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Great Depression (great + depression)
Selected AbstractsREPLENISHINGTHE SOILANDTHE SOULOF TEXAS: THE CIVILIAN CONSERVATION CORPSINTHE LONE STAR STATEASAN EXAMPLEOF STATE -FEDERAL WORK RELIEF DURINGTHE GREAT DEPRESSIONTHE HISTORIAN, Issue 4 2003KENNETH E. HENDRICKSON JR. First page of article [source] THE ROLE OF THE HIGH COURT IN FEDERAL ARBITRATION DURING THE GREAT DEPRESSION: PRESERVING A FUTURE FOR ,REASON AND MORAL SUASION'?AUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 2 2008Rohan Price arbitration; Australia; depression; legal institutions; wage fixation Between 1929 and 1933 the Australian federal system of conciliation and arbitration came under economic and political strain. This article reveals that arbitration proved to be an adaptable industrial relations framework for dealing with economic depression. While the monetary entitlements of workers were reduced, the legal instrumentality that conferred the wage cuts, the Arbitration Court, itself defied abolition and evolved to be a protective body. There was a subtle and previously unremarked interaction in the regulatory functions of the High Court, the Arbitration Court, and the Commonwealth Parliament characterised by the purposeful abstention of the High Court and Scullin Government and the activism of the Arbitration Court. [source] Mexican/U.S. Immigration Policy prior to the Great DepressionDIPLOMATIC HISTORY, Issue 2 2007Jaime R. Aguila First page of article [source] THE 1930s AND THE PRESENT DAY , CRISES COMPAREDECONOMIC AFFAIRS, Issue 4 2009Panagiotis Evangelopoulos Many analysts are comparing the deep crisis of our times with the crash of 1929 and the Great Depression that followed in the 1930s. They generally argue that Barack Obama is driving the world to recovery along Roosevelt's ,state superiority' line. Alas, today's crisis rings alarm bells for the manner in which we must manage the future of democracy, the state and markets. Markets cannot be ,ordered about' and when in the face of sound logic and practice an attempt is made to do just this, markets become refractory, or , even worse , they may collapse. [source] POLICIES IN THE UNITED STATES TO PROVIDE HOUSING ASSISTANCE TO LOW-INCOME HOUSEHOLDS1ECONOMIC AFFAIRS, Issue 2 2008Ronald D. Utt From the 1930s onwards America's housing assistance policies have largely been shaped by the federal government's response to catastrophe, whether of an external nature (the Great Depression, the urban riots of the 1960s) or an internal nature (mismanagement, excessive costs). Consequently, today's collection of federal housing policies resemble more the results of an archaeological dig through 70 years of activity than a coherent approach to a longstanding problem. Nonetheless, one key theme that emerges is the shift from wholly government solutions to a hybrid public,private partnership approach in the early 1970s. [source] From Great Depression to Great Credit Crisis: similarities, differences and lessonsECONOMIC POLICY, Issue 62 2010Miguel Almunia Summary The Great Depression of the 1930s and the Great Credit Crisis of the 2000s had similar causes but elicited strikingly different policy responses. While it remains too early to assess the effectiveness of current policy, it is possible to analyse monetary and fiscal responses in the 1930s as a natural experiment or counterfactual capable of shedding light on the impact of current policies. We employ vector autoregressions, instrumental variables, and qualitative evidence for 27 countries in the period 1925,39. The results suggest that monetary and fiscal stimulus was effective -- that where it did not make a difference it was not tried. They shed light on the debate over fiscal multipliers in episodes of financial crisis. They are consistent with multipliers at the higher end of those estimated in the recent literature, and with the argument that the impact of fiscal stimulus will be greater when banking systems are dysfunctional and monetary policy is constrained by the zero bound. --- Miguel Almunia, Agustín Bénétrix, Barry Eichengreen, Kevin H. O'Rourke and Gisela Rua [source] Investment and Uncertainty: Precipitating the Great Depression in the United StatesECONOMICA, Issue 291 2006DAVID GREASLEY A severe collapse of fixed capital formation distinguished the onset of the Great Depression from other investment downturns between the world wars. Using a model estimated for the years 1890,2000, we show that the expected profitability of capital measured by Tobin's q, and the uncertainty surrounding expected profits indicated by share price volatility, were the chief influences on investment levels, and that heightened share price volatility played the dominant role in the crucial investment collapse in 1930. Investment did not simply follow the downward course of income at the onset of the depression: rather, its slump helped to propel the wider collapse. [source] Capital account liberalization and financial globalization, 1890,1999: a synoptic viewINTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 3 2003Dennis P. Quinn Abstract An indicator of financial openness spanning the period 1890,1999 is used to evaluate policies towards the capital account of the balance of payments. Findings include that: financial globalization was deeper in 1890,1913 than subsequently; countries with liberal capital account policies recovered more quickly