The Great Depression of the 1970s could be repeated if nothing changes, say top economists

Some are negative, some are a little more positive. There is also a group of people who proclaim that if nothing changes, a real catastrophe could come.

Several economists believe that if nothing changes, all the signs are that we are heading for a crisis similar to that of the 1970s. How is this possible? Let's take a look at that. But first, a little context:

1970s crisis

The economic side of the 1970s crisis was characterised by rising inflation, recession and rising oil prices. During the 1960s, there was high growth in economic activity, which led to inflation. In the early 1970s, governments in Western countries cut tax rates and increased spending to stimulate economic growth, which is what led to the increase in inflation. In 1973, OPEC countries restricted oil exports to Western countries in response to the foreign policy of some countries towards Israel. This led to an increase in the price of oil and a consequent increase in the…