Hall of Mirrors The Great Depression, the Great Recession, and the Uses-And Misuses-Of History
36,99 €
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Beschreibung
Produktdetails
Einband
Gebundene Ausgabe
Erscheinungsdatum
02.01.2015
Verlag
Oxford University PressSeitenzahl
520
Maße (L/B/H)
24/16,1/3,2 cm
Gewicht
939 g
Sprache
Englisch
ISBN
978-0-19-939200-1
A theme of Eichengreen's narrative is that while the policy response to the Great Recession was importantly shaped by perceptions of the Great Depression -- contemporary policymakers did in fact learn lessons from the Depression that enabled them, this time, to prevent the worst -- they could have done better. Their failure to do so reflected a tendency to take the lessons of the Depression too literally, leading to an inability to recognize important respects in which circumstances, and specifically the structure of financial markets, had changed -- precisely in response to the policies put in place due to the Depression. In addition, success was the mother of failure: the success of the policy response took the wind out of reformers' sails. It diminished support for the kind of far-reaching social and financial reforms adopted in the 1930s. It allowed policy makers and society to prematurely indulge their desire for a return to normal policies before a normal economy had been restored. To be sure, this more recent crisis was better managed than the earlier one, which resulted in widespread social distress and, in the worst case, the rise of fascism. But a wiser collective response after 2008 would have staved off the painfully slow growth that subsequently plagued the United States and Europe.
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