from the Great Depression than countries that restricted capital account transactions; the correlation between democracy and capital account openness was negative or zero during the gold standard era, in contrast to subsequent periods, when it has tended to be positive; and countries in geographic proximity to one another have tended to behave similarly in their policies towards the capital account. Copyright © 2003 John Wiley & Sons, Ltd. [source] The treasurer: How to weather our current crisisJOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 1 2009Asokan Anandarajan We are enduring the worst financial crisis since the Great Depression. Traditional sources of liquidity and investments have dried up. And we are living in a state of flux, where the rules can be changed overnight,as the federal government constantly announces new amendments to the bailout plans. So, the role of the treasurer has changed from managing liquidity to managing emergencies. What special hazards must the treasurer now avoid? And what strategies can he or she adopt to weather the current storm? © 2009 Wiley Periodicals, Inc. [source] Crisis Is Endemic to the Financial SystemNEW PERSPECTIVES QUARTERLY, Issue 1 2009GEORGE SOROS As British Prime Minister Gordon Brown notes in this section, we are witnessing the birth pangs of a new global order in this deepest financial and economic crash since the Great Depression. There will be plenty of pain all around for a while. And when the quarter-century leveraged-debt bubble of the United States,the explosion of which detonated the crash,is finally unwound, the new global balance will favor an Asia flush with cash. The G-20 will replace the G-7 as the executive committee of globalization. And, if wise leadership stays the course, there will be a "green lining" to the recovery as the fiscal stimulus is imbued with an environmental sensibility. [source] Managing the Birth Pangs of the New Global OrderNEW PERSPECTIVES QUARTERLY, Issue 1 2009GORDON BROWN As British Prime Minister Gordon Brown notes in this section, we are witnessing the birth pangs of a new global order in this deepest financial and economic crash since the Great Depression. There will be plenty of pain all around for a while. And when the quarter-century leveraged-debt bubble of the United States,the explosion of which detonated the crash,is finally unwound, the new global balance will favor an Asia flush with cash. The G-20 will replace the G-7 as the executive committee of globalization. And, if wise leadership stays the course, there will be a "green lining" to the recovery as the fiscal stimulus is imbued with an environmental sensibility. [source] G-20 Should Supplant the G-7NEW PERSPECTIVES QUARTERLY, Issue 1 2009JAMES WOLFENSOHN As British Prime Minister Gordon Brown notes in this section, we are witnessing the birth pangs of a new global order in this deepest financial and economic crash since the Great Depression. There will be plenty of pain all around for a while. And when the quarter-century leveraged-debt bubble of the United States,the explosion of which detonated the crash,is finally unwound, the new global balance will favor an Asia flush with cash. The G-20 will replace the G-7 as the executive committee of globalization. And, if wise leadership stays the course, there will be a "green lining" to the recovery as the fiscal stimulus is imbued with an environmental sensibility. [source] 3.,Money, Credit, and CrisisAMERICAN JOURNAL OF ECONOMICS AND SOCIOLOGY, Issue 4 2009Mason Gaffney The financial crisis of 2008,2009 has antecedents in earlier crises, including the Great Depression. In order to understand how the current crisis arose, we must review the most fundamental principles of banking. Doing that, we find that the main service performed by banks is the creation of liquidity, a collective good that can be destroyed by the behavior of individual financial institutions. The key element in creating liquidity is the monetization of various types of collateral. When collateral takes the form of land or capital that turns over slowly, banks lose liquidity. That is why major banking crises have frequently been associated with real estate lending. The best way to restore health to the financial system is by restoring the principles of the "real bills" doctrine that requires loans to be self-liquidating. [source] The Monroe Doctrine: Meanings and ImplicationsPRESIDENTIAL STUDIES QUARTERLY, Issue 1 2006MARK T. GILDERHUS This article presents a brief history of the Monroe Doctrine since its articulation in 1823. First conceived as a statement in opposition to European intrusions in the Americas, it became under President Theodore Roosevelt a justification for U.S. intervention. To cultivate Latin American trade and goodwill during the Great Depression and the Second World War, Franklin Roosevelt's administration accepted the principle of nonintervention. Later with the onset of the Cold War, perceived international imperatives led to a series of new interventions in countries such as Guatemala, Cuba, the Dominican Republic, and Chile. Though typically couched in idealistic rhetoric emphasizing Pan-American commitments to solidarity and democracy, the various versions of the Monroe Doctrine consistently served U.S. policy makers as a means for advancing what they understood as national strategic and economic interests. [source] Structural Change in U.S. Presidents' Use of