Financial Crises, 1929 to the Present

Financial Crises, 1929 to the Present

Sara Hsu

This fascinating volume offers a comprehensive synthesis of the events, causes and outcomes of the major financial crises from 1929 to the present day. Beginning with an overview of the global financial system, Sara Hsu presents both theoretical and empirical evidence to explain the roots of financial crises in general. She then provides a thorough breakdown of a number of major crises of the past century, both in the United States and around the world.

Chapter 2: 1930s and 1940s: the Great Depression and its aftermath

Sara Hsu

Subjects: economics and finance, economic psychology, financial economics and regulation


The Great Depression was an unprecedented event that began in the US and spread to both developed and developing countries globally. Although serious crises had occurred previously, the Great Depression changed the way in which policy makers around the world responded to a flagging economy and notably ended permanently the gold standard, which had been used in varying capacities for decades. Countercyclical fiscal policy was first used on a grand scale in the US, after insufferable months of cyclical budget tightening in which economic grievances caused great social unrest.

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