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PART II Case Studies of Five Major Recessions
6 The Two Interwar Recessions 133
6.1 Overview of the interwar period 133
6.2 The 1920-1 recession and its aftermath 146
6.3 The Great Depression: the world and the United States, 1929-33 157
6.4 The world depression and the UK depression 184
6.5 Economic recovery in Britain, 1932-40 195
6.6 Theoretical conclusions 209
Appendix A6.1 A critique of Friedman and Schwartz's
A Monetary History of the United States 		211
Appendix A6.2 The gold standard as a cause of the Great Depression:
a critique of Eichengreen's Golden Fetters 		217
Appendix A6.3 A model of the international transmission
of the US Depression 		223
Appendix A6.4 List of statistical sources 230
7 The Long Interval without Major Recession, 1945-73 234
7.1 Overview of the period 235
7.2 Reasons for faster growth and high demand 247
7.3 Minor fluctuations of the period 257
7.4 Was the Golden Age doomed anyway? 266
7.5 The behaviour of the economy: conclusions from the 1945-73
experience 		271
8 The Two OPEC Recessions (1973-5 and 1979-82) 273
8.1 Background issues: political developments and
the oil price shocks 		276
8.2 A demand-side explanation of the OPEC recessions 291
8.3 Assessment of the 1970s experience 310
Appendix A8 The inflationary surges of the 1970s 317
9 The Credit Expansion of the Late 1980s and the
Recession of the Early 1990s 321
9.1 Summary of thesis: the interrelation between real and
financial disturbances 		321
9.2 Boom and recession in other countries 323
9.3 Boom and recession in the UK 335
9.4 What the 1989 recession contributes to our ideas about the
behaviour of the economy 		360
9.5 Postscript: the resumption of growth, 1992-5 361
PART III Conclusions
10 The Theoretical Model: The Economy's Behaviour in Major Fluctuations 367
10.1 A picture of an economy lacking some elements of
self-adjustment 		367
10.2 The nature of major recessions 370
10.3 The shape of major recessions and the role of expectations
(or confidence) 		374
Appendix A10 A formal account of interactions during recessions 378

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Publication Information: Book Title: Major Recessions: Britain and the World, 1920-1995. Contributors: Christopher Dow - author. Publisher: Oxford University Press. Place of Publication: Oxford. Publication Year: 1998. Page Number: viii.
    
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