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The World Economy between the World Wars$
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Charles H. Feinstein, Peter Temin, and Gianni Toniolo

Print publication date: 2008

Print ISBN-13: 9780195307559

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780195307559.001.0001

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Industrial Progress and Recovery

Industrial Progress and Recovery

Chapter:
(p.160) Chapter 9 Industrial Progress and Recovery
Source:
The World Economy between the World Wars
Author(s):

Charles H. Feinstein (Contributor Webpage)

Peter Temin (Contributor Webpage)

Gianni Toniolo

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195307559.003.0010

The failure of aggregate demand in the 1930s meant that employment and output in industrial economies declined, but the capabilities of these economies did not disappear with jobs. Idle capital reduced the need for net investment, but replacements still offered the opportunity for improvement, and new products and new methods continued to be introduced even in the worst of times. This chapter shows that the abundant capital flows from rich to poor countries of the 1920s vanished completely in the Great Depression. It goes on to record the progress of individual economies and industries in the various world regions in this more hostile economic environment, and to review the policies adopted to promote recovery in different contexts. It records the astonishing improvement in productivity that provides a positive counterpoint to the doleful economic condition that dominated contemporary discussions. It closes with the final attempt at international cooperation before the Second World War, the Tripartite Agreement of 1936.

Keywords:   productivity growth, agriculture, coal industry, chemical industry, electricity, radio, Tripartite Agreement, Latin American import substitution

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