The Great Depression in Europe, 1929-1939 (European History in Perspective)

Book Description

This is a comparative study of the origins, course and consequences of deepest economic crisis in modern European history. Written with the non-economist in mind, the book explores recent research into the causes of the depression, notably the gold standard "system" which helped to turn recession into profound depression and to transmit its effects around the world. The book gives equal weight to the political and historical context of economic policy-political attitudes and expectations, institutional opinions, strategic considerations, the 'legacies and lessons'-to explain why European countries chose nationalist routes to recovery. International co-operation offered the best chance for recovery and the book also contains a lively account of why this failed and its consequences for international relations in the 1930s.

A Low Dishonest Decade: The Great Powers, Eastern Europe, and the Economic Origins of World War Ii, 1930-1941

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From the commanding heights into the abyss
A Low Dishonest Decade

A Low Dishonest Decade: The Great Powers, Eastern Europe, and the Economic Origins of World War Ii, 1930-1941
Paul N. Hehn
Manufacturer: Continuum International Publishing Group
ProductGroup: Book
Binding: Hardcover

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ASIN: 0826414494

Customer Reviews:

From the commanding heights into the abyss.......2007-10-18

Paul Hehn's book "A Low Dishonest Decade", referring to a quotation from W.H. Auden, is one of the best books on the origins of World War II to appear in a long time. A necessary corrective to the overly politics and military strategy-centered analysis of popular writers like Overy, Paul Hehn gives an exceedingly expansive and thorough analysis of the economic interests of the classes and their governments in various countries and how these steered mankind into the most destructive war the world has ever seen.

Of course the main question in these books that interests the common reader is the one of blame: how could WWII and the temporary dominance of fascism have been prevented, and why did this not happen? Hehn's economic and statistical analysis gives some strong answers to these questions, without obviously making us forget that we are speaking from hindsight, and that the way to hell is paved with good intentions.

The German drive for expansionism is shown to have been inevitable, given that Hitler had decided to rearm. Since Germany had a permanent shortage of foodstuffs and raw materials as the result of its strong rearmament programme, and due to Versailles sanctions it also lacked the necessary gold and foreign currency to pay for importing it, it had to look abroad for the necessary materials. On the one hand, this was done by annexing Austria and the Czechs, which provided Germany with necessary boosts in reserves and materials during periods of crisis to allow the rearmament to continue a bit longer, and on the other hand, Germany pursued a program of using subsidized trade to make the various Eastern European states dependent on Germany, forcing them into political vassalage from which they could not escape. The failure of Polish attempts to appease the Germans and the Allies as well consequently led to the invasion of that country by Germany in 1939, with Hitler fully believing that British guarantees would once again be broken.

On the British side, the strong interests in Germany of the British upper class and British finance capital consistently kept the government from exercising a strong anti-German policy, which in turn sabotaged every French attempt at creating a strong alliance in the east to ward off German expansionism. The betrayal of the Czechs by British diplomacy was later followed by betraying Romania and Yugoslavia to the Nazis, all done in the name of protecting British trading interests in Germany as well as to prevent France, the USSR, and the US from gaining a foothold on the continent at the expense of British power. The short-sightedness and treasonous self-interest of the British upper class and of British capital is remarkable, and probably, aside from their German counterparts, the main reason all attempts to restrain Hitler's ambitions failed entirely.

Then of course there is the consideration of Germany's own industrial capital, and their interests. Hehn shows very well how the NSDAP was consistently sponsored and financed by German industrial interests, in particular the large companies of IG Farben and Krupp, which had everything to gain from a programme of increased rearmaments and subsequent war. IG Farben's needs for raw materials such as copper and chrome led it to pressure the Nazi government into further expansionism in Eastern Europe, in order to obtain the valuable stores of raw materials there, particularly in Yugoslavia. The German banks were also highly culpable, collaborating in every criminal Nazi undertaking in order to quickly obtain the benefits of plunder of foreign nations, such as taking over the strong banking establishments of Austria and Czechoslovakia. Of course Hitler's 'Lebensraum' ideals played a significant role on their own, but this was not a new concept, and in many ways the German policy of this time was (as AJP Taylor has stressed) a continuation of Wilhelmian imperialist ideals, now made even more criminal by the racist and genocidal elements contained in them.

