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The Dynamic Process of the Great Depression

In: The World Economic Crisis and Japanese Capitalism

Author

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  • Makoto Itoh

    (University of Tokyo)

Abstract

After the long postwar boom, the capitalist world economy has clearly entered a quite different economic process, which can easily be designated as a great depression. In comparison with the previous great depressions of the late nineteenth century and the 1930s, the current great depression from 1973 has some specific characteristics. Above all a wide fluctuation of prices with a heavily inflationary keynote at the beginning, followed by a disinflationary tendency especially for primary products in the 1980s, is unique to this great depression. The whole process of the current world great depression must be analysed first of all in relation to this specific feature.

Suggested Citation

  • Makoto Itoh, 1990. "The Dynamic Process of the Great Depression," Palgrave Macmillan Books, in: The World Economic Crisis and Japanese Capitalism, chapter 3, pages 60-97, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21084-8_3
    DOI: 10.1007/978-1-349-21084-8_3
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