Ｂ．アイケングリーン著／大恐慌、大不況と歴史の活用・濫用 Hall of Mirrors : The Great Depression, the Great Recession, and the Uses-and Misuses-of History

著者名：Eichengreen, Barry

Oxford University Press（2014/12/01発売）

• 言語：ENG
• ISBN：9780190621070
• eISBN：9780199392025

Description

The two great financial crises of the past century are the Great Depression of the 1930s and the Great Recession, which began in 2008. Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Pain and suffering were widespread.The question, given this, is why didn't policymakers do better? Hall of Mirrors, Barry Eichengreen's monumental twinned history of the two crises, provides the farthest-reaching answer to this question to date. Alternating back and forth between the two crises and between North America and Europe, Eichengreen shows how fear of another Depression following the collapse of Lehman Brothers shaped policy responses on both continents, with both positive and negative results. Since bank failures were a prominent feature of the Great Depression, policymakers moved quickly to strengthen troubled banks. But because derivatives markets were not important in the 1930s, they missed problems in the so-called shadow banking system. Having done too little to support spending in the 1930s, governments also ramped up public spending this time around. But the response was indiscriminate and quickly came back to haunt overly indebted governments, particularly in Southern Europe. Moreover, because politicians overpromised, and because their measures failed to stave off a major recession, a backlash quickly developed against activist governments and central banks. Policymakers then prematurely succumbed to the temptation to return to normal policies before normal conditions had returned. The result has been a grindingly slow recovery in the United States and endless recession in Europe.Hall of Mirrors is both a major work of economic history and an essential exploration of how we avoided making only some of the same mistakes twice. It shows not just how the "lessons" of Great Depression history continue to shape society's response to contemporary economic problems, but also how the experience of the Great Recession will permanently change how we think about the Great Depression.

Table of Contents

Part I: IntroductionPart II: The Best of Times1. New Age Economics2. Golden Globe3. Competing on a Violent Scale4. By Legislation or Fiat5. Where Credit is Due6. Castles in SpainPart III: The Worst of Times7. Spent Bullets8. The Next Leg Down9. On Europe's Shores10. Will America Topple Too?11. Largely Contained12. Scant Evidence13. The Spiral14. Fish or FoulPart IV: Toward Better Times15. Revival or Reform16. Something for Everyone17. Takahashi's Revenge18. Dip Again19. Preventing the Worst20. Stressed and Stimulated21. Unconventional PolicyPart V: Avoiding the Next Time22. Wall Street and Main Street23. Normalization in an Abnormal Economy24. Making Things as Difficult as Possible25. Men in Black26. Euro or NotPart VI: The Shadow of History