My professional articles on the depression are collected in bernanke 2000. Stock market crashes, bread lines, bank runs, and wild currency speculation were worldwide. Keen this week, he called my attention to the fact that mr. The best books on learning from the great depression a five. Mar 27, 2012 ben bernankes views on gold are rather passe.
The macroeconomics of the great depression fraser st. The depression lasted a decade, beginning in 1929 and ending during world war ii. Essays on the great depression is divided into three parts, made up of. In this unusual event, bernanke revealed important background and insights into the central banks crucial actions during the worst financial crisis since the great depression. Stock market crashes, bread lines, bank runs, ad wild currency speculation were worldwide phenomenaall with the storm clouds of war gathering ominously in the background. The book is a fascinating look into the inner workings of the federal reserve and great financial crisis. Essays on the great depression by ben s bernanke alibris. The gold standardbased explanation of the depression which we will. He was named time magazines person of the year in 2009 and was a professor of economics at princeton university prior to his career in public service. Jan 11, 2009 in the entire volume bernanke, essays on great depression, 2000, princeton there is a single refence to minsky in part two, page 43 hyman minsky 1977 and carles kindleberger 1978 have argued for the inherent instability of the financial system but in doing so have had to depart from the. Frb speech, bernanke on milton friedmans ninetieth. I have drawn heavily on eichengreens book and his earlier work. Bernanke has been interested in the great depression since his grandmother told him stories about it from her front porch in charlotte, n. The best books on learning from the great depression a.
What to read on the great depression foreign affairs. At a 2002 event honoring the nobel prizewinning freemarket economist milton friedman, federal reserve governor ben bernanke jokingly admitted to friedman that the fed had caused the great depression. It is especially strong in describing the policy response. Few periods in history compare to the great depression. My conversation with ben bernanke the daily reckoning. He is the author of a forthcoming book about how the mistakes of central bankers caused the great depression. Although i said i would talk about 1972 this week, the wonderful cedric muhammad of asked me to write a little something on the recent wsj article on ben bernanke. Aug 27, 2014 ben bernanke, the former head of the federal reserve, said the 2008 financial crisis was the worst in global history, surpassing even the great depression. Exfed chairman ben bernanke said the coronavirus economic halt is more like a natural disaster than an economic depression. The monetary history, the name by which the book is instantly. Bernanke, in his 2000 book essays on the great depression, briefly mentioned, and dismissed, both minsky and.
The timing of the great depression varied across the world. Money, gold and the great depression remarks by mr ben s bernanke, member of the board of governors of the us federal reserve system, at the h parker willis lecture in economic policy, washington and lee university, lexington, virginia, 2 march 2004. Bernanke was appointed chair of the federal reserve. While i have not read any of bernankes writings on the depression, the wsj article quotes bernanke as saying of friedmans 1963 book. Ben bernankes the courage to act the new york times. In his new book, temin 1989 argues that structural flaws of the interwar gold standard. Bernanke an expert on the great depression steve keen. Ben bernanke s essays on the great depression is a collection of 9 essays written in the 80s and 90s about the financial and labor markets during the 1930s. A comparative approach, journal of money, credit, and banking, 1995, 128. Oct 25, 2015 yes, the book is a bit of a slog, but it is undoubtedly the best account we will ever have of how government and financial institutions dealt with what has come to be known as the great recession. Essays on the great depression princeton university press. Economists fascination with the description and interpretation of the severity and duration of the great depression has not flagged in the seven decades since its. Bernanke, like other economic historians, characterized the great depression as a disaster because of its length, depth, and consequences. Bernanke is the governor of the federal reserve and i am not, which there are good reasons for.
In 2002 ben bernanke then a federal reserve governor, today the chairman of the board of governors made this startling admission in a speech given in honor of friedmans 90th birthday. An annotated foreign affairs syllabus on the great depression. An international comparison ben bernanke and harold james 2. Bernanke served as chairman of the federal reserve from 2006 to 2014. In his new book, temin 1989 argues that structural flaws of the interwar gold. Ben bernanke and the great depression december 10, 2005. Bernanke, ben, the macroeconomics of the great depression.