Paul Hehn has done a masterful job showing how the fusion of various states' economic interests, in reality the interests of their ruling classes, and their political power play led to a nightmarish descent into war and genocide from which none could escape. He goes into much detail about the neocolonial interests in Eastern Europe of the various Great Powers, but also shows how these nations themselves responded to this and what their own socio-economic structures were, such as those of Romania, Czechoslovakia, and Yugoslavia. Overall, the French and the Americans seem to come off as least shameful and treasonous from Hehn's analysis (though each had plenty of cowardly and damaging actions on record), whereas the British, with their inclinations towards Germany in the hope of profit and defeating communism, come off particularly poorly.

The main downside of the book is that it is far too long, and highly repetitive after a while. In the introduction, Hehn gratefully notes the Continuum Press representative's statement of "the longer the book is, the better"; but as a reader, I doubt whether that was a good estimation. If the book had been reduced in size by at least one-third, nothing in content would have been lost, and it would have been a lot more pleasant to read. Furthermore, it must be noted that the book expects from the reader a very high prior level of knowledge of the 1930s, as well as a sizable understanding of the economics of international trade, as many names and concepts are used throughout without explanation. A small index of people in the back is some help, but not nearly enough if one hasn't read some histories of this period already (which I fortunately had). Aside from these remarks though, the book is a must-read, and an essential corrective to the overly Nazism-centered histories of WWII.

A Low Dishonest Decade.......2003-07-15

July 12, 2003
A Low Dishonest Decade
By: Paul N. Hehn

A Low Dishonest Decade is an account of German economic and financial policy and its design upon the diplomatic and political relations that inexorably leads to World War II.
In reading this book, it is assumed the reader has a fairly sophisticated knowledge of pre-war German trade policy, economics, finance, natural resources and the foreign policy positions of both Europe and the United States. Written in chronological format with business style statistics, the author outlines German Third Reich foreign policy actions in direct historical context to the economic and natural resource issues of the pre-war period. And unlike some written accounts of the Third Reich that chronicle revisionist history and unsubstantiated arguments, A Low Dishonest Decade combines economics, strategy and historical events into a very readable documentary. The reader is continually reminded of the precarious financial and natural resource situation facing Germany and this almost desperate and imperative situation advancing Germany's strategic aims prior to the outbreak of military aggression in 1939. Also included is a survey of European countries, diplomatic agreements and the crucial decisions by leaders in world commodity markets as proactive and reactive agents to the realties facing Germany and its future. Along the 405 pages are photos from the Getty archives of important policy leaders, a boundary line map of Hungary from the Library of Congress, and a glossary of key names and diplomatic agreements, the later of which appears to be missing.
Although the primary focus of this book is on markets, economics and finance also included in the typeface is a limited strategy of the German military forces and the political "Mein Kampf" Liebenstraum ideology affecting this transitional period of economic initiative to offensive warfare.

Sean Marche

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Don't Waste your time

Rigorous scholarship, accessible and enjoyable read

An irritating mish-mash

A Wonderful Summary

A wonderful summary of events leading to The Great Depressio

The Great Depression: An International Disaster of Perverse Economic Policies
Thomas E. Hall , and J. David Ferguson
Manufacturer: University of Michigan Press
ProductGroup: Book
Binding: Paperback

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And The Money Kept Rolling In (And Out): Wall Street, The IMF, and The Bankrupting of Argentina

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ASIN: 0472066676

Book Description

The Great Depression was the worst economic catastrophe in modern history. Not only did it cause massive worldwide unemployment, but it also led to the rise of Adolf Hitler in Germany, World War II in Europe, and the tragic deaths of tens of millions of people. This book describes the sequence of policy errors committed by powerful, well-meaning people in several countries, which, in combination with the gold standard in place at the time, caused the disaster. In addition, it details attempts to reduce unemployment in the United States by Franklin Roosevelt's New Deal, and in Germany by Hitler's National Socialist economic policies.

