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The Great Depression and Modern Capitalism

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  • Shibata, Tokutaro

    (Faculty of Economics, University of Tokyo.)

Abstract

The most crucial factor of the Great Depression was the institutional instability and fragility of the American financial system in the 1920s. Secondly, the instability of the reconstructed international gold standard was also a crucial factor of the Great Depression. Thirdly, the inelasticity of oligopolistic prices was the factor that accelerated the Great Depression. Fourthly, the unequal distribution of income was not a direct cause of the Great Depression but a fundamental background of the Great Depression. While the economic structure had changed, adherence to the old conventions and institutions was stubborn. The contradiction between the new economic structure and the old conventions was a main cause of the Great Depression.

Suggested Citation

  • Shibata, Tokutaro, 1997. "The Great Depression and Modern Capitalism," CIRJE F-Series 97-F-5, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:fseres:97f05
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    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/97/f5/contents.htm
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    Cited by:

    1. Tokutaro Shibata, 1998. "An Evolutionary Interpretation of the Japanese Depression in the 1990s," Journal of Economic Issues, Taylor & Francis Journals, vol. 32(2), pages 411-418, June.

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