which is adeptly constructed around capitalism and its evils, explains the causative factors and impact of both crises.  This essay will look into the similarities and differences between the Great Depression and the 2008 economic crisis. The paper will focus on how Marx economic crisis theory can be used to explain the cause and course of the two theories and government response.  The essay will try to find the relationship between the two theories to build ground for further research on what should be done to avert such crisis in the future.