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Central Banks constitute great significance in determination and implementation of monetary policies in developed economies. In the history of the economics of the world, organization in the form of a Central Bank or a similar institution was encountered at the earliest in the 17th century in England. By the 19th century, the number of such banks increased, and eventually, banks that had been established by private capital were nationalized. In this way, states managed to establish the control mechanisms of their monetary and credit systems. In the Republic of Turkey, the Central Bank was founded in 1930. Although great efforts had been made for the establishment of a central bank before this date, it was delayed due to unfavorable circumstances. In the year 1929, the Great Depression that emerged in the capitalist world turned the economic structure of the Republic of Turkey upside-down, as in the case of several other countries. As the initial effects of the crisis were felt in the value of the Turkish Lira, the establishment process of the Central Bank was accelerated. Accordingly, by the time the bank had been established, the control mechanism on money was transferred completely to the state. Moreover, to be able to increase the prosperity level of the economic structure, in the 3rd meeting of the Republican People's Party [Cumhuriyet Halk Fırkası], statism/state capitalism was made one of the 6 arrows symbolizing the principles of the founder of the country, Atatürk. Therefore, while monetary policies were taken under control through the Central Bank on the one hand, the economic organization experienced a complete transformation with state capitalism on the other hand. Nevertheless, with the pressure created by the circumstances of the period following World War II, the Government re-transformed these policies in the exact opposite direction. [ABSTRACT FROM AUTHOR]

By contrasting the Great Depression and the Coronacrisis, we demonstrate that narrative economics (Shiller, 2017) is key in the analysis of economic fluctuations. We note the importance of the populist narrative to understand the economic and health outcomes of the Coronacrisis in Mexico and highlight the role of the predominance of different economic paradigms in economic policy decision-making. We suggest that, just as in 1929, by following orthodox primary fiscal balance sheet policies at the cost of contracting government investment, the Mexican economy will undergo a long and painful recovery process compared to its global peers. [ABSTRACT FROM AUTHOR]

The Great Depression affected Appalachian towns with severe economic distress and dislocation. This research focuses on a New Deal experiment in sustainable housing initiated by Eleanor Roosevelt. Early in her husband's administration, she championed the design and construction of the planned community of Arthurdale, West Virginia. Composed of single-family homes built during three phases with a central complex of shared services, the planned town of Arthurdale has retained connections to several original residents and maintains a strong sense of community and belonging. This research explores the community design components of Arthurdale, coupled with the sustainable features inherent in the houses and its approach to sustenance farming, and considers the impact on the long-term success of the residents. For this work, a mixed-methods approach was used with an initial quantitative survey and a subsequent focus group. Survey results indicated that themes of sustainability, community, and education were values that were uniquely shared by original town residents and subsequent generations. These values can affect contemporary models of sustainable community development. [ABSTRACT FROM AUTHOR]

This paper examines the effects of the financial crisis of the 1930s on the path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily credit-related) aspects of the financial sector-output link and consider the problems of debtors as well as those of the banking system. We argue that the financial disruptions of 1930-1933 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand. Evidence suggests that effects of this type can help explain the unusual length and depth of the Great Depression. [ABSTRACT FROM AUTHOR]

Stan Cross's "For gorsake, stop laughing: this is serious!" (Smith's Weekly, 1933) is the symbol and bellwether of the Australian cartooning tradition. It is often lionised as a national treasure, but its archival history has been perilous in a way that shows a lack of care amounting almost to national negligence. The original of this most famous cartoon of the Depression era was lost for 80 years before being rediscovered in 2014, and this article notes for the first time that Trove Newspapers lacks a record of its initial publication. We use this troubled material history of one significant cartoon to raise a range of issues about the quality and purpose of collecting and presenting Australian cartoons as a resource for Australian studies in fields ranging from media and humour studies to cultural and political history. [ABSTRACT FROM AUTHOR]

