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The Great Depression : Delayed Recovery and Economic Change in America, 1929-1939 - Michael A. Bernstein

The Great Depression

Delayed Recovery and Economic Change in America, 1929-1939

Paperback

Published: 3rd July 1989
RRP $39.95
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By 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.

'Bernstein focuses on the real puzzle of the 1930s: why did the economy fail to recover from the downturn of 1929-1933? he presents a convincing case that there were important long-run tendencies within the economy that are crucial to understanding this failure. His approach cuts across the more traditional explanations which have been for the most part tests of economic theories rather than historical explanations of the depression. Bernstein's book is, in a word, impressive.' Roger Ransom, University of California, Riverside 'This book makes an excellent case for the argument that sectoral transformation was an important contributing factor to the length of the Great Depression. It also points out the importance of including sectoral change in all economic histories of the twentieth century.' John Joseph Wallis, Journal of Economic History 'Michael Bernstein changes the nature of the recent debate about the aftermath of the great Depression. Instead of the familiar but now sterile arguments about macroeconomic aggregates, Bernstein forces us to consider long-term secular change. From a wealth of detail about individual industries emerges a bold thesis about the interwar economy. His work is ambitious and substantial. His arguments represent a major challenge to received wisdom. No small achievement.' Michael Weinstein, Reviews in American History 'By emphasizing both cyclical and secular factors and by showing that some sectors of the economy demonstrated technological dynamism during the 1930s, this book performs a valuable service.' Peter Fearon, Economic History Review

List of tables
List of figures
Editors+ preface
Preface
Introduction: the puzzle of the 1930s
Long-term economic growth and the problem of recovery in the United States, 1929+39
The transformation of American industry in the interwar period
A reassessment of investment failure in the interwar economy
Technical change during the interwar years
The effective demand problem of the interwar period I: cyclical and structural unemployment
The effective demand problem of the interwar period II: cyclical and secular changes in final demand
New deal economic policy and the problem of recovery
Contemporary economic problems in historical perspective
Bibliography
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521379854
ISBN-10: 0521379857
Series: Studies in Economic History and Policy: USA in the Twentieth Century
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 288
Published: 3rd July 1989
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.9 x 15.4  x 2.4
Weight (kg): 0.42