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Author: Douglas A. Irwin
Publisher: MIT Press
ISBN: 026255383X
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
The extreme protectionism that contributed to a collapse of world trade in the 1930s is examined in light of the recent economic crisis. The recent economic crisis—with the plunge in the stock market, numerous bank failures and widespread financial distress, declining output and rising unemployment—has been reminiscent of the Great Depression. The Depression of the 1930s was marked by the spread of protectionist trade policies, which contributed to a collapse in world trade. Although policymakers today claim that they will resist the protectionist temptation, recessions are breeding grounds for economic nationalism, and countries may yet consider imposing higher trade barriers. In Trade Policy Disaster, Douglas Irwin examines what we know about trade policy during the traumatic decade of the 1930s and considers what we can learn from the policy missteps of the time. Irwin argues that the extreme protectionism of the 1930s emerged as a consequence of policymakers' reluctance to abandon the gold standard and allow their currencies to depreciate. By ruling out exchange rate changes as an adjustment mechanism, policymakers turned instead to higher tariffs and other means of restricting imports. He offers a clear and concise exposition of such topics as the effect of higher trade barriers on the implosion of world trade; the impact of the Smoot-Hawley tariff of 1930; the reasons some countries adopted draconian trade restrictions (including exchange controls and import quotas) but others did not; the effect of preferential trade arrangements and bilateral clearing agreements on the multilateral system of world trade; and lessons for avoiding future trade wars.
Author: Douglas A. Irwin
Publisher: MIT Press
ISBN: 026255383X
Category : Business & Economics
Languages : en
Pages : 213
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Book Description
The extreme protectionism that contributed to a collapse of world trade in the 1930s is examined in light of the recent economic crisis. The recent economic crisis—with the plunge in the stock market, numerous bank failures and widespread financial distress, declining output and rising unemployment—has been reminiscent of the Great Depression. The Depression of the 1930s was marked by the spread of protectionist trade policies, which contributed to a collapse in world trade. Although policymakers today claim that they will resist the protectionist temptation, recessions are breeding grounds for economic nationalism, and countries may yet consider imposing higher trade barriers. In Trade Policy Disaster, Douglas Irwin examines what we know about trade policy during the traumatic decade of the 1930s and considers what we can learn from the policy missteps of the time. Irwin argues that the extreme protectionism of the 1930s emerged as a consequence of policymakers' reluctance to abandon the gold standard and allow their currencies to depreciate. By ruling out exchange rate changes as an adjustment mechanism, policymakers turned instead to higher tariffs and other means of restricting imports. He offers a clear and concise exposition of such topics as the effect of higher trade barriers on the implosion of world trade; the impact of the Smoot-Hawley tariff of 1930; the reasons some countries adopted draconian trade restrictions (including exchange controls and import quotas) but others did not; the effect of preferential trade arrangements and bilateral clearing agreements on the multilateral system of world trade; and lessons for avoiding future trade wars.
Author: Nicholas Crafts
Publisher: Oxford University Press, USA
ISBN: 0199663181
Category : Business & Economics
Languages : en
Pages : 474
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Book Description
This book brings together contributions written by internationally distinguished economic historians. The editors explore the current fascination with the 1930s great depression, and link it with the great recession which began in 2007 and still poses a threat to economic stability.
Author: Peter Temin
Publisher: MIT Press
ISBN: 9780262261197
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. Do events of the 1930s carry a message for the 1990s? Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. It describes the causes of the depression, why it was so widespread and prolonged, and what brought about eventual recovery. Peter Temin also finds parallels in recent history, in the relentless deflationary course followed by the U.S. Federal Reserve Board and the British government in the early 1980s, and in the dogged adherence by the Reagan administration to policies generated by a discredited economic theory—supply-side economics.
