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The Great Depression
The Great Depression
 
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Author : Lionel Robbins
Publisher : Transaction Publishers
ISBN# : 978-1-4128-1008-1
Pages : 238
Price :INR 2359
Offer Price:INR 2100
 
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Book Description
This book examines the nature and the causes of the 1929depression, tracing its background and the broad conditionsfrom which the depression emerged. As an influenceon economic activity, Robbins sees World War I, and thepolitical changes that followed it, as a series of shifts in thefundamental conditions of demand and supply, to whicheconomic activity had to adapt. The needs of the war hadcalled a huge apparatus of mechanical equipment intobeing, which the resumption of peace rendered in largepart superfluous. The war also disrupted world markets,and its settlement created conditions that aggravated thisdisruption. Thus, the struggle that was to end nationalistfriction in fact gave nationalism new scope.The depression of 1929 and beyond dwarfed all precedingeconomic disruptions, both in magnitude andin intensity. In 1929 the index of security prices in theUnited States was in the neighborhood of 200-210; in1932 it had fallen to 30-40. Commodity prices in generalfell by 30 to 40 percent, and in some commodity marketsthe drop was even more catastrophic. Production in thechief manufacturing countries of the world from 30 to 50percent, and the value of world trade in 1932 was a thirdof what it was three years before. Worldwide, somethinglike 30 million people were unemployed.There have been many economic downturns in moderneconomic history, but never anything to compare with theyears of the Great Depression. Few books have conveyed thatperiod with greater clarity and precision than this masterpieceby Lionel Robbins. Murray Weidenbaum`s masterful newintroduction adds to its contemporary value.
 
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