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How do we define an economic disaster? A difficult question. Most centuries would claim that they have had their share of disasters, but the twentieth century certainly seems to have been more prone to them than the previous one. A number of leading economists and economic historians assemble here to examine nine key disasters with international or global implications. The First and Second World Wars, the great depression, oil shocks, inflation, financial crises, stock market crashes, the collapse of the Soviet command economy and Third World disasters are discussed in this comprehensive book. The contributors subject these disasters to in-depth assessment, carefully considering their costs and impact on specific countries and regions, as well as assessing them in a global context. The book examines the legacy of economic disasters and asks whether economic disasters are avoidable or whether policymakers can learn from their mistakes. The book will appeal to a wide variety of social scientists, including those working in economic history, international relations, international political economy and geopolitics.
Edited by Michael J. Oliver, Professor of Economics, ESC Rennes School of Business, France and Associate of Lombard Street Research and Derek H. Aldcroft, Fellow, University of Leicester, UK
Contents:IntroductionM.J. Oliver and D.H. Aldcroft1. ‘Destruction. . . and Misery’: The First World WarJ. Singleton2. The Great Depression, 1929–33W.R. Garside3. The Second World War as an Economic DisasterN. Ferguson4. The Rise, Fall and Rise Again of OPECM. Beenstock5. Inflation in the Twentieth CenturyF.H. Capie6. Financial CrisesM.J. Oliver7. Stock Market CrashesG.E. Wood8. The Demise of the Command Economies in the Soviet Union and its Outer EmpireS. Morewood9. The Fatal Inversion: The African Growth DisasterD.H. AldcroftIndex
'The book would make a good text or supplemental reading for a course in the economic history of the twentieth century, either at the advanced undergraduate or graduate level. Students love disasters. . . all the essays reach a high level of quality. Each of the authors is a well-regarded expert in his field and clearly capable of producing a well-crafted essay. . . The authors and editors are to be congratulated.'
