Chapter

Europe’s Great Depression: Coordination Failure after the First World War

Nikolaus Wolf

in The Great Depression of the 1930s

Published in print February 2013 | ISBN: 9780199663187
Published online May 2013 | e-ISBN: 9780191749216 | DOI: https://dx.doi.org/10.1093/acprof:oso/9780199663187.003.0003
Europe’s Great Depression: Coordination Failure after the First World War

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This chapter is a survey and a reinterpretation of the extensive literature on Europe’s Great Depression. The chapter argues that Europe could not exploit its vast economic potential after 1918 because the First World War had not yet come to an end. Indeed, it did not end before 1945. Both domestic and international institutions suffered from a lack of reciprocal trust and commitment which can be clearly illustrated in the realm of monetary policy, but also affected many other areas of policy making, for example energy or migration policies. These institutions in turn affected expectations and thereby the extent to which, for example, expansionary policies could be effective.

Keywords: great depression; monetary policy energy policy; migration policy; expansionary policy

Chapter.  18242 words.  Illustrated.

Subjects: Economic History

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