Hall of mirrors the great depression, the great recession, and the usesand misusesof history barry eichengreen. The great depression, the great recession, and the uses and misuses of history. This book offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. Barry eichengreen primary author only author division. Pardee professor of economics and professor of political science at the university of california, berkeley, where he has taught since 1987, and pitt professor of american history and institutions, university of cambridge, 201415. Aside from yugoslavia, experiments with decentralization did not extend to planning innovation, the greatest weakness of the socialist economies. Combining fascinating narrative detail with cogent analysis of the relevant. The great depression, the great recession, and the usesand misusesof history, by barry eichengreen. Hall of mirrors, barry eichengreen s monumental twinned history of the two crises, provides the farthestreaching answer to this question to date. Did it create moral hazard, because firms knew they could merge with a bank if they. Oct 11, 2017 barry eichengreen pundits have been saying last rites for the dollars global dominance since the 1960s that is, for more than half a century now. Eichengreen discusses these two episodes from a historical, keynesian perspective, and concludes that policies that increase aggregate demand, such as larger fiscal deficits, would have promoted a much stronger and faster recovery from the great.
The great depression, the great recession, and the usesand misuses of history,exorbitant privilege. There are other books about the 2008 crisis, including alan blinders when the music stops 20, which makes some similar points. The great recession in the shadow of the great depression nber. Alternating back and forth between the two crises and between north america and europe, eichengreen shows how fear of another depression following the collapse of lehman brothers shaped policy. Pdf hall of mirrors by barry eichengreen dirk h ehnts. But the pundits may finally be right, because the greenbacks dominance has been sustained by geopolitical alliances that are now fraying badly. Aug 28, 2014 barry eichengreen s 2014 hall of mirrors.
Pardee professor of economics and political science at the university of california, berkeley. Network effects, homogeneous goods and international currency choice. The great depression, the great recession, and the uses and misuses of history stands in contrast to contemporary mainstream economics by pointing out how much we can learn from history when attempting to understand the contemporary economic world. Economics 191 students sign up for office hours here. When markets collapsed in 2008, policymakers invoked the lessons of the great depression to avert the worst. Hall of mirrors, by barry eichengreen financial times. See all articles by barry eichengreen barry eichengreen. Two myths about automation by barry eichengreen project. Pardee professor of economics and political science. The great depression, the great recession, and the usesand misusesof history, oxford university press usa, january 2015. The great depression, the great recession, and the uses and misuses. The economic impact of european integration by andrea.
The great depression, the great recession, and the uses and misuses of history, by barry eichengreen, oup, rrp. Net by hugh rockoff, department of economics, rutgers university. Pardee professor of economics and political science at the university of california, berkeley, where he has taught since 1987. Hall of mirrors differs from other books in this area by exploiting eichengreen s remarkable knowledge of the 1930s that. Rather than telling the stories of the two crises in sequence, instead he weaves them together. The great recession of 20082010 increased unemployment substantially in the us and abroad. Oct 11, 2017 oct 11, 2017 barry eichengreen pundits have been saying last rites for the dollars global dominance since the 1960s that is, for more than half a century now. Barry eichengreens hall of mirrors shows why that is a huge mistake. Or so suggest the results of the g20 summit held in shanghai at the end of last month.
Eichengreen shows how economic policies, in conjunction with the imbalances created by world war i. Barry eichengreen shows that the lessons of the great depression shaped how policymakers perceived and responded to the great recession, and that the latter will reshape how we see the formerhence the mirrors in the title. Readers well versed in the comprehensive literature on the great depression and the great recession in the united states and europe will not find much information in hall of mirrors that. Hall of mirrors the great depression, the great recession, and the usesand misuses of history barry eichengreen. Stimulus, coordinated monetary policy and banking regulation, as needed in 2009 as they were in 1929, and yet unappreciated to the degree they ultimately were needed. Hall of mirrors hardcover barry eichengreen oxford university. If one or more works are by a distinct, homonymous authors, go ahead and split the author. Barry eichengreen and jeffry frieden bates college. The two financial crises of the past century, the 1930s great depression and 2008 great recession, occurred against the backdrop of sharp credit booms, dubious banking practices, and unstable global financial system. Barry eichengreen born 1952 is an american economist and professor of economics and political science at the university of california, berkeley quotes. But the pundits may finally be right, because the greenbacks dominance has been sustained by. Eichengreen focuses on deficient aggregate demand as the key reason for why both downturns were so deep and why they lasted so long. Barry julian eichengreen born 1952 is an american economist who holds the title of george c.
