Lessons from the Great Depression

Lessons from the Great Depression

by Peter Temin


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Lessons from the Great Depression by Peter Temin

Do events of the 1930s carry a message for the 1990s? If there is one key lesson to be learned, Peter Temin points out, it is that political ideology drives economic events. The Great Depression was caused by politicians and policymakers following the wrong economic ideology, not by a mechanical breakdown of the system.

Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain France, Germany, and the United States. It describes the causes of the depression, why it was so widespread and prolonged, and what brought about eventual recovery.

Temin finds parallels today in the relentless deflationary course followed by the VS. Federal Reserve Board and the British government in the early 1980s, and in the dogged adherence by the Reagan administration to policies generated by a discredited economic theory - supply side economics.

Throughout this informative and highly readable account, Temin searches for and identifies guidelines for the economic and political decisions to be made in the final decade of this century. He considers the proper role of economic and political models and ideologies in the fashioning of economic policy, the advantages and disadvantages of international economic cooperation and long term versus short term focus in the making of economic policy

Peter Temin is Professor of Economics at MIT. Lessons from the Great Depression is included in the Lionel Robbins Lecture Series.

Product Details

ISBN-13: 9780262200738
Publisher: MIT Press
Publication date: 11/01/1989
Series: Lionel Robbins Lectures for 1989
Pages: 212
Product dimensions: 5.60(w) x 8.35(h) x 0.77(d)

About the Author

Peter Temin is Professor of Economics Emeritus at MIT. He is the coauthor of Keynes: Useful Economics for the World Economy (MIT Press) and of The Leaderless Economy.

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