The crisis of 1929 or the unlearned lesson of history.

Summary Situated between the two world wars, the crisis of 1929 is perceived as the consequence of the first world war and the second world war as the solution of the crisis of 1929. It remains today the most serious financial and economic crisis, and each crisis is an opportunity for comparison, the current crisis as well as the others. If each crisis is unique, comparable mechanisms are the cause. The crisis of 1929, like the present one, occurred after a long period of laissez-faire, especially in the financial markets. The stock market was seen (by politicians, traders and the middle class) as a way to get rich easily and quickly. But it was easier to get out of the crisis through war than through massive public investments in vital sectors such as health, education, housing or public transport. Today we are in the same situation, social spending is falling and the military sector is still thriving. Why have we not learned the lesson of history? Why this recurrent financial amnesia? JEL Classification: P10, G01, N4.