The recession caused by the 2007/08 global financial crisis was severe, but much smaller in magnitude than the 1930s Great Depression because:

a) Monetary policy was more effective in the 2007/08 crisis.
b) The gold standard was still in place during the 2007/08 crisis.
c) Governments implemented timely and effective fiscal measures in 2007/08.
d) International trade was less interconnected in the 2007/08 crisis.