Hall of mirrors : : the Great Depression, the great recession, and the uses-and misuses-of history / / 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 im...
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Place / Publishing House: | New York, New York : : Oxford University Press,, [2015] 2015 |
Year of Publication: | 2015 |
Language: | English |
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Physical Description: | 1 online resource (521 pages) |
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Eichengreen, Barry J., author. Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history / Barry Eichengreen. New York, New York : Oxford University Press, [2015] 2015 1 online resource (521 pages) text rdacontent computer rdamedia online resource rdacarrier Includes bibliographical references and index. Machine generated contents note: -- Introduction -- Castles in Spain Made Real -- Inflation's Shadow -- Children's Playroom -- Financialization with a Vengeance -- Flip That House -- Europe and the Euro -- The Crisis to End All Crises -- The J.P. Morgan of the South -- Shuttle Diplomacy -- Will America Topple Too? -- Largely Contained -- Out of the Shadows -- The Worst Financial Crisis Since 1933 -- The Three B's -- New Deal -- Double Dip -- Preventing the Worst -- Unconventional Policy -- Weak Soup -- The Turn to Austerity -- The Euro Crisis -- Whatever It Takes -- Conclusion. "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. 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"-- Provided by publisher. Description based on print version record. Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries. Depressions 1929. Economic policy History 20th century. Global Financial Crisis, 2008-2009. Economic policy History 21st century. Electronic books. Print version: Eichengreen, Barry J. Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history. New York, New York : Oxford University Press, [2015] 9780199392001 (DLC)10962233 ProQuest (Firm) https://ebookcentral.proquest.com/lib/oeawat/detail.action?docID=1826369 Click to View |
language |
English |
format |
eBook |
author |
Eichengreen, Barry J., |
spellingShingle |
Eichengreen, Barry J., Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history / Machine generated contents note: -- Introduction -- Castles in Spain Made Real -- Inflation's Shadow -- Children's Playroom -- Financialization with a Vengeance -- Flip That House -- Europe and the Euro -- The Crisis to End All Crises -- The J.P. Morgan of the South -- Shuttle Diplomacy -- Will America Topple Too? -- Largely Contained -- Out of the Shadows -- The Worst Financial Crisis Since 1933 -- The Three B's -- New Deal -- Double Dip -- Preventing the Worst -- Unconventional Policy -- Weak Soup -- The Turn to Austerity -- The Euro Crisis -- Whatever It Takes -- Conclusion. |
author_facet |
Eichengreen, Barry J., |
author_variant |
b j e bj bje |
author_role |
VerfasserIn |
author_sort |
Eichengreen, Barry J., |
title |
Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history / |
title_sub |
the Great Depression, the great recession, and the uses-and misuses-of history / |
title_full |
Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history / Barry Eichengreen. |
title_fullStr |
Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history / Barry Eichengreen. |
title_full_unstemmed |
Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history / Barry Eichengreen. |
title_auth |
Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history / |
title_new |
Hall of mirrors : |
title_sort |
hall of mirrors : the great depression, the great recession, and the uses-and misuses-of history / |
publisher |
Oxford University Press, |
publishDate |
2015 |
physical |
1 online resource (521 pages) |
contents |
Machine generated contents note: -- Introduction -- Castles in Spain Made Real -- Inflation's Shadow -- Children's Playroom -- Financialization with a Vengeance -- Flip That House -- Europe and the Euro -- The Crisis to End All Crises -- The J.P. Morgan of the South -- Shuttle Diplomacy -- Will America Topple Too? -- Largely Contained -- Out of the Shadows -- The Worst Financial Crisis Since 1933 -- The Three B's -- New Deal -- Double Dip -- Preventing the Worst -- Unconventional Policy -- Weak Soup -- The Turn to Austerity -- The Euro Crisis -- Whatever It Takes -- Conclusion. |
isbn |
9780199392018 9780199392001 |
callnumber-first |
H - Social Science |
callnumber-subject |
HB - Economic Theory and Demography |
callnumber-label |
HB3717 1929 |
callnumber-sort |
HB 43717 41929 E37 42015 |
genre |
Electronic books. |
genre_facet |
Electronic books. |
era_facet |
1929. 20th century. 21st century. |
url |
https://ebookcentral.proquest.com/lib/oeawat/detail.action?docID=1826369 |
illustrated |
Not Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
330 - Economics |
dewey-full |
330.9/043 |
dewey-sort |
3330.9 243 |
dewey-raw |
330.9/043 |
dewey-search |
330.9/043 |
oclc_num |
914481333 |
work_keys_str_mv |
AT eichengreenbarryj hallofmirrorsthegreatdepressionthegreatrecessionandtheusesandmisusesofhistory |
status_str |
n |
ids_txt_mv |
(MiAaPQ)5001826369 (Au-PeEL)EBL1826369 (CaPaEBR)ebr10962233 (CaONFJC)MIL654315 (OCoLC)914481333 |
is_hierarchy_title |
Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history / |
_version_ |
1792330799605874688 |
fullrecord |
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