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Their Great Depression and Ours

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  • James Livingston

Abstract

It is broad conventional wisdom that a financial collapse in the early 1930s was the principal cause of the Great Depression. And those lessons are being applied in solving today's economic crisis. This historian argues that the causes were more fundamental and can be found in the poor wage performance before the Depression, leading to large profits in search of few investment opportunities.

Suggested Citation

  • James Livingston, 2009. "Their Great Depression and Ours," Challenge, Taylor & Francis Journals, vol. 52(3), pages 34-51.
    • Handle: RePEc:mes:challe:v:52:y:2009:i:3:p:34-51
    DOI: 10.2753/0577-5132520302
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    Cited by:

    1. Jon D. Wisman & Matthew E. Davis, 2013. "Degraded Work, Declining Community, Rising Inequality, and the Transformation of the Protestant Ethic in America: 1870–1930," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1075-1105, November.
    2. Jon D. Wisman & Barton Baker, 2009. "Increasing Inequality, Status Insecurity, Ideology, and the Financial Crisis of 2008," Working Papers 2009-14 JEL classificatio, American University, Department of Economics.
    3. Jon D. Wisman & Barton Baker, 2011. "Rising Inequality and the Financial Crises of 1929 and 2008," Perspectives from Social Economics, in: Martha A. Starr (ed.), Consequences of Economic Downturn, chapter 0, pages 63-82, Palgrave Macmillan.
    4. repec:clr:wugarc:y:2011:v:37i:3p:378 is not listed on IDEAS
    5. Engelbert Stockhammer, 2011. "Polarisierung der Einkommensverteilung als strukturelle Ursache der gegenwärtigen Finanz- und Wirtschaftskrise," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 37(3), pages 378-402.
    6. Jon D. Wisman & Barton Baker, 2011. "Increasing Inequality and the Financial Crises of 1929 and 2008," Working Papers 2011-01 JEL classificatio, American University, Department of Economics.

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