We see that javascript is disabled or not supported by your browser - javascript is needed for important actions on the site. Read more

What's New - Home - Login

Member $avings: $81,752,006.17 | Books Available: 730,156 | Members Online: 245

Swap Used Books - Buy New Books at Great Prices!

How To Swap Books Sign Up Search submenu

PBS Market (New Books)

Gift Buying Guide

Book Browser Advanced Search Books Posted Today Member Book Reviews Award Winning Books NYT Best Sellers Amazon Best Sellers Most Traveled Copies Club Wish List

Discussion Forums Book Lists

Club Lists My Book Lists My Watched Lists Create a List

Blog Donations

School Donation Program In Memory of... Military Donation Program Friends of PBS

Box-O-Books Maps The Eclectic Pen Fun Stuff

20 Questions Sudoku Bookmark Creator

Top 100

Requests Posts Swappers Referrers Reviewers

Pulse of PBS Spread The Word

Invite Friends Bookmarks Facebook Page Facebook App More Ways...

Photo Gallery Recipes Club Tag Cloud Member Testimonials

Help Center submenu

How To Swap Books Browse Help Docs Ask the Librarian PBS Member Icons Live Help

Kiosk

PBS Market (New Books) Go Shopping Buy Credits Buy PBS Money Upgrade Membership Gift Certificates Transfer Credits

Need Help?

Search - Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History

Hall of Mirrors The Great Depression The Great Recession and the Usesand Misusesof History
Author: Barry Eichengreen

There have been two global financial crises in the past century: the Great Depression of the 1930s and the Great Recession that began in 2008. Both featured loose credit, precarious real estate and stock market bubbles, suspicious banking practices, an inflexible monetary system, and global imbalances; both had devastating economic consequences.... more » In both cases, people in the prosperous decade preceding the crash believed they were living in a post-volatility economy, one that had tamed the cycle of boom and bust. When the global financial system began to totter in 2008, policymakers were able to draw on the lessons of the Great Depression in order to prevent a repeat, but their response was still inadequate to prevent massive economic turmoil on a global scale.

In Hall of Mirrors, renowned economist Barry Eichengreen provides the first book-length analysis of the two crises and their aftermaths. Weaving together the narratives of the 30s and recent years, he shows how fear of another Depression greatly informed the policy response after the Lehman Brothers collapse, with both positive and negative results. On the positive side, institutions took the opposite paths that they had during the Depression; government increased spending and cut taxes, and central banks reduced interest rates, flooded the market with liquidity, and coordinated international cooperation. This in large part prevented the bank failures, 25% unemployment rate, and other disasters that characterized the Great Depression. But they all too often hewed too closely and too literally to the lessons of the Depression, seeing it as a mirror rather than focusing on the core differences. Moreover, in their haste to differentiate themselves from their forbears, today's policymakers neglected the constructive but ultimately futile steps that the Federal Reserve took in the 1930s. While the rapidly constructed policies of late 2008 did succeed in staving off catastrophe in the years after, policymakers, institutions, and society as a whole were too eager to get back to normal, even when that meant stunting the recovery via harsh austerity policies and eschewing necessary long-term reforms. The result was a grindingly slow recovery in the US and a devastating recession in Europe.

Hall of Mirrors is not only a monumental work of economic history, but an essential exploration of how we avoided making only some of the same mistakes twice--and why our partial remedy makes us highly susceptible to making other, equally important mistakes yet again.

ISBN-13: 9780199392001
ISBN-10: 0199392005
Publication Date: 1/2/2015
Pages: 480
Rating:

0 stars, based on 0 rating

Publisher: Oxford University Press
Book Type: Hardcover
Other Versions: Paperback
Members Wishing: 2
Reviews: Amazon | Write a Review

Genres:

Business & Money >> Economics >> Comparative
Business & Money >> Economics >> Economic History
Business & Money >> International >> Economics
Business & Money >> Popular Economics

Back to the Top ↑

Search - Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History

Loading...