America, Robert S.
In lieu of an abstract, here is a brief excerpt of the content: A Very Short Introduction. He has squeezed into a slim pocket size volume an analytical account of one of the most complex and widely debated periods in modern US history.
He writes about the Great Depression and the New Deal era with great skill and understanding. In doing so he delivers an excellent introduction to a time of serious economic crisis and the response of government to it.
This troubled decade has caught the attention of a public reeling from the shock of the current economic and financial malaise. Anyone who wants a full understanding of the last great crisis should start by reading this perceptive study.
Rauchway begins with an investigation of the causes of the downturn which began in He rightly emphasises the potentially destabilizing level of international and domestic indebtedness during the s and does not neglect the vital role that US foreign trade and lending played in the international economy.
It is ironic that Herbert Hoover was forced to confront the disintegration of a seemingly powerful economy. Hoover was intelligent, industrious and had a greater understanding of the work of contemporary economists than any other twentieth century president. He was not unconcerned, nor was [End Page ] he inactive.
Rauchway is probably too critical of Hoover's economic management, but he is clear in his account of crucial Federal Reserve interventions. Hoover was too wedded to economic orthodoxy and had too little political warmth to salvage himself or his party in Roosevelt knew no economics, but he was prepared to embrace new ideas and cast off orthodoxy in both the economic and social spheres.
FDR, for example, was sympathetic to plans for reflation, especially of farm prices. He was prepared to fund initiatives to help the "forgotten man" and, in an act which horrified conservatives but was consistent with a policy of raising prices, the gold standard was abandoned in However, Roosevelt never embraced the more radical policies espoused in Congress and by pundits everywhere.
He wanted to save capitalism, not destroy it. He was concerned that reflation might become inflation, he disliked the persistent budget deficits that his costly programs caused and he was not in favour of the federal insurance of bank deposits. He, and other New Dealers, worried about welfare dependency.
Consequently they supported work relief over dole payments, and those fortunate to secure a place on projects had to satisfy social workers that they were not merely out of work but also destitute. What was radical, however, was the historically colossal amount of public funding which became available to support a wide range of relief and recovery agencies.The Great Depression that began at the end of the s was a worldwide phenomenon.
By , Germany, Brazil, and the economies of Southeast Asia were depressed. By early , the economies of Poland, Argentina, and Canada were contracting, and the U.S. economy followed in the middle of Did you know that not all "Okies" migrated during the Great Depression? Some stayed and endured their hardships.
These were tough, determined survivors, as described by author Samuel Hall in his novel, Daughter of the Cimarron, based on the real life experiences of the author's attheheels.comer of the Cimarron, based on the real life experiences of.
The most devastating economic crash in modern times ushered in the Great Depression of the s, which turned the lives of ordinary Americans upside down and left Reviews: 6.
Ben Bernanke's Essays on the Great Depression is a collection of 9 essays written in the 80's and 90's about the financial and labor markets during the 's. The essays are essentially a synthesis of prior work with greater mathematical rigor.
In , when Lionel Robbins wrote The Great Depression, he was a committed advocate of the Austrian School of attheheels.com would later change, but in this book he brilliantly applies the Austrian theory of the business cycle to explain the depression — which, he notes, was of .
This is a companion volume to the PBS series on the Great Depression and is quite well done. Even if you have seen the series, the book is still worth reading. It tells the reader in the introductory chapters exactly how the Depression came about, why the stock market tanked so dramatically, and why /5.