The phrase “history repeats itself” is a common aphorism that suggests that events, behaviors, societal trends, or other aspects of human history tend to recur in different times and places. Essentially, it’s a way of saying that despite technological, cultural, and societal advancements, people often make similar mistakes or follow similar patterns as those who have come before them.
This phrase is often used to convey a sense of inevitability or fatalism. It serves as a warning that we should learn from the past, because failing to do so can lead to the repetition of past mistakes.
However, it’s important to note that the phrase is not meant to be taken literally. Each historical event is unique and shaped by a complex interplay of different factors. Therefore, history doesn’t repeat itself in an exact manner. Instead, certain patterns and dynamics can reappear in different guises or under different circumstances.
It’s also used as a way to stress the importance of studying and understanding history so we can recognize these patterns and ideally prevent negative outcomes from reoccurring. This is encapsulated in another popular saying: “Those who cannot remember the past are condemned to repeat it.”
What Was Happening In 1987
The economy was in a relatively good state for most of 1987. This was part of a longer period of economic expansion that started in the early 1980s, following a deep recession in the late 1970s and early 80s. The GDP was growing, and unemployment was gradually decreasing.
The causes of the crash are still a matter of debate, but possible factors include high stock valuations, program trading, and international disputes about monetary policy.
In 1987, the United States faced a significant challenge in the form of a growing national debt.
The national debt at the time stood at around $2.34 trillion.
