scholarly journals Is this 'it'? An outline of a theory of depressions

2016 ◽  
Vol 36 (3) ◽  
pp. 451-469 ◽  
Author(s):  
FERNANDO J. CARDIM DE CARVALHO
Keyword(s):  
United States ◽  
Great Depression ◽  
Western Europe ◽  
The United States ◽  
Main Mechanism ◽  
Downward Movement ◽  
The Great Depression ◽  
Level Of Activity ◽  
The Us ◽  
Debt Deflation

ABSTRACT The crisis initiated in the United States in 2007, and spread worldwide in 2008, has been compared to the Great Depression of the 1930s. They have in common a deep fall in the level of activity (although in the 2010s government intervention was able to contain the fall before it could reach the dimensions of the 1930s), followed by a period where recovery is uncertain and fragile, as has been the case both in the US and in Western Europe. The paper outlines a theory of depression that comprises both aspects. The theory draws on the theoretical contributions of Keynes, Fisher, Minsky and Leijonhufvud, proposing that the concept of "corridor of stability" may help to explain how an initial adverse aggregate shock may lead to a contractionary spiral, where debt deflation is main mechanism to explain the downward movement of the economy and why one should expect a period of weak and volatile recovery to follow it.

The Advent of a New Banking System in the US

2021 ◽  
pp. 24-46
Author(s):  
João Rafael Cunha
Keyword(s):  
United States ◽  
Great Depression ◽  
Banking Sector ◽  
Banking System ◽  
Financial System ◽  
The United States ◽  
Financial Deregulation ◽  
The Great Depression ◽  
Regulatory Changes ◽  
The Us

The 1980s was one of the most eventful and consequential decades in the development of the US financial system. During this decade, the regulatory framework established in response to the Great Depression started to be dismantled. These regulatory changes were a key driving force behind the transformation of the banking sector. Moreover, the end of the decade saw the most serious banking crisis since the Great Depression. This pattern of deregulation and crises, which started in the 1980s, has continued until the present. Thus, it is worth study this period in greater detail and the consequences it has had for the US banking and financial system. The chapter argues that the deregulatory process that started in the 1980s in the banking industry in the United States has changed the profile of this sector. Between the Great Depression and the 1980s, the banking sector in the United States was a stable, yet not competitive sector. The financial deregulation of the 1980s changed this sector to a competitive, yet unstable one. This deregulatory process occurred mostly as a response to the economic conditions of the 1970s.

The Great Depression: Essays and Memoirs from Canada and the United States

1972 ◽  
Vol 77 (2) ◽  
pp. 577
Author(s):  
Kenneth McNaught ◽  
Victor Hoar
Keyword(s):  
United States ◽  
Great Depression ◽  
The United States ◽  
The Great Depression

War and the Next Lesson

Money ◽  
2017 ◽  
Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith
Keyword(s):  
United States ◽  
Monetary Policy ◽  
World War Ii ◽  
Fiscal Policy ◽  
World War I ◽  
Great Depression ◽  
The United States ◽  
World War ◽  
John Maynard Keynes ◽  
The Great Depression

This chapter examines the lessons of World War II with respect to money and monetary policy. World War I exposed the fragility of the monetary structure that had gold as its foundation, the great boom of the 1920s showed how futile monetary policy was as an instrument of restraint, and the Great Depression highlighted the ineffectuality of monetary policy for rescuing the country from a slump—for breaking out of the underemployment equilibrium once this had been fully and firmly established. On the part of John Maynard Keynes, the lesson was that only fiscal policy ensured not just that money was available to be borrowed but that it would be borrowed and would be spent. The chapter considers the experiences of Britain, Germany, and the United States with a lesson of World War II: that general measures for restraining demand do not prevent inflation in an economy that is operating at or near capacity.

