Do events of the 1930s carry a message for today? Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. It describes the causes of the depression, why it was so widespread and prolonged, and what brought about eventual recovery.
Peter Temin also finds parallels in recent history, in the relentless deflationary course followed by the U.S. Federal Reserve Board and the British government in the early 1980s, and in the dogged adherence by the Reagan administration to policies generated by a discredited economic theory—supply-side economics.
About the Author
Peter Temin is Elisha Gray II Professor Emeritus of Economics at MIT and the author of Lessons from the Great Depression (MIT Press) and other books. Temin and Vines are coauthors of The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It.
"Peter Temin's lucid discussion rescues the history of the great world economic crisis from the fatalistic conservatism that has become so fashionable in recent years. The analysis is instructive both for those with little formal training in economics and for those with a sophisticated grasp of theory."
—Charles Maier, Harvard University