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Hall of Mirrors

Condition: BRAND NEW ISBN: 9780199392001 Author(s): Barry Eichengreen Format: Hardcover Year: 2014 Publisher: Oxford University Press USA Dimensions: 235 x 0 x 156 (w x l x h) Pages: 480

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Description: The Great Depression and the Great Recession are the two great economic crises of the past hundred years. While there are accounts of both episodes, no one has yet attempted a sustained comparative analysis. In Hall of Mirrors, Barry Eichengreen draws on his unparalleled expertise for a brilliantly conceived dual-track account of the two crises and their consequences. Rather than telling the stories of the two crises in sequence, instead he weaves them together. He describes the two bubble-fuelled build-ups, then the onset of crisis, the subsequent financial and economic and collapse, the policy response, and finally the recovery. A theme of Eichengreen's narrative is that while the policy response to the Great Recession was importantly shaped by perceptions of the Great Depression - contemporary policymakers did in fact learn lessons from the Depression that enabled them, this time, to prevent the worst - they could have done better. Their failure to do so reflected a tendency to take the lessons of the Depression too literally, leading to an inability to recognize important respects in which circumstances, and specifically the structure of financial markets, had changed - precisely in response to the policies put in place due to the Depression. In addition, success was the mother of failure: the success of the policy response took the wind out of reformers' sails. It diminished support for the kind of far-reaching social and financial re