WW Chapter 21: Doomed to repeat it?

I enjoyed the examination that chapter 21 starts of with, which examines
the methodology used in defining the 20th century as a new period of
world history. It admits that the actual chronological length of it is
very brief compared to the periods which precede it. I agree that
eventually we might end up grouping it with the years that follow,
however it seems that so much has transpired that has largely impacted the
world in which we live that it is truly deserving of the title "A New
Period in World History". Chapter 21 begins to try and justify this title
with it's exploration into the collapse and recovery of Europe.

I feel like I know a pretty decent amount about the major conflicts that
defined Europe in the last century, but as I read this chapter I notice a
number of other events which I had never even heard of before. An example
is the Franco-Prussian War, which really helped set the stage for the two
world wars that followed in terms of defining relations between Germany
and France. I also found it interesting and ironic that the great
alliances of the early twentieth century which were created in order to
build lasting peace ended up obligating nations to become involved in
World War I.

Also interesting within this chapter is the mention of an element that
seems to have been resent and played a role in the wars of the later 20th
century: nationalism. Slavic and Austrian nationalism helped begin World
War I and German nationalism played a large role in World War II. I would
go further and suggest that American nationalism has palyed a large role
in our conflicts with both Iraq and Afghanistan.

Lastly I enjoyed reading about the Great Depression. Reading about it is
pretty much like reading about our recent Wall Street collapse. It is
frustrating because it really is the same conequences resulting from the
same policies. We gave the banks and investors free-regin without
oversight thinking the free market would regulate itself. It didn't and
the effects spread beyond simply those who made bad market decisions. The
president then tried to enact sweeping reform and invest in social
pograms in an attempt to boost the economy and his proposals are largely
criticsed by the right as being "socialist". Also much of the regulations
put into place after this disaster that were meant to prevent a repeate
of it (such as the Glass-Stegall Act) were gutted prior to this most
recent economic recession.

What was that quote about those who don't learn from history?