Author: Cinzia Alcidi
Publisher: CEPS
ISBN: 9290798823
Category : Banks and banking
Languages : en
Pages : 19
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Book Description
"This paper explores three areas in which the experience of the Great Depression might be relevant today: monetary policy, fiscal policy and the systemic stability of the banking system. We confirm the consensus on monetary policy: deflation must be avoided. With regard to fiscal policy, the picture is less clear. We cannot confirm a widespread opinion according to which fiscal policy did not work because it was not tried. We find that fiscal policy went to the limit of what was possible within the confines of sustainability, as they existed then. Our investigation of the US banking system shows a surprising resilience of the sector: commercial banking operations (deposit-taking and lending) remained profitable even during the worst years. This suggests one policy conclusion: At present the authorities in both the US and Europe have little choice but to make up for the losses on 'legacy' assets and wait for banks to earn back their capital. But to prevent future crises of this type, one should make sure that losses from the investment banking arms cannot impair commercial banking operations. At least a partial separation of commercial and investment banking thus seems justified by the greater stability of commercial banking operations."--Publisher.
Author: Alexander J. Field
Publisher: Yale University Press
ISBN: 0300168756
Category : Business & Economics
Languages : en
Pages : 399
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Book Description
This bold re-examination of the history of U.S. economic growth is built around a novel claim, that productive capacity grew dramatically across the Depression years (1929-1941) and that this advance provided the foundation for the economic and military success of the United States during the Second World War as well as for the golden age (1948-1973) that followed.Alexander J. Field takes a fresh look at growth data and concludes that, behind a backdrop of double-digit unemployment, the 1930s actually experienced very high rates of technological and organizational innovation, fueled by the maturing of a privately funded research and development system and the government-funded build-out of the country's surface road infrastructure. This significant new volume in the Yale Series in Economic and Financial History invites new discussion of the causes and consequences of productivity growth over the last century and a half and on our current prospects.
Author: Ben S. Bernanke
Publisher: Princeton University Press
ISBN: 1400820278
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effects As chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the economic catastrophe of the 1930s—work for which he was later awarded the Nobel Prize. This influential work is collected in Essays on the Great Depression, an important account of the origins of the Depression and the economic lessons it teaches.
Author: Joe Burns
Publisher: Ig Publishing
ISBN: 9781935439240
Category : Civil disobedience
Languages : en
Pages : 0
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Book Description
How the revival of the classic production-halting strike is the best hope for a revitalization of the labor movement.
Author: Hal Brands
Publisher: Yale University Press
ISBN: 0300244924
Category : Political Science
Languages : en
Pages : 183
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Book Description
A “brilliant” examination of American complacency and how it puts the nation’s—and the world’s—security at risk (The Wall Street Journal). The ancient Greeks hard-wired a tragic sensibility into their culture. By looking disaster squarely in the face, by understanding just how badly things could spiral out of control, they sought to create a communal sense of responsibility and courage—to spur citizens and their leaders to take the difficult actions necessary to avert such a fate. Today, after more than seventy years of great-power peace and a quarter-century of unrivaled global leadership, Americans have lost their sense of tragedy. They have forgotten that the descent into violence and war has been all too common throughout human history. This amnesia has become most pronounced just as Americans and the global order they created are coming under graver threat than at any time in decades. In a forceful argument that brims with historical sensibility and policy insights, two distinguished historians argue that a tragic sensibility is necessary if America and its allies are to address the dangers that menace the international order today. Tragedy may be commonplace, Brands and Edel argue, but it is not inevitable—so long as we regain an appreciation of the world’s tragic nature before it is too late. “Literate and lucid—sure to interest to readers of Fukuyama, Huntington, and similar authors as well as students of modern realpolitik.” —Kirkus Reviews
Author: Piers Brendon
Publisher: Vintage
ISBN: 0307428370
Category : History
Languages : en
Pages : 850
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Book Description
The 1930s were perhaps the seminal decade in twentieth-century history, a dark time of global depression that displaced millions, paralyzed the liberal democracies, gave rise to totalitarian regimes, and, ultimately, led to the Second World War. In this sweeping history, Piers Brendon brings the tragic, dismal days of the 1930s to life. From Stalinist pogroms to New Deal programs, Brendon re-creates the full scope of a slow international descent towards war. Offering perfect sketches of the players, riveting descriptions of major events and crises, and telling details from everyday life, he offers both a grand, rousing narrative and an intimate portrait of an era that make sense out of the fascinating, complicated, and profoundly influential years of the 1930s.
Author: David Stebenne
Publisher: Simon and Schuster
ISBN: 1982102713
Category : History
Languages : en
Pages : 336
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Book Description
"Explains how the American middle class ballooned at mid-century until it dominated the nation, showing who benefited and what brought the expansion to an end"--
