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Major Recessions By J. C. R. Dow

Major Recessions

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This book concentrates on the five biggest recessions the 20th century, focusing on the UK, but making comparisons to recessions in other countries. The main conclusion is that major recessions reflect abrupt fallings off in demand not supply, and can be explained by identifiable demand shocks.

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Major Recessions Summary

Major Recessions: Britain and the World, 1920-1995 by J. C. R. Dow

In the twentieth century there have been five major recessions: two in the interwar period, and three more starting 1973, 1979, and 1989. This book focuses on events in the UK, but sets them in their international context, and makes frequent comparisons with other countries. Major recessions happened at a similar time in all major countries, and the lessons are general. Three main conclusions are reached: (1) major recessions reflect abrupt fallings off in demand, not supply; (2) these are due to identifiable demand shocks and by swings in consumer and business confidence which amplify the direct effects of demand shock; (3) major recessions are not predictable. In the final chapter, Christopher Dow puts forward an insider's view on how to avoid future severe recessions: action must be taken to control booms, which if uncontrolled will lead to a period of bust, and once a major recession has begun, fiscal and monetary policy must be adjusted to mitigate the downturn. Often unpopular with economists, this is the line which many governments and central banks take: Major Recessions will help them to have more success.

Customer Reviews - Major Recessions

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Major Recessions Reviews

A book I cannot recommend highly enough. William Keegan, The Observer (Business & Media) A fascinating book ... a fitting epitaph. David Smith. The Sunday Times Because it tackles one of the most important issues facing policy-makers, the book will reach a wider audience than that received by the usual economic tome. It deserves to. The interesting thing about the Dow book is that it deals with the crucial issue of whether the downward swing of the cycle develops into a serious recession. Hamish McRae. The Independent

Table of Contents

1. Introduction; PART I. PRIOR ASSUMPTIONS AND METHODOLOGICAL PRELIMINARIES; 2. The Facts which Have to be Explained; 3. The Causal Structure of the Economy; 4. Supply and Demand Influence on the Rate of Growth; 5. Shocks and Response in Major Fluctuations; PART II. CASE STUDIES OF FIVE MAJOR RECESSIONS; 6. The Two Interwar Recessions (1920-22 and 1929-32) and the US Great Depression; 7. The Prolonged Interval without Major Recession 1945-73; 8. The Two OPEC Recessions (1973-75 and 1979-82); 9. The Credit Expansion of the late Eighties and the Recession of the Early Nineties; PART III. CONCLUSIONS; 10. The Theoretical Model: The Behaviour of the Economy in Major Fluctuations; 11. The Causation of Major Recessions: Summary and Discussion of Empirical Findings; 12. Are Recurrent Major Recessions Inevitable?

Additional information

Major Recessions: Britain and the World, 1920-1995 by J. C. R. Dow
J. C. R. Dow
Used - Very Good
Oxford University Press
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.