Europe's Great Depression: coordination failure after the First World War
In this paper I survey and reinterpret the extensive literature on Europe's Great Depression. I argue that Europe could not exploit its vast economic potential after 1918, because the war had not yet come to an end--indeed, it did not end before 1945. Both domestic and international institutions suffered from a lack of reciprocal trust and commitment, which can be clearly illustrated in the realm of monetary policy, but affected many other areas of policy-making, such as energy or migration policies. These institutions in turn affected expectations and thereby the extent to which, for example, expansionary policies could be effective. Copyright 2010, Oxford University Press.
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