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Is There Going to be a Depression?
Overtrading Sometimes Followed by Revulsion
Reﬂections on Current Changes in National
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Adam Smith American assets Banco Ambrosiano bank failures beneﬁts billion bonds boom borrowing Britain British Caldwell Cambridge capital cent central banks collapse commodity companies consumer cooperation corporations crash crises currency decline deﬁcit deﬂation deposits depreciation developed countries difﬁculties disintermediation distress dollar economic responsibility economists Europe European exchange rates exports fallacy of composition farm Federal Reserve System ﬁeld ﬁnance ﬁnancial ﬁnancial crisis ﬁnd ﬁrms ﬁrst ﬁxed ﬂow foreign foreign-exchange France Franklin National Franklin National Bank free riders funds Germany hegemony income industry inﬂation institutions interest rates International Economic International Monetary Fund international public investment irreversible Japan Kindleberger last resort LDCs leadership lender of last lending liquidity loans London macroeconomic Marshall Plan monetarist mortgages National Bank ofﬁce OPEC perhaps Princeton problem produced proﬁts regimes rise risk stability standard stock market tariff theory Third World debt trouble United University Press world economy York