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Author: Philip S. Salisbury Publisher: Xlibris Corporation ISBN: 1453538283 Category : Business & Economics Languages : en Pages : 257
Book Description
Economists have written about economic expansion and contraction and/or the primary example of it, the Great Depression, as it has been an area of economic thought that seems to evade answers while tempting explanation. In this book the author offers both a descriptive and a quantitative approach which offers new perspectives. Similarities are found between the pre-depression years, and our current economic malaise. The presence of a housing boom and bust in both situations is attributed to individuals reaching home buying age. As this peak of home buying reaches its crest and ages beyond that time of life, a rapid decline in population occurs. This decline is followed by a housing crisis as the number of home buying individuals declines. Foreclosures follow as unemployment increases and incomes decline. Banks suffer as the amount of checkbook money (part of M2) declines. Government may or may not respond with an increase of central bank money (part of M2). Reserves decline if there is a decline of checkbook money or central bank money. Lack of reserves makes it such that banks cannot meet obligations to their customers and further tighten credit. Depositors lose faith in the banking system. The impact of this scenario becomes widespread. The question raised and addressed by Martin Feldstein (ed.) and contributing authors in The Risk of Economic Crisis (1991), should be answered with a resounding yes. We are in a time where the number of live births in the U.S. peaked in 1960 and was followed by a major decline in live births from 1961-1975. Some mistakenly term 1933-1960 as a baby boom. This was an increase in live births that began in 1933-1934. As this increase and decrease of live births passes through the U.S. economic system, it carries with it economic consequences. Now, we are living in a time that is an accident of our history.
Author: Philip S. Salisbury Publisher: Xlibris Corporation ISBN: 1453538283 Category : Business & Economics Languages : en Pages : 257
Book Description
Economists have written about economic expansion and contraction and/or the primary example of it, the Great Depression, as it has been an area of economic thought that seems to evade answers while tempting explanation. In this book the author offers both a descriptive and a quantitative approach which offers new perspectives. Similarities are found between the pre-depression years, and our current economic malaise. The presence of a housing boom and bust in both situations is attributed to individuals reaching home buying age. As this peak of home buying reaches its crest and ages beyond that time of life, a rapid decline in population occurs. This decline is followed by a housing crisis as the number of home buying individuals declines. Foreclosures follow as unemployment increases and incomes decline. Banks suffer as the amount of checkbook money (part of M2) declines. Government may or may not respond with an increase of central bank money (part of M2). Reserves decline if there is a decline of checkbook money or central bank money. Lack of reserves makes it such that banks cannot meet obligations to their customers and further tighten credit. Depositors lose faith in the banking system. The impact of this scenario becomes widespread. The question raised and addressed by Martin Feldstein (ed.) and contributing authors in The Risk of Economic Crisis (1991), should be answered with a resounding yes. We are in a time where the number of live births in the U.S. peaked in 1960 and was followed by a major decline in live births from 1961-1975. Some mistakenly term 1933-1960 as a baby boom. This was an increase in live births that began in 1933-1934. As this increase and decrease of live births passes through the U.S. economic system, it carries with it economic consequences. Now, we are living in a time that is an accident of our history.
Author: David B. Grusky Publisher: Russell Sage Foundation ISBN: 1610447506 Category : Business & Economics Languages : en Pages : 342
Book Description
Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
Author: James Rickards Publisher: Penguin ISBN: 0593330285 Category : Business & Economics Languages : en Pages : 208
Book Description
A Wall Street Journal and National Bestseller! The man who predicted the worst economic crisis in US history shows you how to survive it. The current crisis is not like 2008 or even 1929. The New Depression that has emerged from the COVID pandemic is the worst economic crisis in U.S. history. Most fired employees will remain redundant. Bankruptcies will be common, and banks will buckle under the weight of bad debts. Deflation, debt, and demography will wreck any chance of recovery, and social disorder will follow closely on the heels of market chaos. The happy talk from Wall Street and the White House is an illusion. The worst is yet to come. But for knowledgeable investors, all hope is not lost. In The New Great Depression, James Rickards, New York Times bestselling author of Aftermath and The New Case for Gold, pulls back the curtain to reveal the true risks to our financial system and what savvy investors can do to survive -- even prosper -- during a time of unrivaled turbulence. Drawing on historical case studies, monetary theory, and behind-the-scenes access to the halls of power, Rickards shines a clarifying light on the events taking place, so investors understand what's really happening and what they can do about it. A must-read for any fans of Rickards and for investors everywhere who want to understand how to preserve their wealth during the worst economic crisis in US history.
Author: Nicholas Crafts Publisher: OUP Oxford ISBN: 0191640093 Category : Business & Economics Languages : en Pages : 474
Book Description
Understanding the Great Depression has never been more relevant than in today's economic crisis. This edited collection provides an authoritative introduction to the Great Depression as it affected the advanced countries in the 1930s. The contributions are by acknowledged experts in the field and cover in detail the experiences of Britain, Germany, and, the United States, while also seeing the depression as an international disaster. The crisis entailed the collapse of the international monetary system, sovereign default, and banking crises in many countries in the context of the most severe downturn in western economic history. The responses included protectionism, regulation, fiscal and monetary stimulus, and the New Deal. The relevance to current problems facing Europe and the United States is apparent. The chapters are written at a level which will be comprehensible to advanced undergraduates in economics and history while also being a valuable source of reference for policy makers grappling with the current economic crisis. The book will be of interest to modern macroeconomists and students of interwar history alike and seeks to bring the results of modern research in economic history to a wide audience. The focus is not only on explaining how the Great Depression happened but also on understanding what eventually led to the recovery from the crisis. A key feature is that every chapter has a full list of bibliographical references which can be a platform for further study.
