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Major Recessions: Britain and the World 1920-1995 [Hardcover]

Christopher Dow
5.0 out of 5 stars  See all reviews (1 customer review)

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Book Description

7 Jan 1999
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.

Product details

  • Hardcover: 490 pages
  • Publisher: OUP Oxford; 1st Edition edition (7 Jan 1999)
  • Language: English
  • ISBN-10: 0198288581
  • ISBN-13: 978-0198288589
  • Product Dimensions: 23.6 x 15.5 x 3.3 cm
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Bestsellers Rank: 1,132,533 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Review

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)

About the Author

Reviewed in Long Range Planning, October 1999. OK review but no quotes to pull out. --This text refers to the Paperback edition.

Inside This Book (Learn More)
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The main aim of macroeconomics is to explain rates of growth of total output and fluctuations in rates of growth, and associated fluctuations in expenditure and employment. Read the first page
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Most Helpful Customer Reviews
5.0 out of 5 stars A truly great book on economics 30 July 2014
By Mike
Format:Hardcover
The finest explanation of the Great Depression anywhere. Clear, concise and reasoned. Cuts a swathe through the endless contradictory accounts given elsewhere.

This book should be republished and Christopher Dow deserves to be far better known.
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