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The Great Depression Revisited

  • Book
  • © 1981

Overview

Editors:
  1. Karl Brunner

    1. Center for Research in Government Policy and Business, Graduate School of Management, University of Rochester, USA
      Universität Bern, Switzerland

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Part of the book series: Rochester Studies in Managerial Economics and Policy (RSEP, volume 2)

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Table of contents (18 chapters)

  1. Front Matter

    Pages i-vii
    Download chapter PDF

  2. Introduction

    • Karl Brunner
    Pages 1-3

  3. Understanding 1929–1933

    • Anna J. Schwartz
    Pages 5-48

  4. Monetarist Interpretations of the Great Depression: An Evaluation and Critique

    • Robert J. Gordon, James A. Wilcox
    Pages 49-107

  5. Notes on the Causes of the Great Depression

    • Peter Temin
    Pages 108-124

  6. Comments on “Understanding 1929–1933”

    • Peter H. Lindert
    Pages 125-133

  7. Comments on “Monetarist Interpretations of the Great Depression”

    • James R. Lothian
    Pages 134-147

  8. Comments on “Monetarist Interpretations of the Great Depression”

    • Allan H. Meltzer
    Pages 148-164

  9. Monetarist Interpretations of the Great Depression: A Rejoinder

    • Robert J. Gordon, James A. Wilcox
    Pages 165-173

  10. Monopoly Explanations of the Great Depression and Public Policies Toward Business

    • Charles C. Cox
    Pages 174-207

  11. Comments on “Monopoly Explanations of the Great Depression and Public Policies Toward Business”

    • William Poole
    Pages 208-210

  12. Comments on “Monopoly Explanations of the Great Depression and Public Policies Toward Business”

    • Thomas Mayer
    Pages 211-219

  13. The Ideological Origins of the Revolution in American Financial Policies

    • George D. Green
    Pages 220-252

  14. Comments on “The Ideological Origins of the Revolution in American Financial Policies”

    • George J. Benston
    Pages 253-257

  15. Comments on “The Ideological Origins of the Revolution in American Financial Policies”

    • James L. Pierce
    Pages 258-261

  16. Some Macroeconomic Impacts of the National Industrial Recovery Act, 1933–1935

    • Michael M. Weinstein
    Pages 262-281

  17. Comments on “Some Macroeconomic Impacts of the National Industrial Recovery Act, 1933–1935”

    • Phillip Cagan
    Pages 282-285

  18. The Depression in Sweden and the United States: A Comparison of Causes and Policies

    • Lars Jonung
    Pages 286-315

  19. Epilogue: Understanding the Great Depression

    • Karl Brunner
    Pages 316-358

  20. Back Matter

    Pages 359-360
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Keywords

About this book

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.

Editors and Affiliations

  • Center for Research in Government Policy and Business, Graduate School of Management, University of Rochester, USA

    Karl Brunner

  • Universität Bern, Switzerland

    Karl Brunner

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