Sommets de prospérité 1929 et 1955

W.A. Joehr

Revue Économique, 1956, vol. 7, issue 3, 459-477

Abstract: [eng] The economic outlook iii the united States continues to determine the economic destiny of the world The recent American boom is to certain extent not unliki the golden prosperity of the 19120s This may lead some to believing that the world faces another great depression number of differences ma ces such conclusion hasty on The volume of stock market speculation failed to reach irs earlier pro portions Tlie recurring phenomeu of overproduction in the ngricultural sector is checked today by the state con rolled farm price policy Also lacking is the high degree of entanglement of the international short-term credits of the early thirties Last but not least the government expended share of riie national income basically Independent of the cyclical has gnwn two and nnlf times as compared with 1929 These differences alone are not en4gh to justify favorable prognosis for the American and world economy Business flnctn;iti.ons are Lu-gely psychologically conditioned self remforcins process capable of causing decline apart form any outside influences Nevertheless we are right in assuming that American prosperity will remain stable on its high level it is because the administration hiis not only the necessary nm-c1epressiou means at its disposal but also the will to use them Nevertheless the European nations should gird for small Iluctnations isolated cyclical movements as they appear for example in the cons truction sector as well as for obstacles on their foreign markets origi nating in the conflict of groups of interests or pertaining to the market disorders of individual industries regions

Date: 1956
Note: DOI:10.3406/reco.1956.407179
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