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VoxEU.org - 4/6/2009

The world economy is tracking or doing worse than during the Great Depression

— VoxEU.org — Barry Eichengreen , Kevin H. O’Rourke , 6 April 2009 Often cited comparisons – which look only at the US – find that today’s crisis is milder than the Great Depression. In this column, two leading economic historians show that the world economy is ... (more) The world economy is tracking or doing worse than during ...

Commodities

Depression

Kevin H. O'Rourke

Comments vote downundo vote up Economist's View found this 4/6/2009found this

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gregmankiw.blogspot.com - 4/4/2009

Hoover did it!

— gregmankiw.blogspot.com — ULCA economist Lee Ohanian sends me a paper called "What - or Who - Started the Great Depression?" with the following conclusion: The defining characteristic of the Great Depression is a substantial and chronic excess supply of labor, with ... (more) Hoover did it!

Commodities

Depression

Comments vote downundo vote up The Emirates Economist found this 4/4/2009found this

2

nakedcapitalism.com - 4/7/2009

World Economy Falling Faster Than in 1929-1930

— nakedcapitalism.com — Barry Eichengreen, an expert on the Great Depression, and Kevin O'Rourke, take issue with the notion that the current downturn is less severe than the Great Depression. While the slump in the US is not as bad, that mis-states the global picture.  ... (more) World Economy Falling Faster Than in 1929-1930

Commodities

Depression

Comments vote downundo vote up Abnormal Returns found this 4/7/2009found this

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Is China 2009 = U.S. 1929?
Paul Kedrosky's Infectious Greed — Good piece in Foreign Policy making a case that I do regularly, which is that there are striking similarities between the U.S. circa 1929 and China today. Both were/are creditor nations with massive trade surpluses, and both sit/sat astride the decline of the prior world power, which was the U.K. in 1929 and is the U.S. today. Most importantly, however, the U.S. in 1929 had an opportunity, as does China today, to use its economic power to drive the financial system to a new post-crisis place. Just before the Asia-Europe meeting last October, President Hu Jintao stated that China would behave "with a sense of ...

Readings: China = America?, India in crisis, CDS = WMS
GalaTime — Foreign Policy: Is China the New America? The story from the Great Depression has an uncanny echo in current debates about international economic leadership, with the United States playing the role of Britain — the exhausted debtor economy — and China taking the place of the United States as the world’s largest creditor. But if China is the America of this century, can it do a better job than the United States did in the 1930s? Charles Kindleberger, the late economist, argued that the United States should have acted as a lender of last resort in the early ...