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Lessons from the 1930s Great Depression

Author

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  • Nicholas Crafts
  • Peter Fearon

Abstract

This paper provides a survey of the Great Depression comprising both a narrative account and a detailed review of the empirical evidence, focusing especially on the experience of the United States. We examine the reasons for and flawed resolution of the American banking crisis, as well as the conduct of fiscal and monetary policy. We also consider the pivotal role of the gold standard in the international transmission of the slump and leaving gold as a route to recovery. Policy lessons for today from the Great Depression are discussed, as are some implications for macroeconomics. Copyright 2010, Oxford University Press.

Suggested Citation

  • Nicholas Crafts & Peter Fearon, 2010. "Lessons from the 1930s Great Depression," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 26(3), pages 285-317, Autumn.
    • Handle: RePEc:oup:oxford:v:26:y:2010:i:3:p:285-317
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    File URL: http://hdl.handle.net/10.1093/oxrep/grq030
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    Cited by:

    1. Nicolas‐Guillaume Martineau & Gregor W. Smith, 2015. "Identifying fiscal policy (in)effectiveness from the differential counter‐cyclicality of government spending in the interwar period," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 48(4), pages 1291-1320, November.
    2. Aamir Jamal & Mudaser Ahad Bhat, 2022. "COVID-19 pandemic and the exchange rate movements: evidence from six major COVID-19 hot spots," Future Business Journal, Springer, vol. 8(1), pages 1-11, December.
    3. Yi Fan, 2017. "Does Adversity Affect Long-Term Consumption and Financial Behaviour? Evidence from China's Rustication Programme," ERES eres2017_148, European Real Estate Society (ERES).
    4. Bertrand Guillotin, 2019. "Using Unconventional Wisdom to Re-Assess and Rebuild the BRICS," JRFM, MDPI, vol. 12(1), pages 1-13, January.
    5. Klein, Alexander & Otsuy, Keisuke, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," CAGE Online Working Paper Series 147, Competitive Advantage in the Global Economy (CAGE).
    6. Nicholas Dimsdale & Nicholas Horsewood, 2009. "The dynamics of consumption and investment in the late Victorian economy," Working Papers 9007, Economic History Society.
    7. Timothy J. Hatton & Mark Thomas, 2012. "Labour Markets in Recession and Recovery: The UK and the USA in the 1920s and 1930s," CEH Discussion Papers 001, Centre for Economic History, Research School of Economics, Australian National University.
    8. Jaremski, Matthew & Mathy, Gabriel, 2018. "How was the quantitative easing program of the 1930s Unwound?," Explorations in Economic History, Elsevier, vol. 69(C), pages 27-49.
    9. Michael Reich, 2015. "The Ups and Downs of Minimum Wage Policy: The Fair Labor Standards Act in Historical Perspective," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 54(4), pages 538-546, October.
    10. Nicholas Oulton, 2013. "Medium and Long Run Prospects for UK Growth in the Aftermath of the Financial Crisis," CEP Occasional Papers 37, Centre for Economic Performance, LSE.
    11. Alex Klein & Keisuke Otsu, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," Studies in Economics 1317, School of Economics, University of Kent.
    12. Galofré-Vilà, Gregori & Meissner, Christopher M. & McKee, Martin & Stuckler, David, 2021. "Austerity and the Rise of the Nazi Party," The Journal of Economic History, Cambridge University Press, vol. 81(1), pages 81-113, March.
    13. Fan, Yi, 2020. "Does adversity affect long-term financial behaviour? Evidence from China’s rustication programme," Journal of Urban Economics, Elsevier, vol. 115(C).
    14. Suzanne J. Konzelmann & Marc Fovargue-Davies, 2021. "A "United States of Europe" – An Idea Whose Time Has Come (or Gone)? The Insecurity Cycle in Europe and America," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 55(2), pages 243-282, December.
    15. Nicholas Dimsdale & Nicholas Horsewood, 2012. "The impact of the Great Depression of the 1930s on the British economy," Working Papers 12028, Economic History Society.
    16. Kent Matthews, 2013. "No Plan B: But is There a ‘Third Way'?," Economic Affairs, Wiley Blackwell, vol. 33(2), pages 220-231, June.
    17. Nicolas Degive & Kim Oosterlinck, 2019. "Independence and the Effect of Empire The Case of “Sovereign Debts” issued by British Colonies," Working Papers CEB 19-018, ULB -- Universite Libre de Bruxelles.
    18. Olivier ACCOMINOTTI & Marie BRIERE & Aurore BURIETZ & Kim OOSTERLINCK & Ariane SZAFARZ, 2020. "Did Globalization Kill Contagion?," Working Papers 2020-ACF-01, IESEG School of Management.

    More about this item

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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