Abstract:
The novel coronavirus is wreaking havoc on the Chinese and the global economies, as economic activities come to a standstill and unemployment rate skyrockets. To prevent a severe recession, bailouts need to be in place for the low-income group, and the opportunity for reform must also be seized. The Great Depression and the New Deal can provide valuable experience and lessons for how to deal with the current economic situation. Key measures may include maintaining credit growth, preventing deflation, breaking the doctrine of fiscal balance, and avoiding international trade war.
Keywords: novel coronarvirus, Great Depression, Roosevelt's New Deal
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