The Great Depression

The Great Depression

by Lionel Robbins
     
 

This book examines the nature and the causes of the 1929 depression, tracing its background and the broad conditions from which the depression emerged. As an infl uence on economic activity, Robbins sees World War I, and the political changes that followed it, as a series of shifts in the fundamental conditions of demand and supply, to which economic activity had

See more details below

Overview

This book examines the nature and the causes of the 1929 depression, tracing its background and the broad conditions from which the depression emerged. As an infl uence on economic activity, Robbins sees World War I, and the political changes that followed it, as a series of shifts in the fundamental conditions of demand and supply, to which economic activity had to adapt. Th e needs of the war had called a huge apparatus of mechanical equipment into being, which the resumption of peace rendered in large part superfl uous. The war also disrupted world markets, and its settlement created conditions that aggravated this disruption. Th us, the struggle that was to end nationalist friction in fact gave nationalism new scope.

The depression of 1929 and beyond dwarfed all preceding economic disruptions, both in magnitude and in intensity. In 1929 the index of security prices in the United States was in the neighborhood of 200-210; in 1932 it had fallen to 30-40. Commodity prices in general fell by 30 to 40 percent, and in some commodity markets the drop was even more catastrophic. Production in the chief manufacturing countries of the world from 30 to 50 percent, and the value of world trade in 1932 was a third of what it was three years before. Worldwide, something like 30 million people were unemployed.

There have been many economic downturns in modern economic history, but never anything to compare with the years of the Great Depression. Few books have conveyed that period with greater clarity and precision than this masterpiece by Lionel Robbins. Murray Weidenbaum's masterful new introduction adds to its contemporary value.

Read More

Editorial Reviews

From the Publisher

“This is by far the best book yet written about the great depression. It is clever and wise, brilliant and sound, theoretically thorough, and, at the same time, soberly realistic. It can be read (and it has been widely read) by the practical man, who may learn from it the value of abstract reasoning, and it ought to be studied by the theorist, who can gather from it the importance of a fearless analysis of existing facts and politics.”

—M. J. Bonn, International Affairs

“I would not hesitate to recommend this book as the most compact and still the most exhaustive treatise on the subject it deals with.”

—Robert Weidenhammer, The Accounting Review

“In this remarkable tract of 200 pages Professor Robbins offers a condensed narrative and a coherent interpretation of the greatest depression in history. . . . [O]ne lays down the book. . . one’s chief emotion is gratitude that so forcible and eloquent an exposition of a case which is often gravely mishandled by its adherents is now available.”

—D. H. Robertson, Economica

“Professor Robbins’ book is of such a caliber that it can be read both with profit and with appreciation by those who are unable to accept its main contentions.”

—H. D. Henderson, The Economic Journal

“In this noteworthy study Professor Robbins, of the University of London, examines the causes of the world depression and traces the development of economic and political events from 1914 through 1933.”

—Glenn E. McLaughlin, Journal of the American Statistical Association

"[A] fine basic guide recommended for high school libraries as well as college and public library collections. The analysis blends all kinds of social, political and business influences to make for a solid coverage perfect for discussion."

California Bookwatch

Product Details

ISBN-13:
9781412810081
Publisher:
Transaction Publishers
Publication date:
04/01/2009
Pages:
268
Product dimensions:
5.90(w) x 8.80(h) x 0.80(d)

Customer Reviews

Average Review:

Write a Review

and post it to your social network

     

Most Helpful Customer Reviews

See all customer reviews >