Understanding Economic Recovery in the 1930s
Endogenous Propagation in the Great Depression
A must read for specialists interested in Depression-era economics
One of the watershed periods of the twentieth century, the Great Depression was the defining event for at least one generation of world citizenry. Although much has been written about the almost four-year economic collapse that began in mid-1929, very little has been written about the recovery from those cataclysmic times.
Long, tortuous, and uneven as it was, there was indeed a recovery - a revitalization period that lasted over twice as long as the decline itself. In this important book, Frank G. Steindl explores the much-neglected topic of the recovery, concentrating in particular on the macroeconomic developments responsible for the move back to a pre-Depression-level economy.
Providing strong evidence for the role of the quantity of money in the revitalization, the author ultimately concludes that the seemingly robust monetary explanation of the recovery is deficient, as is any that relies principally on aggregate demand impulses. Any accurate understanding of this phenomenon must account for the inherent tendency of the economy to revert to its long-run high employment trend.
A must read for specialists interested in Depression-era economics.
Praise / Awards
"A reconsideration as well as a favorable assessment of monetarist (quantity theory) explanation of the recovery phase of the Great Depression. . . a valuable addition to our knowledge including new perspectives and empirical tests."
---Elmus Wicker, Indiana University
"A fascinating examination into the macroeconomic aspects of the U.S. economic recovery that began in 1933. This book contains a clever mix of economic analysis and development of economic thought and is sure to stimulate scholarly discussion."
---Thomas E. Hall, Miami University
Copyright © 2003, University of Michigan. All rights reserved.
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