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The Great Depression: An International Disaster of Perverse Economic Policies
Thomas E. Hall and J. David Ferguson
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The Great Depression was the worst economic catastrophe in modern history. Not only did it cause massive worldwide unemployment, but it also led to the rise of Adolf Hitler in Germany, World War II in Europe, and the tragic deaths of tens of millions of people. This book describes the sequence of policy errors committed by powerful, well-meaning people in several countries, which, in combination with the gold standard in place at the time, caused the disaster. In addition, it details attempts to reduce unemployment in the United States by Franklin Roosevelt's New Deal, and in Germany by Hitler's National Socialist economic policies.
A comprehensive economic and historical explanation of the events pertaining to the Depression, this book begins by describing the economic setting in the major industrialized countries during the 1920s and the gold standard that linked theory economies together. It then discusses the triggering event that started the economic decline--the Federal Reserve's credit tightening in reaction to perceived overspeculation in the U.S. stock market. The policy bungling that transformed the recession into the Great Depression is detailed: Smoot Hawley, the Federal Reserve's disastrous adherence to the real bills doctrine, and Hoover's 1932 tax hike. This is followed by a detailed description of the New Deal's shortcomings in trying to end the Depression, along with a discussion of the National Socialist economic programs in Germany. Finally, the factors that ended the Depression are examined.
This book will appeal to economists, historians, and those interested in business conditions who would like to know more about the causes and consequences of the Great Depression. It will be particularly useful as a supplementary text in economic history courses.
Thomas E. Hall and J. David Ferguson are both Professors of Economics, Miami University.
A comprehensive economic and historical explanation of the events pertaining to the Depression, this book begins by describing the economic setting in the major industrialized countries during the 1920s and the gold standard that linked theory economies together. It then discusses the triggering event that started the economic decline--the Federal Reserve's credit tightening in reaction to perceived overspeculation in the U.S. stock market. The policy bungling that transformed the recession into the Great Depression is detailed: Smoot Hawley, the Federal Reserve's disastrous adherence to the real bills doctrine, and Hoover's 1932 tax hike. This is followed by a detailed description of the New Deal's shortcomings in trying to end the Depression, along with a discussion of the National Socialist economic programs in Germany. Finally, the factors that ended the Depression are examined.
This book will appeal to economists, historians, and those interested in business conditions who would like to know more about the causes and consequences of the Great Depression. It will be particularly useful as a supplementary text in economic history courses.
Thomas E. Hall and J. David Ferguson are both Professors of Economics, Miami University.
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Cover
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Title
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Copyright
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Dedication
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Contents
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Preface
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Great Depression Timeline
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1. What Happened?
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2. Payback Time?
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2.1. They Were the Good Old Days
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2.2. Problems Ahead?
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2.3. The Federal Reserve’s Reaction
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3. The Gold Standard
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3.1. How the Gold Standard Was Set Up
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3.2. Determination of the Money Supply under the Gold Standard
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3.3. International Implications
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3.4. What If the Rules Were Broken?
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4. International Considerations
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4.1. Britain
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4.2. Germany
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4.3. France
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5. The Start of the Great Depression, 1929-30
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5.1. Monetary Policy and the Stock Market
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5.2. 1930
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6. Sowing the Seeds of Disaster
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6.1. The Real Bills Doctrine
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6.2. The Worldwide Depression
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7. 1931: The Make-or-Break Year
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7.1. The Slide Continues
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7.2. The World Financial Crisis
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7.3. Britain’s Decision
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7.4. Runs on the Yen and Dollar
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7.5. Bagehot’s Advice
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8. More Bank Failures, 1932–33
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8.1. Herbert Hoover
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8.2. The Open Market Purchase Program
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8.3. The Final Wave of Bank Failures
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8.4. A Weak Reed to Lean On
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8.5. Germany: Too Little, Too Late
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9. Economic Recovery: The Early Years of the New Deal
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9.1. Goals of the New Deal
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9.2. Banking and Finance
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9.3. Wages and Prices
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9.4. Relief for the Impoverished
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10. Germany: Recovery, but at a Very High Cost
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10.1. Unemployment Policy
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10.2. Autarky
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10.3. Militarization
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11. The Second New Deal and the 1937–38 Recession
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11.1. Labor
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11.2. Social Security
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11.3. The Revenue Acts of 1935 and 1936
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11.4. A Stronger Recovery
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11.5. Excess Reserves and the Second Recession,1937–38
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12. It’s Finally Over
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12.1. Monetary Policy
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12.2. War in Europe and the U.S. Defense Buildup
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12.3. Cost of the Depression
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12.4. Influence on Economic Thought
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12.5. Lasting Impact of the Depression
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13. A Summing Up; and Could It Happen Again?
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13.1. Answers to Questions Posed Earlier
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13.2. Could It Happen Again?
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Notes
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Glossary
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Bibliography
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Index
Citable Link
Published: 1998
Publisher: University of Michigan Press
- 978-0-472-06667-4 (paper)
- 978-0-472-02332-5 (ebook)