The Great Depression Revisited

Download or read book The Great Depression Revisited written by K. Brunner and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fateful days of the great stock market crash entered modem history almost 50 years ago to this day. The cyclic turning point of the U. S. economy oc curred, however, around June 1929, and economic activity receded substantial ly over the subsequent months. The onset of an economic downswing thus became clearly visible before the famous crash. But the October event stays in the public's mind as the symbol of the Great Depression. For nearly four years, until the spring of 1933, the U. S. economy plunged into a deep reces sion. Activity declined, prices fell, and there emerged a massive unemploy ment problem. The economy ultimately overcame this shock in 1933. Prices rose rapidly in spite of substantial margins of unusual resources. Activity ex panded, but occasionally at a somewhat hesitant rate. The expansion, however, was interrupted by another recession of major proportions during 1937-38. The tragic sequence of events shaped public consciousness and influenced new approaches and views in economic policymaking. The activist approach to "stabilization policy" and a wide range of regulatory policies were essentially justified in terms of this experience. These policies were crucially influenced by our understanding and interpretation of the Great Depression. The view of a radically unstable economic process perennially on the edge of serious collapse gained wide popularity and became a central element of the Keynesian tradi- 2 INTRODUCTION tion. It encouraged, with supplementary interpretations, an interventionist and expanding role of the government in our economic affairs.

Download or read book The Great Depression Revisited written by H. van der Wee and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a quarter of a century the industrial Western world has been living in the euphoria of continuous improvements in welfare, based on economic programming, increasing integration and terms of trade which favor indus trial countries and discriminate against agricultural regions. It is true that recessions have periodically recurred during these years : time and again, however, government intervention succeeded in reducing them to mere "in ventory cycles". In contrast with the twenties and thirties, when economic policy in the West focused on fighting unemployment and stimulating investment, the postwar period has been characterized by a permanent concern to curb inflationary pressure, which was partly due to full-employ ment. The present welfare economy has given rise to a growth of the pro pensity to consume such that public policy has often been constrained to limit consumption and stimulate saving. In this new framework it has perhaps been forgotten that today's welfare owes much to the lessons from the past. The bitter world crisis experience of the thirties in particular has exerted a fruitful and decisive influence upon the search for means to prevent, eliminate or soften the cyclical fluctuations which the process of economic growth involves. Forty years after the out break of the greatest economic crisis ever, it seems useful to draw up the balancesheet of the lessons learned from it. There exists a large literature about the depression of the thirties.

Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.

Download or read book The Great Persuasion written by Angus Burgin and published by Harvard University Press. This book was released on 2012-10-30 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Just as economists struggle today to justify the free market after the global economic crisis, an earlier generation revisited their worldview after the Great Depression. In this intellectual history of that project, Burgin traces the evolution of postwar economic thought in order to reconsider the most basic assumptions of a market-centered world.

Download or read book The Return of Depression Economics written by Paul R. Krugman and published by W. W. Norton & Company. This book was released on 1999 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author of "The Age of Diminished Expectations" returns with a sobering tour of the global economic crises of the last two years.

Download or read book Hemp: American History Revisited written by Robert Deitch and published by Algora Publishing. This book was released on 2003 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: A look at major events in U.S. and world history as they influenced, and as they may have been influenced by, the cultivation and use of hemp.

Download or read book Lincoln Revisited written by Harold Holzer and published by Fordham University Press. This book was released on 2009-08-25 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: In February 2009, America celebrates the bicentennial of the birth of Abraham Lincoln, and the pace of new Lincoln books and articles has already quickened. From his cabinet’s politics to his own struggles with depression, Lincoln remains the most written-about story in our history. And each year historians find something new and important to say about the greatest of our Presidents. Lincoln Revisited is a masterly guidePub to what’s new and what’s noteworthy in this unfolding story—a brilliant gathering of fresh scholarship by the leading Lincoln historians of our time. Brought together by The Lincoln Forum, they tackle uncharted territory and emerging questions; they also take a new look at established debates—including those about their own landmark works. Here, these well-known historians revisit key chapters in Lincoln’s legacy—from Matthew Pinsker on Lincoln’s private life and Jean Baker on religion and the Lincoln marriage to Geoffrey Perret on Lincoln as leader and Frank J. Williams on Lincoln and civil liberties in wartime. The eighteen original essays explore every corner of Lincoln’s world—religion and politics, slavery and sovereignty, presidential leadership and the rule of law, the Second Inaugural Address and the assassination. In his 1947 classic, Lincoln Reconsidered, David Herbert Donald confronted the Lincoln myth. Today, the scholars in Lincoln Revisited give a new generation of students, scholars, and citizens the perspectives vital for understanding the constantly reinterpreted genius of Abraham Lincoln.