No open-access location is known for this record yet.
No open-access location is known for this record yet.
The stock market crash of October 19, 1987, came very close to touching off a full-fledged financial panic, which in all probability would have marked the beginning of a serious worldwide economic slump. This was the opinion of informed analysts of the economic scene at the time, and nothing has happened since to cause us to question its accuracy. What prevented the scenario from unfolding as feared was the prompt and massive intervention of the Federal Reserve, which opened its coffers to the threatened financial community, throwing tens of billions of dollars into circulation and promising more if needed.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
Loading…
Imported from OpenAlex (CC0) — nothing here is generated.