The World Economy between the Wars by Peter Temin (PDF)

Description

The European Economy between the Wars, (OUP, 1997) has become the definitive economic history of Europe in the inter-war period. Placing the Great Depression of 1929-33 and the associated financial crisis at the center of the narrative, the authors comprehensively examined the lead-up to and consequences of the depression and recovery. The authors now expand their scope to include the entire world economy, and have created a new edition: The World Economy between the Wars. New material focuses on the structure of the world economy in the 1920s, including a special focus on the United States, Japan, and Latin America.

User’s Reviews

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐The authors (Messrs. Feinstein, Temin, and Toniolo) have written an extremely informative, quite well written, and very well referenced account of the economy of the world in the period between the two world wars. Obviously the authors put much work and professional expertise in writing this book. The authors untangle the story of how the economies of the world in this period slided into the Great Depression and how the slow recovery took place. The book is an excellent introduction, summary, and revelation of how of the economy operated in the inter world war time period.There is the well documented information in this work. In particular the authors detail the baneful effect of the Gold Standard. The quick recovery of many economies from the sharp recessions right after World War I was greatly aided by the absence of the Gold Standard. And during the Great Depression the economies that left the Gold Standard almost invariably were the economies that recovered from the deflation, unemployment, and excess capacity of the depression. Moreover the authors detail the beginnings, rational, and operation of the Sterling Bloc during this period. To me this was most generally new material. And the authors detail the isolating effects of World War I on the economies of the various countries of the world. World War I in many respects broke up and destroyed the international market system that operated prior to the war. These economic and historical descriptions are only some of the vast amount of information and informative material in this book.In sum this book is a very worthwhile read, particularly for persons who majored in or took courses on economics in college. The present economic downturn provides this book with even more relevance. By all means read this work.

⭐”The World Economy Between the Wars” is a readable, brief survey of global economic developments between World Wars I and II. The key takeaway is that a mindless attachment to the gold standard dampened global demand and cramped efforts by governments to expand their way out of depression. Readers will be struck by the eerie similarity between the policy debates of the 1920s and ’30s, and current debates about austerity and stimulus.I liked the book, but it may not be for everyone. It is dry, statistics-heavy, and based on secondary sources. It might even put non-economists to sleep. (Depression, hyperinflation, bank failures, the collapse of governments, the rise of the Nazis — only economic historians could make this material feel boring!) More seriously, the book assumes knowledge of undergraduate-level monetary economics. Ordinary readers lacking that background might get lost. But with those caveats, the book is good.Tip for readers: Anyone interested in the Great Depression who wants a livelier book to supplement this one should read “The Lords of Finance.”

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