A crisis isn’t the time to be fair

Liaquat Ahamed’s magisterial 2009 history of the events that led first to the Great Depression and then to the Second World War, Lords of Finance, is a book about policy mistakes. Central bankers and Treasury secretaries, presidents and prime ministers: all of them are locked into their own economic and political orthodoxies. They consistently make choices that appear to us, nearly a century later, to be insane but to them seemed completely sensible.

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