Search results for: great-depression-to-great-recession-of-2008-2009

Great Depression to Great Recession of 2008 2009

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The Great Recession

Author : Michael Roberts
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The Great Recession of 2008-9 was the worst slump in the world economy since the Great Depression in the 1930s. Michael Roberts forecast that it would happen a few years before and in this book he explains why the Great Recession happened - relying on Marx's analysis of the laws of motion in a capitalist economy. And he makes predictions of whether and when it could happen again.

The Roller Coaster Economy Financial Crisis Great Recession and the Public Option

Author : Howard J Sherman
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Written by one of the foremost experts on the business cycle, this is a compelling and engaging explanation of how and why the economic downturn of 2007 became the Great Recession of 2008 and 2009. Author Howard Sherman explores the root causes of the cycle of boom and bust of the economy, focusing on the 2008 financial crisis and the Great Recession of 2008-2009. He makes a powerful argument that recessions and the resulting painful involuntary unemployment are inherent in capitalism itself. Sherman clearly illustrates the mechanisms of business cycles, and he provides a thoughtful alternative that would rein in their destructive effects.

What Are the Similarities and Differences in the Causes of the Current Global Economic Crisis and the Great Depression and to What Extent Can Keynesia

Author : Frederik Schr Der
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Essay from the year 2009 in the subject Economics - Finance, grade: A, University of Otago, language: English, abstract: The global economy is currently facing a severe recession with falling output, rising unemployment and a high degree of uncertainty. Parallels can be drawn between the causes of the current crisis and those of the Great Depression of the 1930s. The most salient causes of the Great Depression were a speculative bubble, the resulting stock market crash of 1929 and misguided policy reactions by central banks and governments. Tight monetary policy and a fallback to protectionism led to the collapse of the international economy. This further created business uncertainty, which together with financial disintermediation and bank runs resulted in shattered confidence levels and a subsequent, hardly stoppable, downward spiral of economic activity. Similarly, the current economic crisis began with a speculative asset bubble crash, followed by a shortage of credit supply and extremely low confidence levels and high uncertainty. However, due to an improvement in the understanding of macroeconomics policy makers' toolkits have been enhanced. This has led to appropriate reactions by fiscal authorities and central banks providing liquidity to markets. However, specific circumstances are unique and errors were made nonetheless. To spare the world from "The Great Depression II" Keynesian fiscal stimuli in form of tax cuts targeted at liquidity constrained agents are necessary. Monetary policy can only be effective to stimulate aggregate demand when confidence is reestablished and the lending mechanisms start working again.

Encyclopedia of American Recessions and Depressions Great Depression to Great Recession of 2008 2009

Author : Daniel J. Leab
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The Great Depression

Author : Lance Charles
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The Great Depression was a severe worldwide economic depression that took place during the 1930s. The timing of the Great Depression varied across nations; however, in most countries it started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline. The depression originated in the United States, after a fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). Between 1929 and 1932, worldwide GDP fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. The Great Depression had devastating effects in countries both rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25% and in some countries rose as high as 33%. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming communities and rural areas suffered as crop prices fell by approximately 60%. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most.

Democracy Under Stress

Author : Ursula Van Beek
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DEMOCRACY UNDER STRESS focuses on the global financial crisis of 2008-2009 and its implications for democracy. Why and how did the crisis come about? Are there any instructive lessons to be drawn from comparisons with the Great Depression of the 1930s? What are the democratic response mechanisms to cope with serious crises? Do they work? Is China a new trend setter? Do values matter? Are global democratic rules a possibility? These are some of the key questions addressed in the volume.