A comprehensive economic and historical explanation of the events pertaining to the Depression, this book begins by describing the economic setting in the major industrialized countries during the 1920s and the gold standard that linked theory economies together. It then discusses the triggering event that started the economic decline--the Federal Reserve's credit tightening in reaction to perceived overspeculation in the U.S. stock market. The policy bungling that transformed the recession into the Great Depression is detailed: Smoot Hawley, the Federal Reserve's disastrous adherence to the real bills doctrine, and Hoover's 1932 tax hike. This is followed by a detailed description of the New Deal's shortcomings in trying to end the Depression, along with a discussion of the National Socialist economic programs in Germany. Finally, the factors that ended the Depression are examined.

This book will appeal to economists, historians, and those interested in business conditions who would like to know more about the causes and consequences of the Great Depression. It will be particularly useful as a supplementary text in economic history courses.

Thomas E. Hall and J. David Ferguson are both Professors of Economics, Miami University.

Customer Reviews:

Don't Waste your time.......2004-05-06

This was a very hard to read, boring book that outlines the same basic principles for hundreds of pages. Don't bother - there are much better books out there.

Rigorous scholarship, accessible and enjoyable read.......2002-05-20

I have never submitted a "reader's review" to Amazon, but have to add mine here after noting the one negative review below. All the other positive reviewers have it right. This book hits the mark and does exactly what it appears to be designed to do. It is accessible for a broad spectrum of readers, while maintaining a rigorous scholarly standard. And, amazingly, it is an enjoyable read, for both scholars AND graduate and undergraduate students (and maybe the intellectually curious non-fiction reader?). I hope the one rambling (and somewhat odd?) negative review will be dismissed by Amazon visitors. In my opinion, this is a book which should be read by anyone who wants to understand the complex forces and historical context which resulted in the Great Depression.

An irritating mish-mash.......2001-04-10

If you have no idea what happened to the world economy in the two decades following WW1, then this little book is a great primer. It contains a lovely chronology of events, discusses in a simplistic way how the gold standard actually worked, how the real bills doctrine impeded effective monetary loosening and how Roosevelt prolonged the depression. It's a (mostly) monetarist view and easy to understand at that.

On a second read though, 'The Great Depression' becomes very irritating; for three reasons....

The first is its changing view of the causes of decline and recovery. It starts out monetarist but ends up closer to the Austrian view that government intervention and socialism prolonged the recovery. You can't be both, although the authors try very hard.

The second problem is the use of history. Many historically minded authors have made a big issue of the vicious Versailles Peace Treaty and its role in destabilising the international payments system. Hall and Ferguson hardly mention international issues. Instead, they waffle on about Hitler's evil labour policies, but forget to mention their effect. Huge capital flows left Europe for the New World in the mid-1930s and these played a very significant role in boosting US money supply and spurring recovery.

The third problem is the book's very simplistic economics. At the heart of the problem was the issue of real exchange rate adjustment amongst Gold Standard members. The authors make no attempt to explain the extent of the adjustment problems when members faced either hyperinflation or balance of payments deficits after 1918.

Countries facing BOP deficits with newly enfranchised labour forces were in no position to use traditional means of real exchange rate adjustment - i.e. deflation - to bring their currencies and payments accounts back into line. Social unrest was everywhere. Impossible strain was placed on domestic economies as interest rates went up. And when Austrian bank, Bank Kredit-Anstalt, failed, the international payments system fell apart and asset prices collapsed. No one had the guts to raise rates to hold currencies within their trading ranges.

Hall and Ferguson gloss over the international angle as if it was irrelevant. They could at least have tried to explain why they thought it wasn't important or didn't play a central role.

