Lessons from the 1930s' Great Depression

@article{Crafts2010LessonsFT,
  title={Lessons from the 1930s' Great Depression},
  author={Nicholas Crafts and Peter Fearon},
  journal={Economic History eJournal},
  year={2010}
}
This paper provides a survey of the Great Depression comprising both a narrative account and adetailed review of the empirical evidence focusing especially on the experience of the United States. We examine the reasons for and the flawed resolution of the American banking crisis as well as the conduct of fiscal and monetary policy. we also consider the pivotal role of the gold standard in the international transmission of the slump and leaving gold as a route to recovery. Policy lessons from… 

The Recession of 1937: A Cautionary Tale

This article reviews the competing explanations offered for the recession of 1937, which interrupted the recovery from the Great Depression. One explanation, increases in labor costs due to the New

‘Blood and treasure’: exiting the Great Depression and lessons for today

Although avoiding the policy mistakes of the 1930s helped define how policy-makers responded to the 2007-8 financial crisis and ensuing recession, policy applications to the recovery phase are less

The Political Lessons of Depression-Era Banking Reform *

The banking legislation of the 1930s took very little time to pass, was unusually comprehensive, and unusually responsive to public opinion. Ironically, the primary motivations for the main bank

The banking panics in the United States in the 1930s: some lessons for today

In this paper we discuss the lessons learned from the US banking panics in the 1930s for the response by the Federal Reserve to the crisis of 2008. We revisit the debate over illiquidity versus

Saving the Euro: a Pyrrhic Victory?

z The survival of the euro has entailed a lengthy recession and has left an ominous legacy of public debt, but the fundamental flaws in its original design have not been corrected. z z In the 1930s

British monetary and fiscal policy in the 1930s

Current economic turbulence has revived interest in interwar macroeconomic instability and policy. This paper provides a guide to the current state of knowledge on British macroeconomic policy

Financial Crises, History of

British financial crises since 1825

This book provides a history of British financial crises since the Napoleonic wars. Interest in crises lapsed during the generally benign financial conditions which followed the Second Word War, but

‘The Great Depression’ versus ‘The Great Recession’. Financial crashes and industrial slumps

This article analyzes and compares the performance of the industrial sector during the «Great Depression» of the 1930s and the «Great Recession» that began in 2007 using the best available synthetic

What Can Be Learned From Crisis-Era Protectionism? An Initial Assessment

Drawing upon a comprehensive database of contemporary protectionism, this paper offers an initial assessment of the extent to which our understanding of protectionism may have to evolve. While some
...

References

SHOWING 1-10 OF 133 REFERENCES

Lessons from the Great Depression

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

The Recession of 1937: A Cautionary Tale

This article reviews the competing explanations offered for the recession of 1937, which interrupted the recovery from the Great Depression. One explanation, increases in labor costs due to the New

Long-term Supply-Side Implications of the Great Depression and 1930s Micro-economic Policies: Anglo- American Reflections

We compare the experiences of the US and UK during and after the Great Depression, with particular attention to three aspects of the economy: international relations, the growth of physical capital,

Europe's Great Depression: Coordination Failure after the First World War

In this paper I survey and reinterpret the extensive literature on Europe's Great Depression. I argue that Europe could not exploit her vast economic potential after 1918, because the war had not yet

Uncertainty as a Propagating Force in The Great Depression

This article argues that the banking crises and collapse of the international gold standard in the early 1930s contributed to the severity of the Great Depression by increasing interest-rate

Rethinking the Great Depression

Drawing upon recent economic scholarship to present a clear and nontechnical analysis, Mr Smiley offers new insights and some surprising conclusions about the causes of the Great Depression, the

Transmission of the Great Depression

To a first approximation, the question of how the Great Depression spread from country to country is short and straightforward: fixed exchange rates under the gold standard transmitted negative

‘Blood and treasure’: exiting the Great Depression and lessons for today

Although avoiding the policy mistakes of the 1930s helped define how policy-makers responded to the 2007-8 financial crisis and ensuing recession, policy applications to the recovery phase are less

The Political Lessons of Depression-Era Banking Reform *

The banking legislation of the 1930s took very little time to pass, was unusually comprehensive, and unusually responsive to public opinion. Ironically, the primary motivations for the main bank

Golden Fetters: The Gold Standard and the Great Depression, 1919-1939

This book is a reassessment of the international monetary crises of the post-World War I period that led to the Great Depression of the 1930s. It also analyses the responses of the world economic
...