Great recessions compared

Foreman-Peck, James S. ORCID: https://orcid.org/0000-0001-9826-5725 2014. Great recessions compared. Investigaciones de Historia Economica 10 (2) , pp. 92-103. 10.1016/j.ihe.2014.03.009

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Abstract

Like the Great Depression of the 1930s, the current great recession triggered strong criticism of economists and economics. It is contended here that economists’ majority opinion rightly recommended that, in the face of collapses of aggregate demand, countercyclical fiscal and monetary policies, built in stabilisers and a regulatory system to maintain free trade were appropriate remedies. Economists may have under-estimated the stability of markets and the tightness of prudential regulation for reducing the severity of potential crises. But their assessments anyway are likely to be discounted if powerful industry lobbies judge they will constrain profits, rather than boost them. These propositions are developed in a comparison of the two Great Recessions in the United States, the United Kingdom, France and Germany.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Uncontrolled Keywords:	macroeconomic policy, financial crises, great depressions
Additional Information:	Pdf uploaded in accordance with the publisher’s policy at http://www.sherpa.ac.uk/romeo/issn/1698-6989/ (accessed 13/08/2014)
Publisher:	Elsevier
ISSN:	1698-6989
Date of First Compliant Deposit:	30 March 2016
Date of Acceptance:	7 March 2014
Last Modified:	03 May 2023 14:49
URI:	https://orca.cardiff.ac.uk/id/eprint/62838

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