The Great Recession

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The chapters in this volume were written as commentaries between mid-2008 and early-2016 in the wake of the Great Recession of 2008-2009. The primary topics around which the various essays are compiled are: (a) crisis and response, (b) fiscal policy, (c) monetary and capital account policy, (d) employment, and (e) development. The chapters not only provide a critique of mainstream macroeconomics, but also suggest a way forward. This volume contains an extensive introduction to synthesise the debate on macroeconomic orthodoxy and to assess the attempts at its reconstruction in light of its dismal failure in predicting the crisis and responding to it. As a background, it briefly traces the retreat of post-Great Depression Keynesian macroeconomics (with it, full employment as the primary policy goal) and the rise of new orthodoxy (concerned with a single target, inflation) that came to dominate major international financial institutions, notably the International Monetary Fund and the World Bank. It also highlights contrasting analyses of the global macroeconomic issues by the Bretton Woods Institutions (BWIs) vis-á-vis the United Nations, and their contributions to macroeconomics-development discourse. Two main conclusions about the various attempts at reconstructing macroeconomics are that they: (1) suffer from an advanced country bias, and (2) do not pay sufficient attention to employment even in developed countries. The benign neglect of developing countries in reconstructing macroeconomics is not at all surprising, as both post-Great Depression macroeconomics and its orthodox replacement evolved without paying due regard to the particular circumstances and problems of developing countries. The neglect of employment in rethinking macroeconomics shows how deeply orthodoxy still remains embedded in the major institutions, as well as among professional economists and policymakers. There is no sign of any significant shift even when a good deal of research within the BWIs themselves report findings that are contrary to conventional wisdom. Thus, unfortunately, whatever is likely to emerge as post-Great Recession macroeconomics does not seem very encouraging for employment and development. The essays compiled in this volume suggest how macroeconomics can serve the dual objectives of short-term stabilisation and long-term inclusive sustainable development goals with decent and productive employment featuring prominently for both developed and developing countries.

The Great Recession in the Shadow of the Great Depression

Author : Lee E. Ohanian
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Abstract: This essay reviews Barry Eichengreen's recent book that compares the Great Depression and the Great Recession. Eichengreen focuses on deficient aggregate demand as the key reason for why both downturns were so deep and why they lasted so long. I assess the book's arguments regarding the causes and consequences of these episodes from a neoclassical perspective. I provide an alternative framework for analyzing these episodes, and argue that a key difference between the 1930s and today reflects the factors that continued to depress both economies after their respective troughs. The post-Depression economy featured rapid productivity growth, whereas today's economy is plagued by low productivity growth. I discuss how the post-Great Depression economy recovered to trend quickly once policies that depressed competition were removed. I also argue that returning today's economy to trend may be considerably more challenging

The Global Great Recession

Author : E. Ray Canterbery
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Canterbery''s latest literary work provides a definitive account of the Great Recession of 2007OCo2010. It presents an output-employment framework for evaluating the Great Recession. A chapter on the Great Depression provides a basis for comparison while outlining the institutions still intact that moderated that downturn. Finally, the aftermath of the recession is accounted for. In 2003 John Kenneth Galbraith, who knew both Michal Kalecki and John Maynard Keynes, called Canterbery, OC the best.OCO

The Great Recession

Author : Michael S. H. Heng
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Deals with the 2008 financial crisis and the recession. This book takes the real economy as the starting point and situates the downturn within the societal context over the last several decades.

From the Great Recession to Labour Market Recovery

Author : I. Islam
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This book sheds light on the impact of the Great Recession from the perspective of both developing and developed countries. It traces the complex and multiple causes of the Great Recession, delineates the diversity in the macroeconomic and labour market consequences, and highlights the effectiveness of policy responses undertaken so far.

The Oxford Encyclopedia of American Business Labor and Economic History

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Covering the Great Recession

Author : Project for Excellence in Journalism
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The economic downturn has made headlines for months. How has the press covered the gravest financial crisis since the Great Depression? What elements of the economic story make the most news? Who is driving the coverage? PEJ addresses these and more in a new report on press coverage of the economy.

The Global Financial Crisis

Author : Milan Brahmbhatt
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A recent paper has highlighted some close correspondences between economic performance during the present world recession and that during the early months of the great depression that began in late 1929. World industrial production from April 2008 to April 2009 fell as rapidly as during the first year of the great depression, while stock market prices and world trade volumes have fallen more rapidly than in the comparable period. These comparisons lead Eichengreen and O'Rourke to draw the alarming conclusion that 'it's a depression alright.' They note, however, that fiscal and monetary policies are likely to be much more supportive of economic activity in the next 1-2 years than they were during the first few years of the great depression. The first part of this note outlines some other important structural differences between the world economy today and in the 1930s that are likely to affect how the present recession plays out relative to the great depression. The second part of the note discusses possible recovery paths out of the current crisis.


