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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 ...

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.

Acclaim for the first edition: 'Of 600 books I reviewed on new perspectives on the global economy as a system, this is the one that conveyed the most new information and plausible explanations for a variety of recent phenomena for which other explanations are unsatisfactory. This is the only book ...

Acclaim for the first edition: 'Of 600 books I reviewed on new perspectives on the global economy as a system, this is the one that conveyed the most new information and plausible explanations for a variety of recent phenomena for which other explanations are unsatisfactory. This is the only book presenting a data-supported theory of the global economic system which connects the real world economy to the new global financial system.' - Kenneth E.F. Watt, Encyclopedia of Human Ecology '...the emphasis placed by the author on the international frame as the basic unit of economic analysis and his rejection of equilibrium as the principle informing that analysis make this book much more appropriate for understanding present-day reality than traditional macroeconomic treatises. Such a stance requires intellectual courage. Moreover, in its own terms, this work achieves the purposes it has set itself.' - G. Carchedi, Review of International Political Economy This timely and authoritative book explains the rise and fall of economies in Asia, Central America and Europe since 1980 and discusses these crises in the context of continuing economic globalization. This updated and fully revised edition includes a detailed account of the Mexican crisis of 1994-95, the Japanese crisis which has worsened in the late 1990s and the Asian crisis which emerged in 1997. Professor Allen discusses the impact of new uses and forms of money, and new financial flows such as electronic monies and offshore financial markets. These processes explain how the US economy has benefited from 'money-mercantilism' at the expense of other regions of the world. The author then provides a thorough taxonomy of the common patterns of recent currency crises. He formalizes a 'new political economy of money' which goes further than the conventional literature in explaining these patterns. Roy Allen provides policy recommendations for the G7, World Bank, IMF and various nations which will also prove invaluable to students and scholars of financial economics, international economics and international political economy.

The economy of any nation is an intricate web of relationships among the factors determining supply and demand--and everything that affects them, from inflation to taxes to the stock market. The study of business cycles attempts to explain why economies grow and contract, experiencing periods of ...

The economy of any nation is an intricate web of relationships among the factors determining supply and demand--and everything that affects them, from inflation to taxes to the stock market. The study of business cycles attempts to explain why economies grow and contract, experiencing periods of prosperity and pain. Consistent with the popular conception of economics as the "dismal science," economists secretly long for recessions (periods of negative growth) and depressions (severe contractions), not because they enjoy their devastating impact on human welfare, but because these downturns serve as excellent laboratories for observing what happens when markets break down. Despite over two centuries of debate, no one has yet definitively unlocked the secrets of economic downturns and how they might be prevented. In Recessions and Depressions, Todd Knoop takes us on a fascinating journey through the history of economic thought, tracing the evolution of business cycle theory. In the process, he presents an accessible introduction to what makes the economy tick, and offers new insights into understanding such historic economic events as the Great Depression, as well as more recent ones, such as the Asian meltdown in the 1990s, the financial crises in Latin America, and the U.S. recession of 2001, from which the United States is still recovering. Knoop reminds us that economists' track record in forecasting business cycles leaves much to be desired, and the quest to fully understand what causes economic downturns--and their effects on individuals and families--continues.