C. Subsequent Developments Since I have discussed subsequent developments elsewhere, here I will touch on topics related to our current context.15 Thornton was concerned about deflation but thought it would last only for the short run. However, the time came when Europe was exposed to prolonged deflationary pressure.
The question as to whether the mild deflation seen at the end of the 19th century -- lasting from 1873 to 1896 -- had an impact on the real economy remains a matter of debate.