Author : George Chacko
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Written for financial professionals, the authors thoroughly explain the modern global credit system; the roles of banks, hedge funds, insurers, central banks, mortgage markets, and other participants; and the credit-related instruments they rely on. In particular, the authors illuminate the crucial importance of liquidity, and show why liquidity failures have been the key cause of all major market crashes for the past several decades. The Global Financial System thoroughly examines economic environments in which slow de-leveraging leads to prolonged sluggish growth, and compares today's environment to other periods of deleveraging, such as the Great Depression and the Japanese economic meltdown of the '90s and '00s. It predicts potential pathways for the current crisis, and offers essential guidance to both policymakers and investment decision-makers.

The Federal Reserve and the Financial Crisis

Author : Ben Bernanke
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Collects the best of a series of lectures that U.S. Reserve Chairman Ben Bernanke gave about the financial crisis at George Washington University in 2012, offering insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges.

From Great Depression to Great Recession

Author : Mr.Atish R. Ghosh
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The global financial crisis and the ensuing Great Recession raised concerns about adjustment fatigue, deflation, currency wars, and secular stagnation that presented a sense of déjà vu: similar concerns had arisen at the time of the Great Depression and at the end of World War II. As with earlier crises, these concerns prompted calls for greater international policy cooperation—both to achieve a sustainable recovery from the crisis and to prevent future crises. This volume compiles papers from a 2015 symposium of eminent scholars convened by the IMF to discuss how history can inform current debates about the functioning and challenges of the international monetary system. An introductory chapter sets the stage for the other chapters in the volume by giving a broad overview of the performance of the international monetary system over the past century, highlighting the key events and challenges that shaped it. Subsequent sections look at historical antecedents of today’s challenges, describe how the modern international monetary system has been—and continues to be—shaped through international financial diplomacy, provide a present-day perspective, and examine the analytics of international policy coordination.

The Economic Consequences of the Euro

Author : Stefan Kawalec
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This book presents a new narrative on the eurozone crisis. It argues that the common currency has the potential to kill the European Union, and the conventional wisdom that the eurozone can be fixed by a common budget and further political integration is incorrect. The authors address key questions such as why the European Union and the single market have been successful, why the common currency poses a threat to European integration, and whether it is possible to either fix the eurozone or dissolve it while keeping the EU and the single market. Contrary to the view that it would be best if the Southern European countries left the eurozone first, the book makes the case that the optimal solution would be to start the process with the most competitive countries exiting first. The authors argue that a return to national currencies would be beneficial not only to the crisis-ridden southern countries, but also to France and Germany, which were the main promoters of the single currency. An organised unwinding of the euro area would be beneficial both for the European economy and for Europe’s main trading partners. The authors contend that to defend the euro at all costs weakens the European economy and threatens the cohesion of the European Union. If pro-European and pro-market EU leaders do not dismantle the eurozone, it will most likely be done by their anti-European and anti-market successors. If that happens, the European Union and the common market will be destroyed. This book will be a useful and engaging contribution to the existing literature in the fields of macro, monetary and international finance and economics.

The Concise Encyclopedia of The Great Recession 2007 2012

Author : Jerry M. Rosenberg
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The Concise Encyclopedia of the Great Recession 2007-2012 brings to the present the necessary information for understanding the first major recession of the 21st century and one of the deepest since the Great Depression itself. Its description of recession-related actors and events since its start provides an in-depth understanding of this major rupture in modern economy, forever changing, some have argued, not only the distribution of income in the United States but the balance of economic power across the globe. Acclaimed by The New York Times as the "leading business and technical lexicographer in the nation" and serving as business terminology consultant to the Oxford English Dictionary for a quarter century, Jerry M. Rosenberg provides the most accurate and current explanation of this economic catastrophe of the last five years. Rosenberg describes and updates the events, actors, institutions, rules, regulations, and current impact of this global financial crisis that pushed banks, financial institutions, and corporations across the world to the edge. With entries on key individuals, companies, government programs, financial instruments, and institutions, Rosenberg provides an essential reference to the most critical recession the United States has faced since the Great Depression of the 1930s. This work is an ideal tool for scholars and students seeking more information on this major event in world history.