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Policy Responses to the Interwar Economic Crisis

Policy Responses to the Interwar Economic Crisis
Author: Adnan Türegün
Publisher: Springer Nature
Total Pages: 305
Release: 2022-04-01
Genre: Political Science
ISBN: 3030969533

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This book is about national economic policy responses to the Great Depression of the interwar period. Taking off from a generally liberal starting point in the 1920s, states diverged greatly in their responses. Some were daring while others remained conservative. The two groups further differed among themselves in both degree and kind. The book gives a certain shape to this messy reality by identifying broad policy patterns (paradigms), and offers an explanation of it which emphasizes the ideational disposition of policy actors while recognizing the context that limits what they can do. More specifically, it argues that the ideas held by rulers and the strategies they consequently developed regarding three major groups of interest – business, labour, and, most critically, agrarians – largely determined economic policy variation across nations.


The World Economy and National Economies in the Interwar Slump

The World Economy and National Economies in the Interwar Slump
Author: T. Balderston
Publisher: Springer
Total Pages: 238
Release: 2002-12-13
Genre: Business & Economics
ISBN: 0230536689

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The functioning of the gold standard has recently been at the heart of explanations of the interwar depression, particularly as a result of the research of Professors Barry Eichengreen and Peter Temin. In The World Economy and National Economies in the Interwar Slump the interaction between the gold standard and the Great Depression in seven countries is examined by an international team of economists and economic historians. The editor's introduction critically evaluates the Eichengreen-Temin thesis and Eichengreen and Temin themselves contribute an Afterword.


The Great Depression of the 1930s

The Great Depression of the 1930s
Author: Nicholas Crafts
Publisher:
Total Pages: 0
Release: 2016-08-04
Genre: Business & Economics
ISBN: 9780198782780

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Understanding the Great Depression has never been more relevant than in today's economic crisis. This edited collection provides an authoritative introduction to the Great Depression as it affected the advanced countries in the 1930s. The contributions are by acknowledged experts in the field and cover in detail the experiences of Britain, Germany, and, the United States, while also seeing the depression as an international disaster. The crisis entailed the collapse of the international monetary system, sovereign default, and banking crises in many countries in the context of the most severe downturn in western economic history. The responses included protectionism, regulation, fiscal and monetary stimulus, and the New Deal. The relevance to current problems facing Europe and the United States is apparent. The chapters are written at a level which will be comprehensible to advanced undergraduates in economics and history while also being a valuable source of reference for policy makers grappling with the current economic crisis. The book will be of interest to modern macroeconomists and students of interwar history alike and seeks to bring the results of modern research in economic history to a wide audience. The focus is not only on explaining how the Great Depression happened but also on understanding what eventually led to the recovery from the crisis. A key feature is that every chapter has a full list of bibliographical references which can be a platform for further study.


Economic Crisis in Europe

Economic Crisis in Europe
Author: Paul van den Noord
Publisher:
Total Pages: 0
Release: 2011
Genre: European Union countries
ISBN: 9789279153631

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The European economy is emerging from its deepest recession since the 1930s. This volume, which brings together economic analysis from the European Commission services, explains how swift policy response avoided a financial meltdown. Europe also needs an improved co-ordinated crisis-management framework to help it respond to any similar situations that may arise in the future. Economic Crisis in Europe is a much-anticipated volume which shows that the beginnings of such a crisis-management framework are emerging, building on existing institutions and legislation and complemented by new initiatives.


Political Economy and International Order in Interwar Europe

Political Economy and International Order in Interwar Europe
Author: Alexandre M. Cunha
Publisher: Springer Nature
Total Pages: 441
Release: 2020-10-26
Genre: Business & Economics
ISBN: 3030471020

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Standard histories of European integration emphasize the immediate aftermath of World War II as the moment when the seeds of the European Union were first sown. However, the interwar years witnessed a flurry of concern with the reconstruction of the world order, generating arguments that cut across the different social sciences, then plunged in a period of disciplinary soul-searching and feverish activism. Economics was no exception: several of the most prominent interwar economists, such as F. A. Hayek, Jan Tinbergen, Lionel Robbins, François Perroux, J. M. Keynes and Robert Triffin, contributed directly to larger public discussions on peace, order and stability. This edited volume combines these different strands of historical narrative into a unified framework, showing how political economy was integral to the interwar literature on international relations and, conversely, how economists were eager to incorporate international politics into their own concerns. The book brings together a group of scholars with varied disciplinary backgrounds, whose combined perspectives allow us to explore three analytical layers. The first part studies how different forms of economic knowledge, from economic programming to international finance, were used in the quest for a stable European order. The second part focuses on the existence of conflicting expectations about the role of social scientific knowledge, either as a source of technical solutions or as an input for enlightened public discussion. The third part illustrates how certain ideas and beliefs found concrete expression in specific institutional settings, which amplified their political leverage. The three parts are enclosed by an introductory essay, laying out the broad topics explored in the volume, and a substantial postscript tying all the historical threads together.


International Macroeconomics in the Wake of the Global Financial Crisis

International Macroeconomics in the Wake of the Global Financial Crisis
Author: Laurent Ferrara
Publisher: Springer
Total Pages: 300
Release: 2018-06-13
Genre: Business & Economics
ISBN: 3319790757

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This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.


The Economics of World War I

The Economics of World War I
Author: Stephen Broadberry
Publisher: Cambridge University Press
Total Pages: 363
Release: 2005-09-29
Genre: History
ISBN: 1139448358

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This unique volume offers a definitive new history of European economies at war from 1914 to 1918. It studies how European economies mobilised for war, how existing economic institutions stood up under the strain, how economic development influenced outcomes and how wartime experience influenced post-war economic growth. Leading international experts provide the first systematic comparison of economies at war between 1914 and 1918 based on the best available data for Britain, Germany, France, Russia, the USA, Italy, Turkey, Austria-Hungary and the Netherlands. The editors' overview draws some stark lessons about the role of economic development, the importance of markets and the damage done by nationalism and protectionism. A companion volume to the acclaimed The Economics of World War II, this is a major contribution to our understanding of total war.


Regulatory Cycles: Revisiting the Political Economy of Financial Crises

Regulatory Cycles: Revisiting the Political Economy of Financial Crises
Author: Jihad Dagher
Publisher: International Monetary Fund
Total Pages: 89
Release: 2018-01-15
Genre: Business & Economics
ISBN: 1484337743

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Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.