Introduction

Bernard C. Beaudreau

Chapter 1 in The Great Depression:Its Origins in Acceleration and Electric Unit Drive, 2023, pp 1-12 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This book presents a novel view of the Great Depression, one according to which this epoch-defining event was the result of a massive technology shock that, despite a number of well-intentioned policy responses, went horribly wrong. More specifically, it is about how a new power-drive technology increased potential output of existing plant and equipment, about how this new potential failed to be realized, and about how as a result, the U.S. economy sank into the worse economic downturn ever. In short, it tells the story of how the Great Depression resulted from the inability of the U.S. economy to make a successful transition to a new, higher growth path, resulting in the worse economic catastrophe in the industrial era…

Keywords: Great Depression; Electric Unit Drive; Acceleration; Failed Transition; Stock Market Boom and Crash; Smoot-Hawley Tariff Act; National Industrial Recovery Act (search for similar items in EconPapers)
JEL-codes: B22 E02 N N12 N22 (search for similar items in EconPapers)
Date: 2023
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