Is this 'it'? An outline of a theory of depressions

@article{Carvalho2016IsT,
  title={Is this 'it'? An outline of a theory of depressions},
  author={Fernando J. Cardim de Carvalho},
  journal={Revista de Economia Pol{\'i}tica},
  year={2016},
  volume={36},
  pages={451-469}
}
The crisis initiated in the United States in 2007, and spread worldwide in 2008, has been compared to the Great Depression of the 1930s. They have in common a deep fall in the level of activity (although in the 2010s government intervention was able to contain the fall before it could reach the dimensions of the 1930s), followed by a period where recovery is uncertain and fragile, as has been the case both in the US and in Western Europe. The paper outlines a theory of depression that comprises… 
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