ForceAMERICAN JOURNAL OF POLITICAL SCIENCE, Issue 3 2010Jong Hee Park Has there been a structural change in the way U.S. presidents use force abroad since the nineteenth century? In this article, I investigate historical changes in the use of force by U.S. presidents using Bayesian changepoint analysis. In doing so, I present an integrated Bayesian approach for analyzing changepoint problems in a Poisson regression model. To find the nature of the breaks, I estimate parameters of the Poisson regression changepoint model using Chib's (1998) hidden Markov model algorithm and Frühwirth-Schnatter and Wagner's (2006) data augmentation method. Then, I utilize transdimensional Markov chain Monte Carlo methods to detect the number of breaks. Analyzing yearly use of force data from 1890 to 1995, I find that, controlling for the effects of the Great Depression and the two world wars, the relationship between domestic conditions and the frequency of the use of force abroad fundamentally shifted in the 1940s. [source] Asset Bubbles, Leverage and ,Lifeboats': Elements of the East Asian CrisisTHE ECONOMIC JOURNAL, Issue 460 2000H. J. Edison Collapsing credit markets have been blamed for the depth and persistence of the Great Depression in the United States. Could similar mechanisms have played a role in ending the East Asian economic miracle , and in creating fragility in global financial markets? After a brief account of the nature of the East Asian crises of 1997/8, we use the framework of highly-leveraged, fully-collaterised firms due to Kiyotaki and Moore (1997) to explore the impact of a credit crunch. The paper emphasises the fragility of equilibrium and how rapidly boom can turn to bust. [source] Understanding Economic Crises: The Great Depression and the 2008 RecessionTHE ECONOMIC RECORD, Issue 2010LEE E. OHANIAN Economic crises, involving large and persistent declines in output and employment, are puzzles, particularly in developed countries with economies that typically function at a high level. This article analyses the Great Depression and the 2008 recession using recent developments in business cycle diagnostic procedures, and finds that the key to both episodes is understanding labour market distortions that resulted in the marginal product of labour being much higher than the marginal rate of substitution between consumption and leisure. This finding stands in sharp contrast to the received wisdom, which focuses on the role of banking crises and capital market distortions. The article also discusses possible hypotheses for these labour market distortions. [source] The Causes of Unemployment in Interwar AustraliaTHE ECONOMIC RECORD, Issue 243 2002Nicholas H. Dimsdale This paper examines the factors contributing to unemployment in Australia during the Great Depression of the 1930s. Previous writers have emphasised the role of demand,side variables but it has also been argued that excessive real wages caused unemployment. The Layard,Nickell model, developed originally for the postwar British economy, is applied to Australian data. The empirical results confirm that demand shocks in the form of changes in government spending and in the terms of trade were important in both downturn and recovery. Wage indexation resulted in some rigidity of real wages but this was not a major cause of unemployment. [source] The Forgotten Man: A New History of the Great Depression , By Amity ShlaesTHE HISTORIAN, Issue 2 2009Barry Cushman No abstract is available for this article. [source] Worn, Damaged Bodies in Literature and Photography of the Great DepressionTHE JOURNAL OF AMERICAN CULTURE, Issue 1 2003Thomas Fahy First page of article [source] Music of the Great DepressionTHE JOURNAL OF POPULAR CULTURE, Issue 3 2006Rachel Gillett No abstract is available for this article. [source] Front and Back Covers, Volume 24, Number 6.ANTHROPOLOGY TODAY, Issue 6 2008December 200 Front cover caption, volume 24 issue 6 Front cover A television newscaster reports from a prayer meeting organized in support of Barack Obama on the eve of the US election in Kogelo, Western Kenya. Foreign and local journalists descended on this small village which is home to Mama Sarah, Obama's paternal step-grandmother. As this picture was taken, religious and cultural leaders, schoolchildren and local politicians were praying for the success of their ,son', although they were also careful to offer up prayers for John McCain. The newscaster stands in front of a painting by local artist Joachim Onyango Ndalo, famous for his colourful portrayals of historical events, African presidents and other world leaders. The painting shows Obama surrounded by political figures, including Colin Powell, Bill Clinton and the British queen. In January of this year Ndalo was forced to flee from his home in Western Kenya to Uganda during the violence that followed Kenya's contested elections between the Party of National Unity (PNU), led by President Kibaki, and the Orange Democratic Movement (ODM), the opposition party led by Raila Odinga. Although pro-Odinga, the artist was branded a traitor by some members of his community for accepting a commission to paint Stanley Livondo, a Kibaki supporter and opponent of Odinga for the Langata parliamentary seat. Ndalo's workshop and paintings were destroyed. He has since returned home and plans to send his painting to America as a gift to Obama for his inauguration. Back cover caption, volume 24 