Following the industrial crisis of the 1920s and the Great Depression in the 1930s, consecutive provincial governments in Nova Scotia turned their efforts toward state-led economic development. After the election of Robert Stanfield and the Tories in 1956, a wholesale industrial planning model was unveiled. Indeed, Stanfieldian economic policy in Nova Scotia was predicated upon the belief that direct state-led interventionism was necessary to offset regional inequity. State corporate entities, such as Industrial Estates Limited, and renewed interest in a state-driven industrial relations paradigm were central in the province's efforts to revitalize its flagging economy and offset predicted decline in the Cape Breton coal and steel industries. This article examines the fate of the Clairtone Sound Corporation, one of Nova Scotia's "new industries" that emerged out of these state-led development efforts. A case study of this Stellarton-based firm reveals how structural processes of deindustrialization produced crisis even within sectors that were completely distinct from the province's cornerstone industries of coal and steel. This case includes a reflection on the class composition of the modernist state in Nova Scotia and represents a convergence of the historiographical focus on state-led industrial development in the Maritimes and recent literature found within deindustrialization studies. À la suite de la crise industrielle des années 1920 et de la Grande Dépression des années 1930, les gouvernements provinciaux successifs de la Nouvelle-Écosse ont orienté leurs efforts vers un développement économique dirigé par l›État. Après l›élection de Robert Stanfield et des conservateurs en 1956, un modèle de planification industrielle en gros a été dévoilé. En effet, la politique économique « stanfieldienne » en Nouvelle-Écosse reposait sur la conviction que l›interventionnisme direct dirigé par l›État était nécessaire pour compenser les inégalités régionales. Les sociétés d›État, comme Industrial Estates Limited, et le regain d›intérêt pour un paradigme de relations industrielles dirigé par l›État ont joué un rôle central dans les efforts de la province pour revitaliser son économie chancelante et compenser le déclin prévu des industries du charbon et de l›acier du Cap-Breton. Cet article examine le sort de la Clairtone Sound Corporation, l›une des « nouvelles industries » de la Nouvelle-Écosse qui a émergé de ces efforts de développement menés par l›État. Une étude de cas de cette entreprise basée à Stellarton révèle comment les processus structurels de désindustrialisation ont produit une crise même dans des secteurs complètement distincts des industries phares du charbon et de l›acier de la province. Ce cas comprend une réflexion sur la composition de classe de l›État moderniste en Nouvelle-Écosse et représente une convergence de l›accent historiographique sur le développement industriel dirigé par l›État dans les Maritimes et de la documentation récente trouvée dans les études sur la désindustrialisation. [ABSTRACT FROM AUTHOR]

Years ago, it became established that the severity and length of the Great Depression were due largely to misguided Federal Reserve monetary policy and the resulting catastrophic bank failures. This result is confirmed by surveys of scholars in the area and books specifically written on economic history. Yet the leading textbooks used in high school US history fail to reflect these findings. The texts (1) tend to ignore the recognized causes of the Great Depression's severity and (2) overstate the role of other causes rejected by the majority of economic historians. After laying out this curious disjuncture, this article presents curricular resources to help high school teachers more accurately present the Great Depression's causes. [ABSTRACT FROM AUTHOR]

