THE GREAT DEPRESSION

Transcription

1 THE GREAT DEPRESSION Critical Concepts in Economics Edited by Geoffrey E. Wood and Forrest H. Capie Volume I Routledge Taylor & Francis Croup LONDON AND NEW YORK

2 VOLUME I Chronological table of reprinted articles and chapters xiii xv Introduction 1 PART 1 Some classic texts LIONEL ROBBINS 2 Conditions of recovery 75 LIONEL ROBBINS 3 Excerpts from 'Slump and Recovery, : a survey of world economic affairs' 97 H. V. HODSON 4 Excerpt from 'The Great Crash 1929' 175 J. K. GALBRAITH 5 Excerpt from 'Did Monetary Factors cause the Great Depression?' 293 PETER TEMIN

3 VOLUME II vii PART 2 The United States 1 6 An early Harvard memorandum on anti-depression policies: an introductory note 3 DAVID LAIDLER AND ROGER SANDILANDS 7 Nonmonetary effects of the financial crisis in the propagation of the Great Depression 19 BEN S. BERNANKE 8 The macroeconomics of the Great Depression: a comparative approach 47 BEN S. BERNANKE 9 Was expansionary monetary policy feasible during the great contraction? An examination of the gold standard constraint 79 MICHAEL D. BORDO, EHSAN U. CHOUDHRI AND ANNA J. SCHWARTZ 10 Could stable money have averted the great contraction? Ill MICHAEL D. BORDO, EHSAN U. CHOUDHRI AND ANNA J. SCHWARTZ 11 The denning moment hypothesis 134 MICHAEL D. BORDO, CLAUDIA GOLDIN AND EUGENE WHITE 12 "Bank debts" and "General recommendations" 154 EVANS CLARK ET Ah. 13 The perverse elasticity of the Federal Reserve system 229 LAUCHLIN CURRIE 14 What ended the Great Depression? 238 CHRISTINA D. ROMER 15 The nation in depression 267 CHRISTINA D. ROMER VI

4 16 The Great Crash and the onset of the Great Depression 288 CHRISTINA D. ROMER VOLUME III vii PART 2 The United States - continued 1 17 The debt-deflation theory of Great Depressions 3 IRVING FISHER 18 Federal Reserve monetary policy, : a reinterpretation 23 ELMUS R. WICKER 19 Exchange rates and economic recovery in the 1930s 46 BARRY EICHENGREEN AND JEFFREY SACHS 20 The Smoot-Hawley tariff: a quantitative assessment 69 DOUGLAS A. IRWIN 21 Was the Bank Holiday of 1933 caused by a run on the dollar? 89 BARRIE A. WIGMORE 22 Member bank borrowing and the Fed's contractionary policy during the Great Depression 106 DAVID C. WHEELOCK 23 Monetary and other explanations of the start of the Great Depression 126 ALLAN H. MELTZER 24 Did monetary forces cause the Great Depression? A review essay 143 ARTHUR E. GANDOLFI AND JAMES R. LOTHIAN 25 Monetary factors in the Great Depression 158 JAMES D. HAMILTON 26 Monetarist interpretations of the Great Depression: an evaluation and critique 184 ROBERT J. GORDON AND JAMES A. WILCOX Vll

5 27 Understanding ANNA J. SCHWARTZ 28 Financial factors in the Great Depression 281 CHARLES W. CALOMIRIS 29 The origins and nature of the Great Slump revisited 308 BARRY EICHENGREEN 30 New Deal economic policy and the problem of recovery 340 MICHAEL A. BERNSTEIN VOLUME IV vii PART 3 UK and Europe 1 31 Searching for an explanation of unemployment in interwar Britain 3 DANIEL K. BENJAMIN AND LEVIS A. KOCHIN 32 Vicious and virtuous circles: the political economy of unemployment in interwar UK and USA 41 KENT MATTHEWS, PATRICK MINFORD AND RUTHIRA NARAIDOO 33 What happened in 1931? 59 FORREST H. CAPIE, TERENCE MILLS AND GEOFFREY E. WOOD 34 Debt management and interest rates: the British stock conversion of FORREST H. CAPIE, TERRY C. MILLS AND GEOFFREY E. WOOD 35 The British tariff and industrial protection in the 1930s 103 FORREST CAPIE 36 The economic recovery in the United Kingdom in the 1930s 117 MICHAEL BEENSTOCK, FORREST CAPIE AND BRIAN GRIFFITHS Vlll

6 37 Wages and unemployment in interwar Britain 164 MICHAEL BEENSTOCK AND PETER WARBURTON 38 Diary of the crisis 184 AUREL SCHUBERT 39 The causes of the financial crisis 195 AUREL SCHUBERT 40 The causes of the German banking crisis of HAROLD JAMES 41 The beginning of the Depression in Germany 249 PETER TEMIN 42 The beginning of the Depression in Germany, : investment and the capital market 260 T. BALDERSTON 43 Economists and the Depression 285 HAROLD JAMES 44 A Nazi recovery? 300 HAROLD JAMES 45 Cars, roads, and economic recovery in Germany, R. J. OVERY 46 The Depression in Sweden and the United States: a comparison of causes and policies 382 LARS JONUNG 47 The 1920s and 1930s: foreign exchange policy and industrial and financial restructuring 410 MICHELE FRATIANNI AND FRANCO SPINELLI 48 The Depression in France 438 l KENNETH MOURE IX

7 VOLUME V vii PART 4 General and rest of world 1 49 Exchange fluctuations 3 RAGNAR NURKSE 50 Review and conclusion 32 RAGNAR NURKSE 51 International aspects of the Gold Standard 64 JACOB VINER 52 The midas touch: the spread of the Great Depression 80 PETER TEMIN 53 Transmission of the Great Depression 114 PETER TEMIN 54 The lessons 130 H. W. ARNDT 55 National policies 178 W. ARTHUR LEWIS 56 Introduction to Golden Fetters 231 BARRY EICHENGREEN 57 The exchange rate and the international transmission of business cycle disturbances: some evidence from the Great Depression 261 EHSAN U. CHOUDHRI AND LEVIS A. KOCHIN 58 The slide to the abyss 272 CHARLES P. KINDLEBERGER 59 The gold bloc yields 286 CHARLES P. KINDLEBERGER 60 Role of the International Gold Standard in propagating the Great Depression 298 JAMES D. HAMILTON

8 61 The Silver Standard: China in the International Monetary System 319 TORNOKO SHIROYARNA 62 Economic recovery from the Argentine Great Depression: institutions, expectations, and the change of macroeconomic regime 341 GERARDO DELLA PAOLERA AND ALAN M. TAYLOR 63 Depression and recovery in New Zealand 375 G. R. HAWKE Index 393 XI