The Global Economy from the Great Depression to the Great Recession PDF Download
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Author: Michael Jolly
Publisher:
ISBN: 9781524949891
Category :
Languages : en
Pages : 0
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Book Description
By understanding how economic institutions developed, how the world economy has / and is still evolving, and through familiarity with the similarities and differences between current problems and the problems of the recent past, we gain a sense of perspective and some guidance as to the nature of the challenges facing the global economic system.
Author: Michael Jolly
Publisher:
ISBN: 9781465204370
Category : Development economics
Languages : en
Pages : 0
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Book Description
Author: David B. Grusky
Publisher: Russell Sage Foundation
ISBN: 1610447506
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
Author: Randall E. Parker
Publisher: Edward Elgar Publishing
ISBN: 1843765500
Category : Business & Economics
Languages : en
Pages : 243
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Book Description
This is an enjoyable and immensely readable book which combines in interview format, reflections by prominent economists on contemporary and subsequent explanations of the Great Depression with what Bernanke in his foreword refers to as highbrow gossip concerning the lives and experiences of those selected economists who lived through the era. W.R. Garside, Australian Economic History Review The tone of the book is broad, and it moves fluidly between discussion of grand intellectual debates about what mattered, personal thoughts of the interviewer and his subjects, formative experiences, events and gossip. Christopher M. Meissner, The International History Review This volume is built around transcripts of interviews conducted in 1997 and 1998 with 11 noteworthy economists who had been graduate students in the 1930s. They were invited to reflect on how the Great Depression affected them, both personally and professionally. As Ben S. Bernanke remarks in the foreword, this is first-rate highbrow gossip . The result is both instructive and entertaining. William J. Barber, Journal of Economic History The interviews with famous senior economists contained in this enjoyable book achieve two important, and quite distinct, goals. First, they provide invaluable insights into the history of theorizing about the Depression. In these conversations we see the struggles of the brightest young economists of their generation to reconcile old paradigms of the efficiency and optimality of free markets with the hard facts of mass unemployment and economic collapse they saw around them in the 1930s. In their attempts to find new answers we see the roots of current ideas and debates in economics. These interviews do an excellent job of recapturing the sense of uncertainty, the feeling of grappling with an intractable puzzle, that almost every one of these economists experienced. The second achievement of these interviews is to provide, well, first-rate highbrow gossip. The interviewees are outstanding economists but they are also an exceptional group of people. They hail from around the world, from a variety of cultural and socioeconomic backgrounds. Each, in one way or the other, found his or her way to professional prominence, often in the face of substantial adversity. From the foreword by Ben S. Bernanke, Princeton University, US It is an accepted truism that the Great Depression did more for the development of modern economics than any other single event. Some of the greatest economists of the twentieth century were inspired to go into the field as a direct result of their experiences during this period. This book explores the most prominent economic explanations of the Great Depression and how it affected the lives, experiences, and subsequent thinking of economists who lived through that era. Presented in interview format, this collection of conversations with Moses Abramovitz, Morris Adelman, Milton Friedman, Albert Hart, Charles Kindleberger, Wassily Leontief, Paul Samuelson, Anna Schwartz, James Tobin, Herbert Stein and Victor Zarnowitz provides a record of their reflections on the economics of the Great Depression and on the major events which occurred during those critical years. This volume is also another chapter in the legacy of the interwar generation of economists and is intended as a token of gratitude for the contributions they have made to the economics profession. Randall Parker has given us a window into the lives of these gifted scholars and an important glimpse into the world that shaped them. Any student or scholar of economics will find this homage to and record of the brightest voices to come out of this critical time to be indispensable.
Author: Michael Siam-heng Heng
Publisher: World Scientific
ISBN: 981433863X
Category : Business & Economics
Languages : en
Pages : 285
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Book Description
Many books on the 2008 financial crisis and the current recession focus on the financial sector. Unlike them, this book takes the real economy as the starting point and it situates the downturn within the societal context over the last several decades. Important elements of the story include global manufacturing overcapacity and declining profitability, failure of advanced industrial economies to make a quantum jump in discoveries and innovations across a broad range of technologies, ascent of neo-liberalism after the fall of the Berlin Wall, the Asian financial crisis, the Japanese “lost decade”, and the dot-com boom. This provides the backdrop of the birth of a market society, deregulation, easy credit, and financial excesses.The financial crisis reveals much that has gone astray in the business world over the last few decades — short term thinking, manipulation of figures and image management at the cost of the basics. The financial sector has become an arena for accounting shenanigans and corporate skullduggery. It is also a symptom of deeper social and cultural change. Crisis of a very serious nature functions as a cleansing exercise. Already we have seen debates which re-examine values and ideas, state policy and business practices. If the world could rise to the challenge, history will view the crisis as a blessing in disguise and thus render it in positive terms.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815283
Category : Business & Economics
Languages : en
Pages : 475
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Book Description
This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.
Author: Michael A. Bernstein
Publisher: Cambridge University Press
ISBN: 9780521379854
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
This 1988 book focusses on why the American economy failed to recover from the downturn of 1929-33.
Author: Barry J. Eichengreen
Publisher: Oxford University Press
ISBN: 0190621079
Category : Business & Economics
Languages : en
Pages : 521
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Book Description
"A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--
Author: Mr.Atish R. Ghosh
Publisher: International Monetary Fund
ISBN: 1475584741
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
The global financial crisis and the ensuing Great Recession raised concerns about adjustment fatigue, deflation, currency wars, and secular stagnation that presented a sense of déjà vu: similar concerns had arisen at the time of the Great Depression and at the end of World War II. As with earlier crises, these concerns prompted calls for greater international policy cooperation—both to achieve a sustainable recovery from the crisis and to prevent future crises. This volume compiles papers from a 2015 symposium of eminent scholars convened by the IMF to discuss how history can inform current debates about the functioning and challenges of the international monetary system. An introductory chapter sets the stage for the other chapters in the volume by giving a broad overview of the performance of the international monetary system over the past century, highlighting the key events and challenges that shaped it. Subsequent sections look at historical antecedents of today’s challenges, describe how the modern international monetary system has been—and continues to be—shaped through international financial diplomacy, provide a present-day perspective, and examine the analytics of international policy coordination.
Author: Eskander Alvi
Publisher: W.E. Upjohn Institute
ISBN: 0880996366
Category : Political Science
Languages : en
Pages : 152
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Book Description
This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.
Author: Harold James
Publisher: Harvard University Press
ISBN: 0674264711
Category : Business & Economics
Languages : en
Pages : 236
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Book Description
"Globalization" is here. Signified by an increasingly close economic interconnection that has led to profound political and social change around the world, the process seems irreversible. In this book, however, Harold James provides a sobering historical perspective, exploring the circumstances in which the globally integrated world of an earlier era broke down under the pressure of unexpected events. James examines one of the great historical nightmares of the twentieth century: the collapse of globalism in the Great Depression. Analyzing this collapse in terms of three main components of global economics--capital flows, trade, and international migration--James argues that it was not simply a consequence of the strains of World War I but resulted from the interplay of resentments against all these elements of mobility, as well as from the policies and institutions designed to assuage the threats of globalism. Could it happen again? There are significant parallels today: highly integrated systems are inherently vulnerable to collapse, and world financial markets are vulnerable and unstable. While James does not foresee another Great Depression, his book provides a cautionary tale in which institutions meant to save the world from the consequences of globalization--think WTO and IMF, in our own time--ended by destroying both prosperity and peace.