It is a consequential moment for American labor unions. Over the past decade, public support for labor unions has skyrocketed. Yet even in thismoment of renewed public interest, I argue that the American conversation about unions remains constrained by the legacy of past legal decisions. Within the post-New Deal constitutional framework, unions were categorized as engaging in commercial activity, rather than advancing inherently normative claims about justice at work. I refer to this jurisprudential paradigm and the sociolegal accommodations that followed as the "law of apolitical economy." Synthesizing labor history, legal doctrine, sociological theory on social movements, and original empirical work, this Feature traces the trajectory of the law of apolitical economy in courts, identifies its broader cultural reverberations, and marshals new evidence to show that it still matters today. When liberal lawyers made the political and constitutional case for labor unions in the 1930s, they operated within a socioeconomic context radically altered by the Great Depression. Instead of arguing, as labor movement leaders had in the 1800s and early 1900s, that democracy required people to have autonomy and self-determination in their working lives, and instead of advancing unions' own emergent fundamental rights claims, they emphasized labor law as sound economic policy, boosting aggregate demand and promoting industrial peace. In the new constitutional equilibrium that emerged afer the New Deal, labor-union advocacy within the workplace was treated as transactional rather than normative. This choice had benefits, but it also had costs. Under the law of apolitical economy, labor unions increasingly found themselves denied First Amendment protection for the forms of broad, solidaristic protest that built the labor movement. And as new social movements began pressing rights claims in the public sphere, labor unions came to be seen as categorically distinct, as interest groups rather than social-movement organizations. When supply-side economics gained promi- nence in the late 1970s, it was devastating for union legitimacy. New economic theories and the on-the-ground realities they facilitated undermined the New Deal-era economic arguments that had justified labor law. At the same time, unions' ability to counter with broadly resonant norma- tive arguments was hampered by the detritus of their previous legal bargain. In a moment when rights had become, in sociological parlance, the "master frame" for articulating justice claims, it was well-established that bread-and-butter unionismhad little to do with rights, or even right and wrong. Returning to the present day, I argue that the legacy of the lawof apolitical economy continues to shape contemporary discourse, even with public approval at a sixty-year high. Faced with a decimated membership and a legitimacy crisis, labor-movement organizations have sought over the past decade to reassert the normative stakes of unionization. They have used what social scientists call "collective action frames" to show that unions further causes with defined normative stakes. These frames underscore the inherently intersectional role of labor unions in an unequal economy--as institutions that advance society-wide economic equity, racial and gender justice, and community well-being. Yet, they too ofen discount the value of unions' primary statutory role: bringing workers together to improve their working conditions. In so doing, they fail to re- claim the inherently political vision of work and workers lost to the law of apolitical economy. In conclusion, I reflect on the broader implications of this project. The dialogic relationship between law and social movements over the twentieth century--how labor unions were steered away from rights claims while other social movements were steered toward them--continues to shape American law and politics today. In turn, upending the law of apolitical economy can be about more than reclaiming the normative stakes of labor unions; it ofers an opportunity to reclaim a transformative vision of rights. [ABSTRACT FROM AUTHOR]

The Banking Acts of 1933 and 1935 insured deposits up to $5,000 and limited interest paid by commercial banks. This essay uses a treatment‐and‐control estimation strategy to determine how those reforms influenced depositors' reactions to information about banks' balance sheets by comparing preferred and regular depositors at New York state banks. Before deposit insurance, regular depositors reacted more to information about banks, while preferred depositors reacted less. After, this difference diminished and almost disappeared. This change indicates insurance reduced monitoring, although depositors' continued response to some information indicates that large, uninsured depositors continued to monitor banks, as the legislation intended. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Historia Económica / Journal of Iberian & Latin American Economic History is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Historia Económica / Journal of Iberian & Latin American Economic History is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Stock return volatility during the Great Depression has been labeled a "volatility puzzle" because the standard deviation of stock returns was 2 to 3 times higher than any other period in American history. We investigate this puzzle using a new series of building permits and leverage. Our results suggest that volatility in building permit growth and financial leverage largely explain the high level of stock volatility during the Great Depression. Markets factored in the possibility of a forthcoming economic disaster. Received September 30, 2017; editorial decision August 27, 2018 by Editor Philip E. Strahan. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online [ABSTRACT FROM AUTHOR]

This paper investigates the role of sentiment in the US economy from 1920 to 1934 using digitised articles from The Wall Street Journal. We derive a monthly sentiment index and use a 10‐variable vector error correction model to identify sentiment shocks that are orthogonal to fundamentals. We show the timing and strength of these shocks and their resultant effects on the economy using historical decompositions. Intermittent impacts of up to 15 per cent on industrial production, 10 per cent on the S&P 500 and bank loans, and 37 basis points for the credit risk spread suggest a large role for sentiment. [ABSTRACT FROM AUTHOR]

Copyright of RumeliDE Journal of Language & Literature Research / RumeliDE Dil ve Edebiyat Araştırmaları Dergisi is the property of RumeliDE Uluslararasi Hakemli Dil & Edebiyat Arastirmalari Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper argues that this year's "Nobel" prize in economics celebrates one of the weakest aspects of modern macroeconomic thinking: its limited ability to understand the macro-financial instability of modern capitalism. Instead of challenging the stubborn refusal to take seriously thinkers who confront the essential importance of finance and its dangers for the modern world, such as Hyman Minsky or Hyun Song Shin, it flaunts the tendency to ignore them. And it argues that if the Prize Committee had wanted to reward those who seek to understand the dynamics of the modern global financial system and its interconnections with the real economy, it should have given it to the BIS team, which dates back to the time of William White, and to academic economists associated with the BIS such as Hyun Song Shin. [ABSTRACT FROM AUTHOR]

