The Great Economic Depression: An Event for Structural Restructuratation of The Theoretical Frame Work of Economic is – A Historical Analysis
Journal Title: Journal Global Values A Peer Reviewed International Journal - Year 2017, Vol 0, Issue 2
Abstract
The great Depression of the 1930s is a landmark in the economic history of the world. It marked a historical transition in economic theorizing. The classical thought lost its prominence and Keynesian theory became main pillar of Economic thought. It prescribed an immediate and lasting solution to the depression which was engulfed the entire world. It stood for government intervention and govt. spending to revive the economy during a period of depression. It was not against capitalism, rather an attempt to rectify the inherent flows of capitalism and make it stronger. Keynesian theory served as the standard economic model in the later part of the Great Depression, Second World War and post war economic expansion, though it lost some influence following the oil shock and resulting stagflation of the 1970s.Eventhough many scholars in addition to classical and Keynesian theories offered various solutions to redeem the crisis, it was the Keynesian solution offered timely and effective solution. The Great Depression marked the breakdown of the classical world of business cycles and laissez-faire, and emerged as leading one on both the national and international levels. In addition to Classical and Keynesian theories a slew of other economic theories and concepts came to arena with solutions to it. This paper attempts to look into some of the theories which tried to find solution to the great Depression in historical ways.
Authors and Affiliations
Sunil Lal G, Dr. P. S. Pratheep
Keywords
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