The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Great Depression

  • Peter Temin
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2267

Abstract

The world depression of the 1930s was the greatest peacetime economic catastrophe in history. There had been hard times before, but never without war, natural disaster or pestilence. The massive and long-lasting unemployment and hardship of the 1930s was a pathology of industrial society, caused by a malfunctioning of the economic system. Adherence to gold-standard policies led to a set of currency crises in 1931 that turned a bad recession into the Great Depression.

Keywords

Banking crises Beggar-my-neighbour Currency crises Deflation Demand shock Devaluation Federal Reserve System Friedman, M. German hyperinflation Gold standard Great Depression Kindleberger, C. Real wage rates Schwartz, A. Specie-flow mechanism Transfer problem Unemployment Young Plan 

JEL Classifications

N3 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Peter Temin
    • 1
  1. 1.