The History of Financial Panics
By Martin A. Armstrong
Financial Panics have been very interesting for they have been taking place since ancient times. There are two primary types of panics. One that is very short-lived with a typical duration of 2 to 3 years maximum, and the second type which precedes a prolonged economic contraction we call a depression to distinguish this from the former recession. This is a very interesting subject for it is all about the business cycle and how it functions (C).