But it also created employment for a plethora of scholars and. Historians of the nineteenthcentury united states e. Hall of mirrors by barry eichengreen find, read and cite all the research you need on researchgate. The great depression, the great recession, and the usesand misuses of history, oxford university press usa, january 2015. The great depression, the great recession, and the usesand misusesof history,exorbitant privilege. Barry eichengreen is currently considered a single author. The friedmaneichengreen theory of the great depression paul. As i interpret it, eichengreens story of what happened to the relationship between gold. Barry eichengreen on hall of mirrors cspan may 26, 2015 11. Barry eichengreen is professor of economics and political science at the university of california, berkeley. Barry eichengreen provides an original look at the financial crisis and its origins, with desperately needed lessons about moving more quickly during such traumatic moments. The friedmaneichengreen theory of the great depression paul krugman march 28, 2009 this note is an attempt, for teaching purposes, to clarify my own thoughts about barry eichengreens interpretation of the international spread of the great depression. The great depression, the great recession, and the usesand misusesof history, exorbitant privilege. Hall of mirrors the great depression, the great recession, and the usesand misusesof history by barry eichengreen.
Nov 15, 2016 barry eichengreen is professor of economics and political science at the university of california, berkeley. Barry eichengreen department of economics university of california, berkeley 549 evans hall 3880 berkeley, ca 947203880 tel. She moved to the united states in 1946, married, had two sons and worked as an insurance agent. Using the url or doi link below will ensure access to this page indefinitely.
Barry eichengreen talked about his book hall of mirrors. Abstract this essay compares the great depression to the great recession in light of barry eichengreen s new book hall of mirrors. The great depression, the great recession, and the uses and misuses of history, in which he looks at the similarities and differences. He is a research associate of the national bureau of economic research cambridge, massachusetts and research. Paradoxically, the one modern period that witnessed precisely such a mutually reinforcing regime was the gold standard era 187019, a. Barry eichengreen on hall of mirrors internet archive. Hall of mirrors barry eichengreen pdf the great depression, the. Reviewing the current state, the paper finds that much progress has been made on rmb settlements for trade involving the peoples republic of china prc and on rmbdenominated bond issuance in hong kong, china, but that rmb internationalization is still limited due to capital account. He is a research associate of the national bureau of economic research cambridge, massachusetts and research fellow of the centre for economic. Paradoxically, the one modern period that witnessed precisely such a mutually reinforcing regime was the gold standard era 187019, a system shunned today as archaic, if not asinine. Combining fascinating narrative detail with cogent analysis of the relevant theory, it illuminates crucial parallels and differences between the causes of and policy response to the great depression and the great recession. Hall of mirrors provides a detailed comparison between the institutions, players, and events of the 1930s and today.
Eichengreen is a highly regarded economic historian. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the us and. Eichengreen currently serves as a research associate at the national bureau of economic research and as. The economic impact of european integration by andrea boltho. From a miraculous past to a sustainable future harvard east asian monographs with wonhyuk lim, yung chul park and dwight h. Barry eichengreen knows as much or more about the financial history of the great. The great depression, the great recession, and the usesand misusesof history is among the very best economic histories of financial crises, ranking near the monetary history of the united states published in 1963 by milton friedman and anna schwartz. The great depression, the great recession, and the usesand misusesof history is among the very best economic.
Barry eichengreen s new book hall of mirrors is a detailed, excellent, and somewhat pessimistic comparison of the two most serious financial crises evertheir causes, development, and consequences. In hall of mirrors, barry eichengreen draws on his unparalleled expertise for a brilliantly conceived dualtrack account of the two crises and their consequences. Barry eichengreens new book hall of mirrors is a detailed, excellent, and somewhat pessimistic comparison of the two most serious financial crises evertheir causes, development, and consequences. He is a research associate of the national bureau of economic research cambridge, massachusetts and research fellow of the centre for economic policy.
Yes, says distinguished economist barry eichengreen in globalizing capital. Hall of mirrors, barry eichengreens monumental twinned history of the two crises, provides the farthestreaching answer to this question to date. Hall of mirrors hardcover barry eichengreen oxford. First and only systematic comparative analysis of the two great economic and financial crises of the last 100 years. It explores the connections between the gold standardthe framework regulating international monetary affairs until 1931and the great depression that broke out in 1929. He describes the two bubble fuelled build ups, then the onset of crisis, the subsequent. This paper provides an overview of the potential international role of the renminbi rmb. The great depression, the great recession, and the usesand misuses of history, exorbitant privilege. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the us and across the advancedcountry world. Barry eichengreen longlist 2015 in hall of mirrors, barry eichengreen, a professor of economics at the university of california, berkeley, argues that knowledge of what happened in the 1930s has been a mixed blessing for todays policy makers. Read hall of mirrors pdf the great depression, the great recession, and the usesand misusesof history by barry eichengreen oxford. Economic integration, from the european payments union and the european coal and steel community to the common market, the european monetary system, the single market, and the euro, is one of the most visible, controversial and commentedupon aspects of europes development since the end of world war ii. Dec 12, 2017 dec 12, 2017 barry eichengreen while many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. The great depression, the great recession, and the usesand misusesof history.
Barry eichengreen s hall of mirrors shows why that is a huge mistake. Combining fascinating narrative detail with cogent analysis of the relevant theory. It is economic in that monetary unification has farreaching consequences for economic policy and performance. While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend.
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