The Greatest Generation’s Squandered Legacy

By DARON ACEMOGLU (Project Syndicate)  CAMBRIDGE – To the interwar generation of the first half of the twentieth century, today’s crises would have appeared rather ordinary. They had seen much worse: the two bloodiest wars in human history, mass unemployment and destitution created by the Great Depression (which still dwarfs this century’s recessions), and far more serious threats to democracy in the form of Soviet communism, fascism, and Hitler’s National Socialism.

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