Author: Alasdair Roberts Publisher: Cornell University Press ISBN: 0801464676 Category : History Languages : en Pages : 265
Book Description
For a while, it seemed impossible to lose money on real estate. But then the bubble burst. The financial sector was paralyzed and the economy contracted. State and federal governments struggled to pay their domestic and foreign creditors. Washington was incapable of decisive action. The country seethed with political and social unrest. In America's First Great Depression, Alasdair Roberts describes how the United States dealt with the economic and political crisis that followed the Panic of 1837. As Roberts shows, the two decades that preceded the Panic had marked a democratic surge in the United States. However, the nation’s commitment to democracy was tested severely during this crisis. Foreign lenders questioned whether American politicians could make the unpopular decisions needed on spending and taxing. State and local officials struggled to put down riots and rebellion. A few wondered whether this was the end of America’s democratic experiment. Roberts explains how the country’s woes were complicated by its dependence on foreign trade and investment, particularly with Britain. Aware of the contemporary relevance of this story, Roberts examines how the country responded to the political and cultural aftershocks of 1837, transforming its political institutions to strike a new balance between liberty and social order, and uneasily coming to terms with its place in the global economy.
Author: Siyavush Saidian Publisher: Greenhaven Publishing LLC ISBN: 1534561323 Category : Juvenile Nonfiction Languages : en Pages : 106
Book Description
The Great Depression was a difficult time in American history, and it eventually became an economic crisis that affected the entire world. Readers uncover important facts and enlightening details about the Great Depression, including what caused it, how average Americans dealt with financial hardships during this time, and what programs were created to get Americans back to work. As readers explore the detailed main text, engaging sidebars, and historical images, they gain a deeper understanding of the idea that one event in one country can have a ripple effect over the entire world.
Author: Robert S. McElvaine Publisher: Crown ISBN: 0307774449 Category : History Languages : en Pages : 432
Book Description
One of the classic studies of the Great Depression, featuring a new introduction by the author with insights into the economic crises of 1929 and today. In the twenty-five years since its publication, critics and scholars have praised historian Robert McElvaine’s sweeping and authoritative history of the Great Depression as one of the best and most readable studies of the era. Combining clear-eyed insight into the machinations of politicians and economists who struggled to revive the battered economy, personal stories from the average people who were hardest hit by an economic crisis beyond their control, and an evocative depiction of the popular culture of the decade, McElvaine paints an epic picture of an America brought to its knees—but also brought together by people’s widely shared plight. In a new introduction, McElvaine draws striking parallels between the roots of the Great Depression and the economic meltdown that followed in the wake of the credit crisis of 2008. He also examines the resurgence of anti-regulation free market ideology, beginning in the Reagan era, and argues that some economists and politicians revised history and ignored the lessons of the Depression era.
Author: Nancy Bermeo Publisher: Russell Sage Foundation ISBN: 1610447921 Category : Political Science Languages : en Pages : 431
Book Description
The financial crisis that erupted on Wall Street in 2008 quickly cascaded throughout much of the advanced industrial world. Facing the specter of another Great Depression, policymakers across the globe responded in sharply different ways to avert an economic collapse. Why did the response to the crisis—and its impact on individual countries—vary so greatly among interdependent economies? How did political factors like public opinion and domestic interest groups shape policymaking in this moment of economic distress? Coping with Crisis offers a rigorous analysis of the choices societies made as a devastating global economic crisis unfolded. With an ambitiously broad range of inquiry, Coping with Crisis examines the interaction between international and domestic politics to shed new light on the inner workings of democratic politics. The volume opens with an engaging overview of the global crisis and the role played by international bodies like the G-20 and the WTO. In his survey of international initiatives in response to the recession, Eric Helleiner emphasizes the limits of multilateral crisis management, finding that domestic pressures were more important in reorienting fiscal policy. He also argues that unilateral decisions by national governments to hold large dollar reserves played the key role in preventing a dollar crisis, which would have considerably worsened the downturn. David R. Cameron discusses the fiscal responses of the European Union and its member states. He suggests that a profound coordination problem involving fiscal and economic policy impeded the E.U.'s ability to respond in a timely and effective manner. The volume also features several case studies and country comparisons. Nolan McCarty assesses the performance of the American political system during the crisis. He argues that the downturn did little to dampen elite polarization in the U.S.; divisions within the Democratic Party—as well as the influence of the financial sector—narrowed the range of policy options available to fight the crisis. Ben W. Ansell examines how fluctuations in housing prices in 30 developed countries affected the policy preferences of both citizens and political parties. His evidence shows that as housing prices increased, homeowners expressed preferences for both lower taxes and a smaller safety net. As more citizens supplement their day-to-day income with assets like stocks and housing, Ansell's research reveals a potentially significant trend in the formation of public opinion. Five years on, the prospects for a prolonged slump in economic activity remain high, and the policy choices going forward are contentious. But the policy changes made between 2007 and 2010 will likely constrain any new initiatives in the future. Coping with Crisis offers unmatched analysis of the decisions made in the developed world during this critical period. It is an essential read for scholars of comparative politics and anyone interested in a comprehensive account of the new international politics of austerity.
Author: Philip S. Salisbury
Author: Philip S. Salisbury
Author: David B. Grusky
Author: James Rickards
Author: Paul R. Krugman
Author: Nicholas Crafts
Author: Alasdair Roberts
Author: Siyavush Saidian
Author: Robert S. McElvaine
Author: Nancy Bermeo
Author: