Recency bias guarantees that, over the next week, we will see a large number of analyses comparing the stock market crash of March 2020 to the crash of late 2008. The analogy is particularly frightening because the 2008 crash contributed to a global financial crisis. And the stories will be a source of longer-term anxiety because of some of the political economy sequelae that are generally attributed to the crisis, including the rise of mass populist movements in Western democracies.
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Author: Steven Weber
