Why Did the World Economic Crisis of 2008-2009 End in the Great Recession? A Critical Comparison of the Great Depression and the Great Recession

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World Review of Political Economy

Volume 10, Issue 1

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Why Did the World Economic Crisis of 2008-2009 End in the Great Recession? A Critical Comparison of the Great Depression and the Great Recession

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Author(s): Shinjiro Hagiwara

Publication date (Print): 1 April 2019

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: Marxist financial crisis theory, fictitious capital, Great Depression, sub-prime loan crisis, Great Recession

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Abstract

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Author and article information

Journal

Journal ID (doi): 10.2307/j50005553

Journal ID (jcode): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN: 2042-891X

ISSN: 2042-8928

Publication date (Print): 1 April 2019

Volume: 10

Issue: 1 ( doiID: 10.13169/worlrevipoliecon.10.issue-1 )

Pages: 24-39

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Publisher ID: worlrevipoliecon.10.1.0024

DOI: 10.13169/worlrevipoliecon.10.1.0024

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ScienceOpen disciplines: Political economics

Keywords: sub-prime loan crisis,Great Recession,Marxist financial crisis theory,fictitious capital,Great Depression

References

Bagehot, W. 1924. Lombard Street: A Description of the Money Market. London: Murray.
Baily, M. N., R. E. Litan, and M. S. Johnson. 2010. “The Origins of the Financial Crisis.” In Lessons from the Financial Crisis, edited by R. W. Kolb, 79-85. Hoboken: John Wiley & Son.
Ballantine, A. A. 1948. “When All the Banks Closed.” Harvard Business Review 26 (2): 129-143.
Bardhan, A. 2010. “Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis.” In Lessons from the Financial Crisis, edited by R. W. Kolb, 17-22. Hoboken: John Wiley & Son.
Board of Governors of the Federal Reserve System. 1943. Banking and Monetary Statistics. Washington, DC: Board of Governors of the Federal Reserve System.
Brookings Institution. 1936. The Recovery Problems in the United States. Washington, DC: Brookings Institution.
Burgess, W. R. 1931. “The Money Market in 1930.” Review of Economics and Statistics 13 (1): 19-25.
Council of Economic Advisers. 2010. Economic Report of the President. Washington, DC: Council of Economic Advisers.
Federal Reserve Agent of Second Federal Reserve District. 1930. Fifteenth Annual Report of Federal Reserve Bank of New York. New York: Federal Reserve Agent of Second Federal Reserve District.
Federal Reserve Board. 1930. Federal Reserve Bulletin, vol. 16, no. 1. Washington, DC: Federal Reserve Board.
Federal Reserve Board. 1932. Federal Reserve Bulletin, vol. 18, no. 1 and no. 2. Washington, DC: Federal Reserve Board.
Federal Reserve Board. 1933. Federal Reserve Bulletin, vol. 19, no. 1. Washington, DC: Federal Reserve Board.
Friedman, M., and A. Schwartz. 1963. A Monetary History of the United States 1867-1960. New Jersey: Princeton University Press.
Galbraith, J. K. 1954. The Great Crash 1929. Cambridge: Houghton Mifflin.
Harvey, D. 1982. The Limits to Capital. Oxford: Basic Blackwell.
Kimmel, L. H. 1959. Federal Budget and Fiscal Policy: 1789-1958. Washington, DC: Brookings Institution.
Martin, J. D. 2010. “A Primer on the Role of Securitization in the Credit Market Crisis of 2007.” In Lessons from the Financial Crisis, edited by R. W. Kolb, 199-207. Hoboken, NJ: John Wiley & Son.
Marx, K. 1977. Capital, vol. 1. Translated by B. Fowkes. New York: Vintage.
Marx, K. 1981. Capital, vol. 3. Translated by D. Fernbach. London: Penguin Books.
Samuelson, P. A., and H. E. Krooss. 1969. Documentary History of Banking and Currency in the United States, vol. 4. New York: McGraw-Hill.
Sobel, R. 1968. Panic on Wall Street: A History of America's Financial Distress. New York: Collier Books.
Temin, P. 1989. Lessons from the Great Depression: The Lionel Robbins Lectures for 1989. Cambridge: The MIT Press.

Comments

Comment on this article

[1] Bagehot, W. 1924. Lombard Street: A Description of the Money Market. London: Murray.

[2] Baily, M. N., R. E. Litan, and M. S. Johnson. 2010. “The Origins of the Financial Crisis.” In Lessons from the Financial Crisis, edited by R. W. Kolb, 79-85. Hoboken: John Wiley & Son.

[3] Ballantine, A. A. 1948. “When All the Banks Closed.” Harvard Business Review 26 (2): 129-143.

[4] Bardhan, A. 2010. “Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis.” In Lessons from the Financial Crisis, edited by R. W. Kolb, 17-22. Hoboken: John Wiley & Son.

[5] Board of Governors of the Federal Reserve System. 1943. Banking and Monetary Statistics. Washington, DC: Board of Governors of the Federal Reserve System.

[6] Brookings Institution. 1936. The Recovery Problems in the United States. Washington, DC: Brookings Institution.

[7] Burgess, W. R. 1931. “The Money Market in 1930.” Review of Economics and Statistics 13 (1): 19-25.

[8] Council of Economic Advisers. 2010. Economic Report of the President. Washington, DC: Council of Economic Advisers.

[9] Federal Reserve Agent of Second Federal Reserve District. 1930. Fifteenth Annual Report of Federal Reserve Bank of New York. New York: Federal Reserve Agent of Second Federal Reserve District.

[10] Federal Reserve Board. 1930. Federal Reserve Bulletin, vol. 16, no. 1. Washington, DC: Federal Reserve Board.

[11] Federal Reserve Board. 1932. Federal Reserve Bulletin, vol. 18, no. 1 and no. 2. Washington, DC: Federal Reserve Board.

[12] Federal Reserve Board. 1933. Federal Reserve Bulletin, vol. 19, no. 1. Washington, DC: Federal Reserve Board.

[13] Friedman, M., and A. Schwartz. 1963. A Monetary History of the United States 1867-1960. New Jersey: Princeton University Press.

[14] Galbraith, J. K. 1954. The Great Crash 1929. Cambridge: Houghton Mifflin.

[15] Harvey, D. 1982. The Limits to Capital. Oxford: Basic Blackwell.

[16] Kimmel, L. H. 1959. Federal Budget and Fiscal Policy: 1789-1958. Washington, DC: Brookings Institution.

[17] Martin, J. D. 2010. “A Primer on the Role of Securitization in the Credit Market Crisis of 2007.” In Lessons from the Financial Crisis, edited by R. W. Kolb, 199-207. Hoboken, NJ: John Wiley & Son.

[18] Marx, K. 1977. Capital, vol. 1. Translated by B. Fowkes. New York: Vintage.

[19] Marx, K. 1981. Capital, vol. 3. Translated by D. Fernbach. London: Penguin Books.

[20] Samuelson, P. A., and H. E. Krooss. 1969. Documentary History of Banking and Currency in the United States, vol. 4. New York: McGraw-Hill.

[21] Sobel, R. 1968. Panic on Wall Street: A History of America's Financial Distress. New York: Collier Books.

[22] Temin, P. 1989. Lessons from the Great Depression: The Lionel Robbins Lectures for 1989. Cambridge: The MIT Press.