ABSTRACT
This chapter explores some parallels between the Great Recession and the Great Depression in the United States (US) to highlight the unique character of the recent downturn. It further outlines significant tendencies in the US labor market which are considered emblematic of the profound transformations that the American economy and society have undergone. The upward trend of corporate profits since the second half of the 1990s was briefly interrupted by the Great Recession, only to further accelerate in its aftermath. The chapter provides an inquiry into key development trends in the US economy over the last several decades that may shed light on the factors and tensions underlying the unique character of the Great Recession. Moreover, there is over 100 trillion-dollar of investable wealth in the global economy including the assets of high-net-worth people, pension, insurance, and mutual funds, sovereign-wealth funds, corporate cash holdings, etc. an ocean of idle money looking for profitable ventures.
