Policy Responses to the Interwar Economic Crisis: Contending Ideas of the Economy

This book explores the national economic policy responses to the Great Depression of the interwar period, highlighting the differences between liberal and conservative approaches and the influence of ideas held by rulers on policy variation across nations.

Format: Hardback
Length: 294 pages
Publication date: 02 April 2022
Publisher: Springer Nature Switzerland AG

This captivating book delves into the intricate responses of national economic policies to the profound challenges posed by the Great Depression of the interwar period. Starting from a generally liberal stance in the 1920s, states exhibited a remarkable diversity in their approaches, ranging from bold and innovative measures to conservative stances. Within these two groups, there were further distinctions in both the degree and nature of their responses.

To navigate this complex and multifaceted reality, the book employs a unique approach by identifying broad policy patterns (paradigms) and providing an insightful explanation that emphasizes the ideational disposition of policy actors while simultaneously acknowledging the contextual constraints that shape their actions. More specifically, it argues that the ideas held by rulers and the strategies they subsequently developed concerning three critical groups of interest—business, labor, and, most importantly, agrarians—played a pivotal role in shaping economic policy variations across nations.

The book unfolds in a systematic manner, presenting a comprehensive analysis of the economic policy responses during this critical period. It explores the various strategies adopted by governments, including fiscal policies, monetary policies, and industrial policies, to alleviate the economic distress and stimulate recovery. It also examines the role of international organizations, such as the International Monetary Fund (IMF) and the World Bank, in providing financial assistance and policy advice to countries in need.

Through a detailed examination of case studies, the book sheds light on the successes and failures of different policy approaches. It highlights the challenges faced by policymakers, such as balancing economic stability and social welfare, and the political considerations that influenced their decisions. It also explores the long-term impacts of the Great Depression on economic policymaking, such as the emergence of Keynesian economics and the development of welfare state programs.

In conclusion, this book offers a valuable contribution to our understanding of the Great Depression and the responses to it. It provides a comprehensive analysis of the policy patterns and strategies adopted by nations during this challenging period, shedding light on the complex interplay between ideas, institutions, and economic outcomes. By examining the experiences of different countries, the book offers valuable insights into the factors that shaped economic policy responses and their long-term consequences. This book is a must-read for scholars, policymakers, and anyone interested in the history and politics of economic policy.

Weight: 534g
Dimension: 210 x 148 (mm)
ISBN-13: 9783030969523
Edition number: 1st ed. 2022