1: Introduction
Part I. Prior Assumptions and Methodological Preliminaries
2: The Facts which Have to be Explained
3: The Causal Structure of the Economy
4: Supply and Demand Influence on the Rate of Growth
5: Shocks and Response in Major Fluctuations
Part II. Case Studies of Five Major Recessions
6: The Two Interwar Recessions (1920-22 and 1929-32) and the US
Great Depression
7: The Prolonged Interval without Major Recession 1945-73
8: The Two OPEC Recessions (1973-75 and 1979-82)
9: The Credit Expansion of the late Eighties and the Recession of
the Early Nineties
Part III. Conclusions
10: The Theoretical Model: The Behaviour of the Economy in Major
Fluctuations
11: The Causation of Major Recessions: Summary and Discussion of
Empirical Findings
12: Are Recurrent Major Recessions Inevitable?
Before his death in 1998, Christopher Dow was Visiting Fellow at the National Institute of Economic and Social Research (NIESR). His distinguished career included periods as Senior Economic Adviser to the UK Treasury, Deputy Director of NIESR, Assistant Secretary General of OECD, and Executive Director of the Bank of England.
`Dow's critiqye of contemporary trends in macroeconomic thought is
as pointed as it is refreshing ... The book is reasoned, erudite,
packed with quantitative information of great use, and resolutely
engaged with contemporary debates concerning macroeconomic theory
and policy ... Major Recessions rewards the patient and disciplined
reader with a concrete appreciation of the powers of the Keynesian
view. At the same time, it stands in testimony to the work
of a fine scholar, now lost to us, who was never afraid to subject
his ideas to the punishing scrutiny of Whitehall and Threadneedle
Street.'
Michael A.Bernstein, Business History Review
`a powerful restatement of the Keynesian approach to the study of
business cycles, one that clearly (and at times passionately)
rejects the current popular applications and nostrums of a new
classical economics.'
Michael A.Bernstein, Business History Review
`...a fascinating book...a fitting epitaph.'
David Smith. The Sunday Times. 13/12/1998.
`Because it tackles one of the most important issues facing
policy-makers, the book will reach a wider audience than that
received by the usual economic tome. It deserves to. The
interesting thing about the Dow book is that it deals with the
crucial issue of whether the downward swing of the cycle develops
into a serious recession.'
Hamish McRae. The Independent. 10/12/1998.
`In his magisterial study of recessions, published last year, the
late Christopher Dow brought out how different things can be.'
Martin Wolf. The Finacial Times. 26/4/1999I
Reviewed in Long Range Planning, October 1999. OK review but no
quotes to pull out.
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