The Great Depression: Delayed Recovery and Economic Change in America, 1929-1939By examining the uneven fate of manufacturing industries during the 1930s, Michael Bernstein presents a powerful new interpretation of the Great Depression. The depth and persistence of the slump, he argues, cannot be explained by cyclical theories alone, but by the conjunction of a crisis in financial markets with a long-run transformation in the kinds of goods and services required by firms and households. By focusing on evidence from specific industries, Professor Bernstein provides a more detailed picture of what happened to the American economy in the thirties that was so different from previous downturns. |
Contents
Longterm economic growth and the problem of recovery in the United States 192939 | 19 |
The transformation of American industry in the interwar period | 46 |
A reassessment of investment failure in the interwar economy | 101 |
Technical change during the interwar years | 119 |
The effective demand problem of the interwar period I Cyclical and structural unemployment | 142 |
The effective demand problem of the inter war period II Cyclical and secular changes in final demand | 168 |
Common terms and phrases
aggregate American Economic Review American economy American Industry behavior Business Cycles capital chemicals Competition consumer consumption countercyclical crash crisis cyclical Deal decade decline depression downturn durable dynamic Economic Growth Economic History effective demand employment and total equipment expansion expenditures Fabricated metal factors Federal fell firms food products Franklin D glass Government Printing Office Harvey Firestone impact increase interwar period investment iron and steel John Maynard Keynes Journal of Economic long-term Lumber machinery macroeconomic major manufacturing industries markets ment Michal Kalecki monetary National Recovery Administration net investment nomic output and total percentage petroleum political pre-crash problem profits recovery Rexford Tugwell Roosevelt rose Rubber products sectors secular share of national short-run stagnation Statistics structural technical change Technology Textile Theory thirties tion tire total employment total industrial production trend U.S. Department U.S. Government Printing United University Press Washington World World War II York