Copyright of Economic History Research / Investigaciones de Historia Económica is the property of Asociacion Espanola de Historia Economica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Romanian Prime Minister Al. Vaida-Voevod aired the "communist danger" that "threatens the constitutional order and aims to dismantle the Greater Romania" when he asked for parliamentary support for the Law on state of siege (martial law) in February 1933. This article will investigate the role of the transnational communist networks in Romania in the Grivița strikes to verify the truthfulness of the Prime Minister's discourse. The communists' role in the Grivița strikes is part of the general performance of these transnational networks during the Great Depression. The political strength of the Romanian extreme-left will be assessed by taking into consideration the main goals of the Comintern towards the transport sector during the Great Depression, the institutions that were supposed to achieve the goals, and their effectiveness from mid-January until mid-February 1933. [ABSTRACT FROM AUTHOR]

This paper aims to provide detailed information and knowledge about the German Nazi’s economic policies and achievements in the period 1933 – 1939 and then evaluate its changes and developments before the Second World War. This research demonstrates that Nazi Germany tried to deal with impacts of the Great Depression (1929 – 1933) and militarized its economy to serve the main aim of preparing for the war. German achievements in industry, agriculture, commerce and finance show that Germany seemed not to address the economic crisis and German economy was not recovered and many sectors were not developed effectively. Although German economy in the late 1930s was not as good as it was in the pre-Great Depression period, Hitler and his Nazi Party achieved foundation to secure the living standard for the German people and nurture their belief about the success of the Nazi regime. These economic results were a significant step for Germany to militarize and prepare necessary conditions to become a main cause for the World War II (1939 – 1945). [ABSTRACT FROM AUTHOR]

Copyright of Revista Perspectivas de Politicas Publicas is the property of Universidad Nacional de Lanus and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Turkish Court of Accounts / Sayistay Dergisi is the property of Turkish Court of Accounts and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article recounts the story of the Siamese rice trade during the interwar years. Many previous studies tend to focus on the Great Depression in 1929 and the decline in the Siamese rice trade. However, export statistics show that Siam continued to export large volumes of rice during this period. This article examines the Siamese rice export patterns and highlights how instrumental Western and Japanese firms were in determining the destinations to which the rice was shipped. It also explores business strategies in response to interwar market conditions that helped the Siamese rice trade survive. [ABSTRACT FROM AUTHOR]

When the Great Depression struck the United States, O.M.W. Sprague was America's foremost expert on financial crises. His History of Crises under the National Banking System is a frequently cited classic. Had he diagnosed a banking panic and called for an aggressive response by the Federal Reserve, it might have made a difference; but he did neither. Sprague's misdiagnosis had, I argue, two causes. First, the crisis lacked the symptoms of a panic, such as high interest rates in the New York money market, which Sprague had identified from his studies of previous crises. Second, Sprague's macro-economic ideas led him to conclude that increasing the stock of money would be of little help once a depression was underway. Sprague's main concern was that abandoning the gold standard would intensify the crisis, a concern that led him to resign his position as advisor to the U.S. Treasury to protest Roosevelt's gold policy. [ABSTRACT FROM AUTHOR]

This article examines the monetary arrangements between Australia, New Zealand and the United Kingdom from the 1820s to the 1930s. It is argued that the three countries formed a monetary union for most of this period. A new analysis of inland and London exchange rates demonstrates that the union achieved a high degree of uniformity and stability, and that an international branch network of competing, private banks could successfully integrate vastly different geographic and economic areas. It is shown that the union's break-up in the 1930s was the result of a political decision to create separate and devalued Australian and New Zealand currencies in order to mitigate some of the impacts of the Great Depression. International lending of last resort only played a limited role and helped to fix exchanges between the newly separated currencies after 1932. [ABSTRACT FROM AUTHOR]

