C. P. Kindleberger

The cliché runs that history repeats itself. The late Per Jacobsson was fond of stating that those who are ignorant of history are doomed to repeat it. This can be disproved in two ways: (1) By finding people with a vivid memory of history who none the less slip into repetitive behavior. An example might be the French who pulled down sterling in 1930 with dire consequences for the world, and now seem interested in undermining the dollar. Or (2), by uncovering an historical analogy which has escaped general notice, and seeing if the same story unfolds itself later. The second path is the one followed here. The mass migration now taking place from Southern to Northern and Western Europe-from Portugal, Spain, Italy, Greece and Turkey to Switzerland, France, Germany and Belgium-can be measured against the movement from Southern and Eastern Europe to the United States between 1880 and 1913 for similarities and differences. It is particularly instructive to observe whether previous pitfalls have been avoided, and if so, whether by accident, by circumstances or because of the increased social consciousness of the human race.