Tuesday, October 25, 2011 1:21:23 AM
@OldOllie: No, Europe didn't have an equivalent to Glass Steagall, but it did suffer huge economic misfortunes roughly equivalent to that in the US.
Central European countries such as Germany suffered the most, with unemployment levels roughly the same as in the US (~20%). France and the UK were able to avoid some of the repercussions of the worldwide economic downturn because of cooperative agreements in their respective legislative bodies. Other Western European nations such as Italy had (at the time, moderately) totalitarian regimes that used armed force to control their people.
The American approach at the time was regulation, but `Europe` had other ways of handling it.
(I`d like to point out that - especially then - `Europe` cannot really be lumped into a single bin, because sovereignty reigned supreme and different national factions acted differently across the continent.)
Monday, October 24, 2011 11:00:35 PM
Europe never had anything like Glass Steagall. How come they didn't have any huge financial crises between 1945 and 1980? In fact, they didn`t go nearly as far as Roosevelt did to regulate their economies. Maybe that`s why they had a depression, and we had "The Great Depression."