Economics

This study analyzes the history of trade and investment relations between Iran and the rest of the world. The study consists of two parts:  (a) from about two decades prior to the 1979 revolution, and (b) the period since the revolution to the present time.  The emphasis of the study will be on Iran’s top trading and investment partners.  The ultimate goal is to better understand the evolution of economic ties between Iran and its current major trading partners, in particular China.

We are cursed to live in interesting times, in fact, the most interesting since the Great Depression. For most Americans, the current recession is, by far, the worst recession in their adult lifetime. Since 1981 the U.S. economy never contracted for more than a year. Heightening economic insecurity, this recession is also associated with a financial crisis, as numerous news stories recall the turmoil of the Great Depression.  “The main relevance of the Great Crash 1929, to the Great Financial Crisis 2008 is surely here,” - says John Galbraith the author of The Great Crash 1929, “both times, the government knew what it should do. Both times, it declined to do it.”  While it would be incorrect to say that there was lack of action, it is worth noting that both times, the measures were employed only after the crises happened, while warnings were largely ignored.

Some scholars see the New Deal as a radical break from America’s past political tradition, while others argue that at its heart, the New Deal was actually quite conservative. What evidence do you see for each of those positions, and where do you ultimately come down on the question?