The Global Impact of the Great Depression

Focusing on the impact of the Great Depression on Africa, Asia and Latin America, the author examines the Keynesian theory and the role of the international gold standard.

Preface

ix

Introduction: Economics and the Depression

1

(18)

The depression as a challenge to economic doctrine

1

(2)

Keynes and the theory of economic disequilibrium

3

(3)

Neo-mercantilism or `beggar-thy-neighbour'

6

(4)

A blind spot: the fate of the periphery

10

(2)

The web of credit

12

(7)

The Tragedy of the International Gold Standard

19

(13)

The Bank of England and the gold standard

20

(4)

The defeat of bimetallism

24

(2)

The return to the gold standard

26

(3)

The instruments of monetary policy

29

(3)

The Dilemma of War Debts and Reparations

32

(6)

The dimensions of war debts and reparations

32

(2)

The Dawes Plan: a precarious solution to the dilemma

34

(2)

The pattern of political rivalries

36

(2)

World Production of Agricultural Produce

38

(10)

The trends of production and the demographic transition

38

(1)

Wheat production

39

(1)

Rice production

40

(2)

Scenario A: rubber, silk, coffee, tea and sugar

42

(2)

Scenario B: cotton

44

(2)

Debt service and the terms of trade

46

(2)

The Origin of the Depression in America

48

(11)

Income distribution, capital concentration and the lack of investment

49

(2)

Financial intermediation: bankers and speculators

51

(3)

The external economic relations of the United States

54

(2)

Roosevelt's domestic and foreign economic policy

56

(3)

The Transmission of the Crisis to Europe

59

(15)

Great Britain

60

(5)

Germany

65

(5)

France

70

(1)

Sweden

71

(3)

Turkey and Egypt: Modernising States at the European Periphery

74

(8)

The role of the modernising elites

74

(3)

National currencies, foreign debts and international trade

77

(3)

The fate of the peasantry

80

(2)

Australia's Reaction: Overproduction and Devaluation

82

(5)

The `Grow More Wheat' campaign

82

(2)

The devaluation of the Australian pound

84

(3)

Colonial Crisis Management: The Indian Experience

87

(11)

British Indian currency policy

87

(4)

The fall of prices in India

91

(2)

Purchasing power and import substitution

93

(1)

The export industries: jute and tea

94

(1)

The political consequences of colonial crisis management

95

(3)

The New Role of the State in Latin America

98

(12)

`Reactive' and `passive' states

99

(1)

Brazil and Columbia

100

(5)

Chile and Peru

105

(1)

Argentina and Mexico

106

(4)

Contrasts in East Asia: China and Japan

110

(10)

The delayed emergence of the crisis in China

110

(5)

Crisis management in Japan

115

(5)

Reactions to the Depression in Southeast Asia

120

(6)

Java and the Philippines: contrasting patterns of sugar exports

120

(2)

The crisis of the rice export economy of Burma

122

(1)

Peasant resistance in Vietnam

123

(3)

The Fate of Africa

126

(10)

Currencies and competition

127

(1)

West Africa: African producers and European trading companies

128

(3)

Forced cultivation in the Belgian Congo

131

(1)

White settlers and black peasants: Kenya and Southern Rhodesia (Zimbabwe)

132

(4)

The Political Consequences of the Depression: Fascism in Europe, Populism in Latin America and Freedom Movements in The Colonies

136

(13)

Fascism in Europe

138

(2)

Populism in Latin America

140

(4)

The colonial freedom movements

144

(5)

From Depression to War: Rearmament and Economic Growth

149

(7)

Armament and inflation: Schacht's clash with Hitler

150

(1)

Contrasts: Germany and the Western powers

151

(1)

A global impact of rearmament?

152

(4)

The Aftermath

156

(8)

The emancipation of the colonial periphery

157

(3)

The rise of the United States

160

(2)

The decline of Europe

162

(2)

Bibliographical notes

164

(12)

Index

176

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The Global Impact of the Great Depression 1929-1939

Summary

Table of Contents

Supplemental Materials