issue 6 FINANCIAL CRISIS: The financial crisis unfolding since September this year has wiped out savings and threatens livelihoods across the world. Future generations will have to pay for the nationalization of gigantic debts that we never thought we had. This crisis, the worst of its kind since the Great Depression, demands an overhaul of the world's financial system. What might anthropologists contribute, beyond our insight into the world's informal economies and peasant markets? In this issue, Keith Hart and Horacio Ortiz argue that the breakdown of the economists' intellectual hegemony demands a new approach to money more sensitive to its social dimensions and to redistributive justice. A fresh reading of Mauss and Polanyi would be one good place to start. Stephen Gudeman, in his diary of witnessing the financial markets in October, argues for the relevance of anthropological concepts such as ,spheres of exchange', a realm of people, relationships and materials that cuts across market processes and lies beyond the economic vision of Wall Street and Washington, but should be represented in policy-making. Anthropologists have produced many detailed examples of how communities make use of markets within economies. Now, as the world searches for a new system of governance, is the time for anthropologists to make their voices heard. Perhaps a President's Council of Anthropological Advisors might complement the existing Council of Economic Advisors. What better time for such a proposal than the election of a new US president with roots in Hawaii, Kansas, Indonesia and Kenya, whose mother was herself an anthropologist? [source] Is the Globalization Consensus Dead?ANTIPODE, Issue 2010Robert Wade Abstract:, The development economist Dani Rodrik recently declared that "the globalization consensus is dead". The claim has momentus implications, because this consensus has steered economic policy around the world for the past quarter century. It emanates from the heartland of neoclassical economics, and defines the central tasks of the Washington-based organizations which claim to speak for the world. This essay answers two main questions. First, is Rodrik's claim true, and by what measures of "consensus"? Second, to the extent that the consensus has substantially weakened, is the state returning to the heart of economic life, as Karl Polanyi might have predicted? The answers? First, the globalization consensus about desirable economic policy has weakened, though it is far from "dead". Second, the western state is returning to the heart of economic life in response to the current global economic crisis, but will retreat soon after national economies recover,because unless the crisis becomes a second Great Depression, the norms of more free markets and more global economic integration will be politically challenged only at the margins. New rules of finance may be introduced, but with enough loopholes that by 2015 Wall Street and the City will operate in much the same way as in the recent pre-crisis past. [source] American Economic Relations with AsiaASIAN ECONOMIC POLICY REVIEW, Issue 2 2009Marcus NOLAND F5; F02; F13; F33 The USA and Asia have an enormous stake in each others' continuing prosperity. This outcome is linked to the preservation of the open international economic order, which in turn faces challenges at both the interstate diplomatic level and at the domestic political level. The global financial crisis is probably the worst since the Great Depression and the domestic politics makes it increasingly difficult to formulate a constructive trade policy. In the absence of adequate reform at the global level, the alternative could be further fragmentation into competing regional blocs. Asia holds the key, combining both dissatisfaction with existing global arrangements with the resources to reconstitute, at least at the regional level, an alternative set of institutions and practices. How Asia responds, acting to strengthen reformed global institutions or undermine them in favor of regional alternatives, will partly depend on the policies of the dominant global power, the USA. [source] China during the Great Depression: Market, State and the World Economy, 1929,1937 , By Tomoko ShiroyamaAUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 3 2009Chih-lung Lin No abstract is available for this article. [source] Days on the family farm: from the golden age through the great depression , By Carrie A. MeyerECONOMIC HISTORY REVIEW, Issue 4 2008David Danbom No abstract is available for this article. [source] The historiography of French economic growth in the nineteenth centuryECONOMIC HISTORY REVIEW, Issue 2 2003François Crouzet Summary There has been a long-standing debate about French nineteenth-century economic growth. After 1945 the ,retardation,stagnation' thesis dominated. From the 1960s ,revisionists' painted a more optimistic view. Recently, ,anti-revisionism' has revived gloomy ideas. New research has been primarily responsible for changes of view. National income estimates, and later cliometric studies, bolstered the revisionist argument. Work on the ,great depression' stimulated anti-revisionism. Scholars have also been influenced by the economic and political state of France at the time they were writing and the debate has been somewhat politicized. The article ends by surveying the ,moderate revisionism' which now prevails. [source] | |||||||||||||||||||||||||