hall of mirrors the great depression the great recession and the uses and misuses of history

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Hall Of Mirrors

Author : Barry Eichengreen
ISBN : 9780190621070
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"A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--

Hall Of Mirrors

Author : Barry Eichengreen
ISBN : 9780199392001
Genre : Business & Economics
File Size : 69. 21 MB
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"A brilliantly conceived dual-track account of the two greatest economic crises of the last century and their consequences"--

Hall Of Mirrors

Author : Barry Eichengreen
ISBN : 9780199392025
Genre : Political Science
File Size : 51. 86 MB
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The two great financial crises of the past century are the Great Depression of the 1930s and the Great Recession, which began in 2008. Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Pain and suffering were widespread. The question, given this, is why didn't policymakers do better? Hall of Mirrors, Barry Eichengreen's monumental twinned history of the two crises, provides the farthest-reaching answer to this question to date. Alternating back and forth between the two crises and between North America and Europe, Eichengreen shows how fear of another Depression following the collapse of Lehman Brothers shaped policy responses on both continents, with both positive and negative results. Since bank failures were a prominent feature of the Great Depression, policymakers moved quickly to strengthen troubled banks. But because derivatives markets were not important in the 1930s, they missed problems in the so-called shadow banking system. Having done too little to support spending in the 1930s, governments also ramped up public spending this time around. But the response was indiscriminate and quickly came back to haunt overly indebted governments, particularly in Southern Europe. Moreover, because politicians overpromised, and because their measures failed to stave off a major recession, a backlash quickly developed against activist governments and central banks. Policymakers then prematurely succumbed to the temptation to return to normal policies before normal conditions had returned. The result has been a grindingly slow recovery in the United States and endless recession in Europe. Hall of Mirrors is both a major work of economic history and an essential exploration of how we avoided making only some of the same mistakes twice. It shows not just how the "lessons" of Great Depression history continue to shape society's response to contemporary economic problems, but also how the experience of the Great Recession will permanently change how we think about the Great Depression.

Lessons From The Great Depression

Author : Peter Temin
ISBN : 0262261197
Genre : Business & Economics
File Size : 27. 86 MB
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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.

Essays On The Great Depression

Author : Ben S. Bernanke
ISBN : 9781400820276
Genre : Business & Economics
File Size : 50. 74 MB
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Few periods in history compare to the Great Depression. Stock market crashes, bread lines, bank runs, and wild currency speculation were worldwide phenomena--all occurring with war looming in the background. This period has provided economists with a marvelous laboratory for studying the links between economic policies and institutions and economic performance. Here, Ben Bernanke has gathered together his essays on why the Great Depression was so devastating. This broad view shows us that while the Great Depression was an unparalleled disaster, some economies pulled up faster than others, and some made an opportunity out of it. By comparing and contrasting the economic strategies and statistics of the world's nations as they struggled to survive economically, the fundamental lessons of macroeconomics stand out in bold relief against a background of immense human suffering. The essays in this volume present a uniquely coherent view of the economic causes and worldwide propagation of the depression.

Empire S Crossroads

Author : Carrie Gibson
ISBN : 9780230766181
Genre : History
File Size : 20. 19 MB
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In Empire's Crossroads, Carrie Gibson offers readers a vivid, authoritative and action-packed history of the Caribbean. For Gibson, everything was created in the West Indies: the Europe of today, its financial foundations built with sugar money: the factories and mills built as a result of the work of slaves thousands of miles away; the idea of true equality as espoused in Saint Domingue in the 1790s; the slow progress to independence; and even globalization and migration, with the ships passing to and fro taking people and goods in all possible directions, hundreds of years before the term 'globalization' was coined. From Cuba to Haiti, from Dominica to Martinique, from Jamaica to Trinidad, the story of the Caribbean is not simply the story of slaves and masters - but of fortune-seekers and pirates, scientists and servants, travellers and tourists. It is not only a story of imperial expansion - European and American - but of global connections, and also of life as it is lived in the islands, both in the past and today.

The World In Depression 1929 1939

Author : Charles Poor Kindleberger
ISBN : 0520055926
Genre : History
File Size : 28. 38 MB
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"The World in Depression is the best book on the subject, and the subject, in turn, is the economically decisive decade of the century so far."--John Kenneth Galbraith

Renminbi Internationalization

Author : Barry Eichengreen
ISBN : 9780815726128
Genre : Political Science
File Size : 35. 8 MB
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Meet the next global currency: the Chinese renminbi, or the "redback." Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to create an inter-national role for its currency akin to the international role currently played by the U.S. dollar. Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.

The Globalization Of Inequality

Author : François Bourguignon
ISBN : 9781400885558
Genre : Business & Economics
File Size : 58. 63 MB
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In The Globalization of Inequality, distinguished economist and policymaker François Bourguignon examines the complex and paradoxical links between a vibrant world economy that has raised the living standard of over half a billion people in emerging nations such as China, India, and Brazil, and the exponentially increasing inequality within countries. Exploring globalization's role in the evolution of inequality, Bourguignon takes an original and truly international approach to the decrease in inequality between nations, the increase in inequality within nations, and the policies that might moderate inequality’s negative effects. Demonstrating that in a globalized world it becomes harder to separate out the factors leading to domestic or international inequality, Bourguignon examines each trend through a variety of sources, and looks at how these inequalities sometimes balance each other out or reinforce one another. Factoring in the most recent economic crisis, Bourguignon investigates why inequality in some countries has dropped back to levels that have not existed for several decades, and he asks if these should be considered in the context of globalization or if they are in fact specific to individual nations. Ultimately, Bourguignon argues that it will be up to countries in the developed and developing world to implement better policies, even though globalization limits the scope for some potential redistributive instruments. An informed and original contribution to the current debates about inequality, this book will be essential reading for anyone who is interested in the future of the world economy.

Golden Fetters

Author : Barry Eichengreen
ISBN : 9780199879137
Genre : Business & Economics
File Size : 36. 8 MB
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This book offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. It explores the connections between the gold standard--the framework regulating international monetary affairs until 1931--and the Great Depression that broke out in 1929. Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the 1930s. He demonstrates that the gold standard fundamentally constrained the economic policies that were pursued and that it was largely responsible for creating the unstable economic environment on which those policies acted. The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences.

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