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In 2008 there was a global financial crisis comparable to the storied Wall Street Crash of 1929: some of the biggest investment banks in the world, followed by the American automobile industry, tottered on the brink of collapse. If these had gone, the entire global financial system and the heart of American industry would have gone with them. The consequences of the two crashes were, however, quite different. The 1929 crash was followed by a global depression, with catastrophic consequences in mass unemployment, poverty and social dislocation. In the United States, the New Deal brought a progressive coalition to Washington with innovative social and economic programs.

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