The Great Depression

'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