It was clear as the economic crash deepened in the 1930s that the American people were suffering psychological shock. President Hoover regularly suggested that the economic problems of the country were "largely psychological," and Roosevelt worried in his inaugural address that the people might succumb to "nameless, unreasoning, unjustified terror." Daniel Starch observed in Faith, Fear and Fortunes (1934) that the "'New Deal' is a psychological term" which "sums up in two words the aspirations of a great people." Many understood the importance of addressing the underlying psychological uncertainty brought about by the crash and presenting to the people a compassionate ear so as to soothe their fears. Academics and experts from a wide swath of disciplines descended on Washington, all hoping to help ease the pain of the Depression or design plans for a new future. Yet, as The New York Times asked in 1934," Where are the psychologists themselves, with their complexes and their reflexes?" The field had grown in both numbers and prominence in the years leading to the crash, and while other social and behavioral sciences had wrestled and dealt with the issue of social relevance, psychology lagged behind. The calamity of the era seemed to call out for their voices; however, the profession was undergoing a crisis of identity, where the divisions concerning its role as part of the recovery process were subsumed by debates concerning theory, employment, accreditation, and generational issues. I examine the core of these debates and explore their ramifications on the profession and American society. [ABSTRACT FROM AUTHOR]

Piketty and Saez (2003) found a pronounced U-curve pattern of American income inequality since 1917, displaying a precipitous decline during World War II to a level that would hold until 1980. We offer revisions to their income inequality estimates prior to 1960 with three important findings. First, Piketty and Saez overstate inequality levels in this period. Second, the decline during World War II was smaller than depicted. Third, the Great Depression, rather than World War II, played the more significant role. These findings indicate a need to re-evaluate commonly held assumptions about the evolution of inequality during the period of the 'great levelling', as well as the nature of its posited relationship to tax policy. [ABSTRACT FROM AUTHOR]

Copyright of Ataturk Arastirma Merkezi Dergisi is the property of Ataturk Arastirma Merkezi Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Because evictions pervaded US working-class cityscapes during the Great Depression, newspapers actively covered their developments and aftermaths, trading in eviction as a commodifiable experience that could entertain readers at the expense of pathologizing evictees and naturalizing summary process. Against this eviction reportage, this essay identifies a disconnected coterie of authors and artists who represented evictions and anti-eviction protests in their works, mapping out an urban geography that attends to the sociospatial and historical politics of forced ejection. In the writings of H. T. Tsiang and Ralph Ellison in particular, eviction constitutes a spatial politics of violence and exclusion, revealing the state's protection of private property and bourgeois class interests over the well-being of its working-class and unemployed residents. Illustrating the sociospatial politics of eviction, these authors exploited and contested popular genres of eviction reportage, which narrated dispossession as a pathology of the poor to legitimate the state's violent protection of private property. Challenging this pathologization as well as the scapegoating of Communist agitation, this essay contends that these texts account for how the juridical architecture of eviction itself creates the space and social mechanisms for anti-eviction resistance to take place. In so doing, this article positions housing and homeless justice as a politics central to the aesthetic experimentations and legacy of 1930s proletarian modernisms. [ABSTRACT FROM AUTHOR]

Copyright of Ataturk Yolu Journal / Atatürk Yolu Dergisi is the property of Ataturk Yolu Journal / Ataturk Yolu Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

COVID-19 is one of the unprecedented global crises that hit mankind in the last 100 years. It has engulfed the entire globe in its ambit, and what makes it peculiar is that it is not an economic crisis like the Great Depression or the Financial Crisis in 2007, but this is a natural crisis. The crisis has brought the entire global economy to a standstill due to lockdowns across different geographies, which has retarded the growth of economies. The current study explores how different major stock markets across the world have reacted to this grave pandemic. It is studied by comparing the returns of different phases of the market with the normal phase by applying T -test and Mann–Whitney U -test. Results indicate the short-term impact of this epidemic and much faster recoveries across different markets. The study also explores the spillover effect of different markets over others. [ABSTRACT FROM AUTHOR]