Introduction

Roberto Marchionatti

Chapter Chapter 1 in Economic Theory in the Twentieth Century, An Intellectual History—Volume II, 2021, pp 1-20 from Springer

Abstract: Abstract The Introduction deals firstly with the historical scenario of the period between the two world wars. The war brought the golden age of liberal capitalism to an end and caused a profound social and economic crisis. Then a synthesis of the development of economic theory is presented: those years were characterized by increasing criticisms of the traditional theoretical apparatus, and by the emergence of new lines of thought and a new strand of theoretical innovations. Lastly, the map of economic theory is sketched. Cambridge maintained its importance, Berlin and Vienna, extremely active in the 1920s, substantially vanished in the 1930s when the Nazis came to power. At the same time, new European centers emerged, first in London, and then in Northern Europe. On the other side of the ocean, the United States saw the increasing consolidation of New York, Harvard and Chicago.

Keywords: Economic problems; European decline; Austerity policies; Gold standard; Great Crash; Great Depression; Unemployment; Marshall’s criticism; Economics’ reconstruction; Economics’ leading centers (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-80987-4_1

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DOI: 10.1007/978-3-030-80987-4_1

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