But it is also appropriate to look forward. Changes in financial markets and the risk management capability of firms have been significant in the intervening years. The crash may no longer be as useful a reference point for judging events and evaluating public policy responses. I suppose everyone can remember what they were doing on the day of the crash.
He examined the advisability of partially or completely cancelling war debts that had become unbearable for the smaller countries, and analyzed the dire consequences that application of the peace treaty would have for international trade and the prosperity of some regions.