All told, I'd recommend this book to anyone coming across this fascinating period for the first time. But there are much better books out there. Also, parochial books with constant references to us and ours when referring to the US and its institutions are really tiresome to non-US readers.

Two stars for the technical bits, the chronology and the details of Roosevelt's New Deal.

A Wonderful Summary.......2001-03-29

Hall and Ferguson do an excellent job of summarizing the mainstream view of economists on why the Depression happened, and those views will surprise some. Was the Depression caused by some structural defect in Capitalism? "No," say Hall and Ferguson. It was due to a combination of economic ignorance, confusion, and incompetence in the Federal Reserve System. The authors do a wonderful job of explaining how the conventional wisdom of the day, the commercial loan theory of banking, led policy makers into a series of blunders that seem incomprehensible today to anyone who knows basic economics. As for the New Deal, Hall and Ferguson argue that except for deposit insurance and gold policy, most of it was irrelevant or counterproductive and contributed only to slowing the recovery after 1933.

If you want to read only one book and still understand why the Great Depression happened, read this one.

A wonderful summary of events leading to The Great Depressio.......1999-11-01

Hall and Ferguson offer a great review of the events leading to and prolonging the Great Depression. This event was experienced around the world and this books explains why. As a student of Macroeconomics in today's world, it is fascinating to go back in time before the term "macroeconomics" was in existence. Poor policy choices and the desire to hold onto the Gold Standard outline the events leading to this worldwide tragedy. A wonderful summary of history and economic policy than anyone can follow.

Britain in the Depression: Society and Politics, 1929-1939

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Britain in the Depression: Society and Politics, 1929-1939
John Stevenson , and Chris Cook
Manufacturer: Longman Publishing Group
ProductGroup: Book
Binding: Paperback

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The Great Depression and New Deal: A Very Short Introduction (Very Short Introductions)

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The Great Depression and New Deal: A Very Short Introduction (Very Short Introductions)
Eric Rauchway
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Paperback

General | Americas | History | Subjects | Books
ASIN: 0195326342

Book Description

The New Deal shaped our nation's politics for decades, and was seen by many as tantamount to the "American Way" itself. Now, in this superb compact history, Eric Rauchway offers an informed account of the New Deal and the Great Depression, illuminating its successes and failures. Rauchway first describes how the roots of the Great Depression lay in America's post-war economic policies--described as "laissez-faire with a vengeance"--which in effect isolated our nation from the world economy just when the world needed the United States most. He shows how the magnitude of the resulting economic upheaval, and the ineffectiveness of the old ways of dealing with financial hardships, set the stage for Roosevelt's vigorous (and sometimes unconstitutional) Depression-fighting policies. Indeed, Rauchway stresses that the New Deal only makes sense as a response to this global economic disaster. The book examines a key sampling of New Deal programs, ranging from the National Recovery Agency and the Securities and Exchange Commission, to the Public Works Administration and Social Security, revealing why some worked and others did not. In the end, Rauchway concludes, it was the coming of World War II that finally generated the political will to spend the massive amounts of public money needed to put Americans back to work. And only the Cold War saw the full implementation of New Deal policies abroad--including the United Nations, the World Bank, and the International Monetary Fund. Today we can look back at the New Deal and, for the first time, see its full complexity. Rauchway captures this complexity in a remarkably short space, making this book an ideal introduction to one of the great policy revolutions in history.

The Failure of Economic Diplomacy: Britain, Germany, France and the United States, 1931-36

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The Failure of Economic Diplomacy: Britain, Germany, France and the United States, 1931-36
Patricia Clavin
Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Hardcover

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Gold, France, and the Great Depression, 1919-1932 (Yale Historical Publications Series)

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Vital Historical Insights You Won't Find in Pulp Histories
Tough but Informative

Gold, France, and the Great Depression, 1919-1932 (Yale Historical Publications Series)
H. Clark Johnson
Manufacturer: Yale University Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0300069863

Book Description

H. Clark Johnson develops a convincing and original narrative of the events that led to the major economic catastrophe of the twentieth century. The book presents a detailed history of the events that culminated in the Great Depression, highlighting the role of specific economic incidents, national decisions, and individuals.

