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Mordacious years’: socio-economic aspects and outcomes of New Zealand’s experience in the Great Depression

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  • Matthew Wright

    (Reserve Bank of New Zealand)

Abstract

Some commentators in New Zealand and elsewhere have proposed similarities between the Great Depression of the early 1930s and the recession that began in 2007-08. To illuminate that discussion, this article provides brief international context before narrating selected economic data and socio-economic aspects of New Zealand’s 1930s experience during the Great Depression, arguing that the popular perception of New Zealand’s economic experience was moulded more by perceived social impact than the empirical economic data.

Suggested Citation

  • Matthew Wright, 2009. "Mordacious years’: socio-economic aspects and outcomes of New Zealand’s experience in the Great Depression," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 72, pages 43-61, September.
    • Handle: RePEc:nzb:nzbbul:sept2009:4
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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2009/2009sep72-3wright-hi-res.pdf
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    References listed on IDEAS

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    1. David Greasley & Les Oxley, 2002. "Regime shift and fast recovery on the periphery: New Zealand in the 1930s," Economic History Review, Economic History Society, vol. 55(4), pages 697-720, November.
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    3. Alan Bollard & Tim Ng, 2009. "Coping with global financial and economic stresses," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 72, pages 34-45, March.
    4. Ben Bemanke & Harold James, 1991. "The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison," NBER Chapters, in: Financial Markets and Financial Crises, pages 33-68, National Bureau of Economic Research, Inc.
    5. Fleisig, Heywood W, 1976. "War-Related Debts and the Great Depression," American Economic Review, American Economic Association, vol. 66(2), pages 52-58, May.
    6. Romer, Christina D., 1992. "What Ended the Great Depression?," The Journal of Economic History, Cambridge University Press, vol. 52(4), pages 757-784, December.
    7. Lembke B., 1918. "√ a. p," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 111(1), pages 709-712, February.
    8. Barry Eichengreen & Kris J. Mitchener, 2004. "The Great Depression As A Credit Boom Gone Wrong," Research in Economic History, in: Research in Economic History, pages 183-237, Emerald Group Publishing Limited.
    9. Matthew Wright, 2006. "The policy origins of the Reserve Bank of New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, September.
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    Cited by:

    1. Josh Ryan-Collins & Frank van Lerven, 2018. "Bringing the helicopter to ground: a historical review of fiscal-monetary coordination to support economic growth in the 20th century," Working Papers PKWP1810, Post Keynesian Economics Society (PKES).

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