nber.org - 10/25/2009
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The Great Depression was marked by protectionist trade policies and the breakdown of the multilateral trading system. But contrary to the presumption that all countries scrambled to raise trade barriers, there was substantial cross-country variation in the movement to protectionism. ...
forbes.com - 10/30/2009
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forbes.com —
Eighty years ago this week, the stock market
crashed. Although it was more a symptom of the...
economy's underlying problems than a cause of the Great Depression, it is still considered the day the worst economic crisis in American history began. I've ...
(more)
The Great Depression And The Great Recession
economistsview.typepad.com - 10/25/2009
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economistsview.typepad.com —
Lessons from the Great Depression: The Roots of
Protectionism in the Great Depression, by Laurent Belsie, NBER...
Reporter : The Great Depression was a breeding ground for protectionism. Output fell, prices declined, and unemployment rose, ...
(more)
"The Roots of Protectionism in the Great Depression"
nber.org - 10/25/2009
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nber.org —
The Roots of Protectionism in the Great Depression
had more countries been willing to abandon the gold...
standard and use monetary policy to counter the slump, fewer would have been driven to impose trade restrictions. The Great Depression was a ...
(more)
The Roots of Protectionism in the Great Depression
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"The Roots of Protectionism in the Great Depression"
Economist's View —
... :
The Great Depression was a breeding ground for protectionism. Output fell,
prices declined, and unemployment rose, pressuring governments to do something
to revive their economies, even if that meant limiting imports. But contrary to
popular perception, some countries went much further down this protectionist
road than others, according to "The Slide to Protectionism in the Great
Depression: Who Succumbed and Why?" (NBER Working Paper No.
15142). Co-authors Barry
Eichengreen and Douglas Irwin conclude that a key factor behind this variation
in trade policies ...
Fixed rates and protectionism, 2009 edition
Paul Krugman —
Barry Eichengreen and Doug Irwin have a new paper challenging the conventional wisdom about protectionism in the 1930s. It wasn’t about economic ignorance, or at least not about microeconomics; it was about the attempt to escape the “golden fetters” of the exchange rate. The most protectionist countries were those that tried to keep their peg to gold; and as they say, This suggests that trade protection in the 1930s was less an instance of special interest politics run amok than second-best macroeconomic policy management when monetary and fiscal policies were constrained. ...
You can take gold out of the standard, but you can't take the standard out of gold
Sybil's Star —
... This flies in the face of a recent paper by Barry Eichengreen and Douglas Irwin, cited in the Buttonwood post. These two economists have come to the conclusion that "[d]ropping gold did work" i.e. that abandoning the gold standard has somehow shortened recessions and reduced the inclination to raise as many tariffs. ...
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