Customer Reviews:

Vital Historical Insights You Won't Find in Pulp Histories.......2005-01-02

I've been a student/scholar of European central bank and foreign policy histories for decades, and rarely does one find such a well-argued and insightful work on the real causes of the Great Depression. While there were many, ranging from the valuation of gold to a general abhorence of deficit spending during this period (think of where the U.S economy would have been after 2001 without the massive deficit spending and easy credit/easy money policies -- two policies rejected strongly by the world's governments and central bankers in the early 1930s).

What I found to be most significant in this work is that it elevates modern understanding of these events from the gross over-simplifications taught in colleges (leading to generally incorrect understanding) to incorporate a well-grounded case concerning the impact of INDIVIDUAL DECISION-MAKERS. The central banks of the world are not mere guiding hands, but fallible institutions run by cliques of persons with their own personal, political, and habitual biases. FRANCE was indeed an important culprit, but then so, too was the rise to power in France of socialist parties and "thinking" on economics -- as well as the continuing desire of France to wage economic warfare on Germany through a variety of means (to deprive pre-Hitlerian Germany of the financial resources, and gold reserves, etc., it needed to expand its export-dependent economy). What many students belatedly grasp is that the world in the 1920s and early 1930s was NOT a world at peace. European governments were busy amassing militaries, building Maginot and Siegfried lines, and waging economic warfare on each other through central banks and trade policies. This work was written by an economist by training, and therefore lacks some of the diplomatic and political context necessary to flesh out decision-making by the British and French central banks, but one cannot fully comprehend the heart of why the Great Depression occurred without reading this work.

Some of the most important books one may ever read are obscure academic titles like this -- and worth every penny.

Tough but Informative.......2004-04-09

Johnson's book provides a detailed explanation of the causes of the Great Depression from a monetary policy standpoint. While the principal agent is the Bank of France, Johnson does not totally let the United States, Britain, and Germany off the hook either. Differing choices on the part of all four nations contributed to the impact of the decision on the part of the Bank of France that Johnson identifies as the cause of the Depression.

While the argument is new and is very interesting, the nature of the discussion almost necessitates a degree in economics to truly understand the whole of Johnson's argument. If one is not an economist or if one doesn't have a lot of background in the subject matter, it is an incredibly difficult read. However, if one is truly interested in the causes of the Great Depression and is willing to take time, not just skim, but truly take time to process the material, it can be worthwhile and highly informative.

Book Description

Here is a summary of the economic chaos that followed the 1929 stock market crash and gripped America and Europe throughout the 1930s. Included are accounts of the Roosevelt Administration’s social programs, the plight of “Dust Bowl” migrants to California, the social disorder in Europe that fueled the rise of fascism, and much more.

Lives in Crisis books are vividly written historical accounts of momentous historical events and movements, supplemented with photographs, illustrations, maps, and contemporary cartoons and engravings. Illuminating sidebar material presents quotations and descriptions by men and women who were directly involved in the historic event. These easy-to-read books transform dry historical statistics and dates into intensely readable accounts, and are focused especially to serve as supplements to junior and senior high school texts. The back of each book features a brief summary of important dates, a glossary, and a recommended reading list. Available in both paperback and hardcover editions, these volumes will be welcomed by teachers for classroom use, and will also fill a valuable niche in school and public libraries.

The World Economy and National Economies in the Interwar Slump

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The World Economy and National Economies in the Interwar Slump

Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Hardcover

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Book Description

The functioning of the gold standard has recently been at the heart of explanations of the interwar depression, particularly as a result of the research of Barry Eichengreen and Peter Temin. In The World Economy and National Economies in the Interwar Slump the interaction between the gold standard and the Great Depression in seven countries is examined by an international team of economists and economic historians.

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