IDEAS home Printed from https://ideas.repec.org/p/wfo/wpaper/y2014i483.html
   My bibliography  Save this paper

Die große Depression, der New Deal, ihre Bewertung durch den Mainstream und die Krise Europas

Author

Listed:
  • Stephan Schulmeister

Abstract

Der "New Deal", mit dem Roosevelt die Wirtschaft der USA aus der Depression 1929/1933 führte, unterscheidet sich markant von der EU-Politik seit 2009. Zunächst konzentrierte er sich auf die Bekämpfung von Mutlosigkeit und Verzweiflung, auf die Regulierung des Finanzsektors und auf die Belebung der Realwirtschaft. Danach folgten Strukturreformen wie der Ausbau des Sozialstaates und seine Finanzierung durch einen progressiveren Steuertarif. In den USA stieg das reale BIP zwischen 1933 und 1937 um 43%, primär als Folge des Booms der privaten Investitionen (+140%). Die Staatsnachfrage wuchs lediglich um 28%, das Defizit wurde nicht erhöht. Roosevelt nahm somit jene Botschaften von Keynes' "General Theory" (1936) vorweg, die später verdrängt wurden: die Bedeutung von Unsicherheit und Vertrauen sowie die Notwendigkeit, Finanzspekulation radikal einzuschränken. Die einflussreiche These von Friedman – Schwartz (1963), wonach die Depression primär durch die Geldpolitik – also durch den Staat – verursacht wurde, erweist sich als Ideologieproduktion. Dies gilt noch mehr für These von Cole – Ohanian (1999) sowie von Prescott (1999), wonach der New Deal die Depression verlängert hätte. Eine Orientierung der europäischen Politik an den Leitlinien von Roosevelt und damit ein den gegenwärtigen Ausgangsbedingungen angepasster "New Deal für Europa" könnte die Wirtschaft aus der hartnäckigen Krise führen.

Suggested Citation

  • Stephan Schulmeister, 2014. "Die große Depression, der New Deal, ihre Bewertung durch den Mainstream und die Krise Europas," WIFO Working Papers 483, WIFO.
  • Handle: RePEc:wfo:wpaper:y:2014:i:483
    Note: With English abstract.
    as

    Download full text from publisher

    File URL: https://www.wifo.ac.at/wwa/pubid/50685
    File Function: Abstract
    Download Restriction: no

    References listed on IDEAS

    as
    1. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters, in: A Theory of the Consumption Function, pages 1-6, National Bureau of Economic Research, Inc.
    2. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    3. Stephan Schulmeister, 2015. "The struggle over the Financial Transactions Tax. A politico-economic farce," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 15-55.
    4. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-254, April.
    5. Harold L. Cole & Lee E. Ohanian, 1999. "The Great Depression in the United States from a neoclassical perspective," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 23(Win), pages 2-24.
    6. Romer, Christina D., 1992. "What Ended the Great Depression?," The Journal of Economic History, Cambridge University Press, vol. 52(4), pages 757-784, December.
    7. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    8. Paul Evans & Iftekhar Hasan & Ellis W. Tallman, 2004. "Monetary explanations of the Great Depression: a selective survey of empirical evidence," Economic Review, Federal Reserve Bank of Atlanta, vol. 89(Q 3), pages 1-23.
    9. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, Juni.
    10. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    11. Harold L. Cole & Lee E. Ohanian, 2004. "New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 779-816, August.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Makroökonomische Politik; Depressionen; New Deal;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wfo:wpaper:y:2014:i:483. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ilse Schulz). General contact details of provider: http://edirc.repec.org/data/wifooat.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.