Bernanke, ben, and kevin carey, nominal wage stickiness and aggregate supply in the great. September and october of 2008 was the worst financial crisis in global history, including the great depression, mr. Bernanke an expert on the great depression steve keens. Cedric is a big brain, by the way, and you should take a look at his wonderful website. Sep 01, 2007 in 2002 ben bernanke then a federal reserve governor, today the chairman of the board of governors made this startling admission in a speech given in honor of friedmans 90th birthday. Ben bernanke, the former head of the federal reserve, said the 2008 financial crisis was the worst in global history, surpassing even the great depression. I had a copy of bernankes book, essays on the great depression 2000, which contains much of the research on which he built his academic reputation. However, this book is his phd thesis on the great depression. As i say, bernankes speech, if unwittingly, did a good job of narrowing the actual claims that opponents of the. Bernankes views regarding the great depression largely avoid the pre80s debate over the money hypothesis and spending hypothesis. Not only did the depression give birth to macroeconomics as a distinct field of study. The term the great depression is most frequently attributed to british economist lionel robbins, whose 1934 book the great depression is credited with formalizing the phrase, though hoover is widely credited with popularizing the term, informally referring to the downturn as a depression, with such uses as economic depression cannot be cured. Though his essays focus mainly on the united states, bernanke draws.
Bernanke, a former princeton university economist, is considered the preeminent living scholar of the great depression. Bernanke is quoted as saying in the document filed with the court. The federal reserves mistakes contributed to the worst economic disaster in american history bernanke 2002. To understand the great depression is the holy grail of macroeconomics. Ben bernanke and a small cadre of advisers would vow to do whatever it takes to avoid a possibility that, until 2008, was unthinkable. The great depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the united states. This book gives a great description of what went on during the great depression. This is dry reading but, everyone should read this book if just for the excellent explanation of the gold standard. For anyone wanting to know what caused the great depression, without reading an entire book, please read the first essay the macroeconomics of the great depression. Former federal reserve chairman ben bernanke, a prominent student of the great depression, contends that the 2008 financial crisis was actually worse than its 1930s counterpart. Not only did the depression give birth to macroeconomics as a distinct field of study, but alsoto an extent that is not always fully appreciated the experience of the 1930s continues to influence macroeconomists beliefs, policy recommendations, and research agendas. Using a crosscountry panel data set, bernanke argues. Here bernanke has gathered together his essays on why the great depression was so devastating and lasted so long. It really depends on you, but i will give several books and suggest which to read depending on your personal preferences.
This a superb book about ben berrnanke, a hero of mine, who saved the worlds economy from a almost certain second great depression. Bernanke rejects great depression comparisons as he says. Speech, bernankemoney, gold, and the great depression. Ben bernankes essays on the great depression is a collection of 9 essays written in the 80s and 90s about the financial and labor markets during the 1930s. Jul 07, 2015 i had a copy of bernankes book, essays on the great depression 2000, which contains much of the research on which he built his academic reputation.
Bernanke asserts that it was only the novel efforts of the fed cooperating with other agencies and agencies of foreign governments that prevented an economic catastrophe greater than the great depression. What is the best book to read up on the 1929 great depression. This pdf is a selection from an outofprint volume from. For anyone wanting to know what caused the great depression, without reading an entire book, please. The grapes of wrath is a masterpiece of american literature and portrays the hopelessness of the great depression.
This book is a comparative approach that examines the interwar experiences of many countries simultaneously and the major driving force of the depression. Few periods in history compare to the great depressio. This pdf is a selection from an outofprint volume from the. Bernanke wrote about his time as chairman of the federal reserve in his 2015 book, the courage to act, in which he revealed that the worlds economy came close to collapse in 2007 and 2008. The essays are essentially a synthesis of prior work with greater mathematical rigor. Ben bernanke and the great depression new world economics.
During his tenure as chair, bernanke oversaw the federal reserves response to the late2000s financial crisis. Economist brad delong, who had previously advocated his own theory for the great depression, notes that the global financial crisis of 20082009 has raised the pertinence of bernankes theory. Ben bernankes views on gold are rather passe forbes. Taken directly from these historic talks, the federal reserve and the financial crisis offers insight into the guiding principles behind the feds activities and the lessons to be learned from its handling of recent economic challenges. It was easily observed that the money supply, output, and prices all fell precipitously in the. Bernanke to write book about feds handling of great recession. This broad view shows us that while the great depression was an unparalleled disaster, some economies pulled up faster than others, and some made an opportunity out of it. Bernanke read the book as a graduate student at massachusetts institute of technology in the 1970s. Aug 27, 2014 september and october of 2008 was the worst financial crisis in global history, including the great depression, mr. This paper is part of nbers research programs in economic. Yes, the book is a bit of a slog, but it is undoubtedly the best account we will ever have of how government and financial institutions dealt with what has come to be known as the great recession.
The great depression, for one thing, lasted for 12 years, and it came. Bernanke has been interested in the great depression since his grandmother told him stories about it from her front porch in. It was published in 1970, but is still the book i go to when i want to know about the actions that were taken in the new deal economic programmes. Essays on the great depression english edition ebook. He is practicing today what he preached in his book. The gold standard, deflation, and financial crisis in the great nber. Ben bernanke, the former chairman of the federal reserve, is a scholar of the great depression, a background he put to use during the global financial crisis when he invented many of the emergency.