Breandan Brown: Today’s easy-money-fueled economic “boom” doesn’t compare well to booms of the past: The forces of globalization during the past two decades have been stronger than at any time since the era of “the Great Deflation” which started in the aftermaths of the US Civil War and the Franco-Prussian War, and continued through the 1880s. During the earlier period, the US economy enjoyed record growth in prosperity. But, during the present era of globalization, the US and most advanced economies have grown fitfully and overall slowly. An obvious question is whether that divergence in outcomes is due to the very … Continue reading A Tale of Two “Deflationary” Booms — The Gilded Age vs. Today