Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History

1. Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of
History

2. Book details
Author : Barry Eichengreen
Pages : 520 pages
Publisher : OUP USA 2015-01-22
Language : English
ISBN-10 : 0199392005
ISBN-13 : 9780199392001

3. Description this book
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.

4. 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 reforms adopted in the 1930s. It allowed policy makers and society to
prematurely indulge their desire for a return to normal policies before a normal
economy had been restored. To be sure, this more recent crisis was better managed
than the earlier one, which resulted in widespread social distress and, in the worst
case, the rise of fascism. But a wiser collective response after 2008 would have staved
off the painfully slow growth that subsequently plagued the United States and Europe.Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and Misuses-of History

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6. Hall of Mirrors: The Great Depression, The Great Recession, and the Uses-and
Misuses-of History
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