Economic Power and the Financial Machine
Competing Conceptions of Market Failure in the Great Depression
Bibliographic Data
| ID | 5017352 |
|---|---|
| Authors | Roger E Backhouse (0000-0003-2393-6517, University of Birmingham, corresponding author) |
| Year | 2015 |
| Volume | 47 |
| Issue | suppl_1 |
| Pages | 99-126 |
| Publication date | 2015-12-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | History of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0018-2702 • E-ISSN: 1527-1919 |
| Publisher | Duke University Press (PUBLISHER • US) |
| DOI | 10.1215/00182702-2007-3130463 |
| OpenAlex | W3121651326 |
| Language | EN |
| Citations received | 3 |
| References cited | 18 |
In the early 1930s American economists widely attributed the catastrophe of the Great Depression to concentration of income and wealth and the consequent concentration of market power, which interfered with the proper working of markets. Alongside this, there developed another theory of market failure in which depression stemmed from the failure of the financial machine to translate saving into investment. The article explores how these two views of market failure came together in the proceedings of the Temporary National Economic Committee, arguing that the ideas about markets found there were important for postwar work on both industrial organization and the theory of employment
Depression (economics · Economic power · Economics · Financial market · Great Depression · Investment (military · Macroeconomics · Market economy · Market failure · Market power · Neoclassical economics · Political science · Power (physics · Work (physics · Economic Theory and Institutions · Economic Theory and Policy · Finance · Law · Political Economy and Marxism
Economics
Modern Corporation and Private Property
The Institutionalist Movement in American Economics, 1918–1947
The fiscal revolution in America
The Economics of Imperfect Competition
The Collected Writings of John Maynard Keynes
Economic Policy for a Free Society
From Multi-Industry Planning to Keynesian Planning
The Theory of Monopolistic Competition
Studies in the Economics of Overhead Costs
Industrial Price Policies and Economic Progress
The Distribution of Control and Responsibility in a Modern Economy
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,6 |
| Citation span | 2021 - 2024 (4) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 3 |