By Michael D. Bordo, Claudia Goldin, Eugene N. White

ISBN-10: 0226065898

ISBN-13: 9780226065892

ISBN-10: 0226066916

ISBN-13: 9780226066912

In modern American political discourse, matters concerning the scope, authority, and the price of the government are perennially on the heart of debate. Any ancient research of this subject issues on to the good melancholy, the "moment" to which so much historians and economists attach the origins of the economic, financial, and social guidelines that experience characterised American executive within the moment half the 20 th century. within the such a lot complete number of essays on hand on those subject matters, The Defining Moment poses the query without delay: to what quantity, if any, used to be the melancholy a watershed interval within the background of the yankee economic climate? This quantity organizes twelve students' responses into 4 different types: financial and financial rules, the commercial enlargement of presidency, the innovation and extension of social courses, and the altering overseas economic system. The vital concentration around the chapters is the well known alternations to nationwide executive in the course of the Nineteen Thirties. The Defining Moment makes an attempt to guage the importance of the previous half-century to the yankee economic system, whereas now not omitting connection with the 1930s.

The essays examine even if New Deal-style laws keeps to function this present day as initially anticipated, even if it altered executive and the economic system as considerably as did guidelines inaugurated in the course of global battle II, the Fifties, and the Nineteen Sixties, and even if the laws had vital precedents earlier than the melancholy, particularly in the course of global struggle I. a few chapters locate that, strangely, in definite parts akin to exertions association, the Thirties responses to the melancholy contributed much less to lasting switch within the financial system than a standard view of the time could recommend. ordinarily, besides the fact that, those essays supply testimony to the Depression's legacy as a "defining moment." the big position of modern day govt and its equipment of intervention—from the pursuit of a extra energetic financial coverage to the upkeep and extension of quite a lot of coverage for hard work and business—derive from the trouble years of the 1930s.

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In modern American political discourse, concerns relating to the scope, authority, and the price of the government are perennially on the middle of debate. Any ancient research of this subject issues on to the nice melancholy, the "moment" to which such a lot historians and economists attach the origins of the financial, financial, and social rules that experience characterised American executive within the moment half the 20th century.

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Extra info for The Defining Moment: The Great Depression and the American Economy in the Twentieth Century (National Bureau of Economic Research Project Report)

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In the 1930s, the public in the United States and Western Europe learned to judge a government not solely by its promise to maintain a fixed parity and price stability but also by its ability to maintain full employment and growth. Discretion- 17 The Defining Moment Hypothesis: The Editors’ Introduction ary domestic policy became a form of macroeconomic insurance against a new economic disaster. The implications of this important change were largely cloaked by the disintegration of capital markets, which began during World War I, underwent a brief hiatus in the 1920s, and was completed during World War 11.

American Economic Review 73 (June): 257-76. 1995. The macroeconomics of the Great Depression: A comparative approach. Journal of Money, Credit, and Banking 27 ( 1 ) : 1-28. Bordo, Michael D. 1986. Explorations in monetary history: A survey of the literature. Explorations in Economic History 23 (October): 339-41 5. 1989. The contribution o f AMonetary History of the United States, 1867-1960, to monetary history In Money, history and internationalfinance: Essays in honor of Anna J. Schwartz, ed.

1995. The macroeconomics of the Great Depression: A comparative approach. Journal of Money, Credit, and Banking 27 ( 1 ) : 1-28. Bordo, Michael D. 1986. Explorations in monetary history: A survey of the literature. Explorations in Economic History 23 (October): 339-41 5. 1989. The contribution o f AMonetary History of the United States, 1867-1960, to monetary history In Money, history and internationalfinance: Essays in honor of Anna J. Schwartz, ed. Michael D. Bordo, 15-70. Chicago: University of Chicago Press.

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The Defining Moment: The Great Depression and the American Economy in the Twentieth Century (National Bureau of Economic Research Project Report) by Michael D. Bordo, Claudia Goldin, Eugene N. White


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