Our Daily Bread: ‘Cooperation’, ‘Independence’ and Politics in Mid-1930s Cinema

2016 ◽  
Author(s):  
Brian Neve
Keyword(s):  
United States ◽  
Great Depression ◽  
The United States ◽  
The State ◽  
The Great Depression ◽  
Box Office ◽  
Production History ◽  
History Of ◽  
Cooperative Activity ◽  
The Relationship

This chapter revisits and explores the production history of director King Vidor’s independently made movie, Our Daily Bread (1934), its ideological and aesthetic motifs, and its exhibition and reception in the United States and beyond, not least its apparent failure at the box office. It further considers the relationship between the film and contemporary advocacy of cooperative activity as a response to the Great Depression, notably by the California Cooperative League, Franklin D. Roosevelt’s New Deal, and Upton Sinclair’s End Poverty in California campaign for the state governorship. It also assesses the movie in relation to Vidor’s own cooperative vision through its emphasis on individuals and community as a solution to the Great Depression and the significant absence of the state in this agency.

Introduction

2017 ◽  
Author(s):  
Alanís Enciso Fernando Saúl ◽  
Russ Davidson
Keyword(s):  
United States ◽  
Great Depression ◽  
The United States ◽  
Historical Overview ◽  
The Great Depression

The introduction provides the reader with an historical overview of the Cardenas administration’s attempts to orchestrate an organized repatriation of its citizens from the United States during the years of the Great Depression. The introduction also endeavours to describe how Alanis Enciso’s overview of Mexican repatriation under the Cardenas administration differs from similar analyses, and how each of these works has influenced but ultimately differs from Enciso’s own book.

Precisionism

2018 ◽  
Author(s):  
Colin Root
Keyword(s):  
United States ◽  
Great Depression ◽  
The United States ◽  
The Great Depression ◽  
Charles Sheeler ◽  
Georgia O'keeffe ◽  
Ambivalent Attitude ◽  
Industrial Landscapes

Precisionism was a modernist art movement during the 1920s and 1930s in the United States, in which painters produced a ‘‘machine aesthetic’’ by rendering precise, geometrical forms in their works. A group of American painters originally called ‘‘The Immaculates,’’ the Precisionists celebrated new industrial landscapes of skyscrapers, factories, bridges, and other mechanized phenomena. Although they were never a formalized school and worked without a manifesto, Precisionism reflected both the exciting dynamism of the ‘‘Roaring Twenties’’ as well as the streamlined simplicity of the Great Depression. Their images produced an ambivalent attitude toward mechanization, at once praising its efficiency while condemning its dehumanization. Appearing immediately after a host of other influential modernist movements such as Cubism and Futurism, Precisionists merged the impulse toward abstraction with a photographically realistic eye. While no artist worked exclusively as a Precisionist, there were several for whom it was a formative style. Perhaps the most prolific artists who produced Precisionist works were Charles Sheeler, Charles Demuth, and Georgia O’Keeffe. Together, these three painters and several others created a distinctly American brand of imagery that was a celebration of nationhood as much as a celebration of mechanization.

Western Europe and the collapse of Bretton Woods

2019 ◽  
Vol 74 (2) ◽  
pp. 282-300
Author(s):  
Michael De Groot
Keyword(s):  
United States ◽  
Western Europe ◽  
Domestic Politics ◽  
The United States ◽  
Rate System ◽  
Bretton Woods ◽  
The Us ◽  
Exchange Rate System ◽  
The 1960S ◽  
The Impact

This article contends that Western Europe played a crucial and overlooked role in the collapse of Bretton Woods. Most scholars highlight the role of the United States, focusing on the impact of US balance of payments deficits, Washington’s inability to manage inflation, the weakness of the US dollar, and American domestic politics. Drawing on archival research in Britain, Germany, the Netherlands, and the United States, this article argues that Western European decisions to float their currencies at various points from 1969 to 1973 undermined the fixed exchange rate system. The British, Dutch, and West Germans opted to float their currencies as a means of protecting against imported inflation or protecting their reserve assets, but each float reinforced speculators’ expectations that governments would break from their fixed parities. The acceleration of financial globalization and the expansion of the Euromarkets in the 1960s made Bretton Woods increasingly difficult to defend.

Sign in / Sign up

Export Citation Format

Share Document