Két kereskedelmi összeomlás: a két világháború között és a nagy recesszió idején – K. O’Rourke

BlogMadarász Aladár

Two Great Trade Collapses: The Interwar Period & Great Recession Compared

Kevin Hjortshøj O’Rourke

NBER Working Paper No. 23825
Issued in September 2017
NBER Program(s):   DAE   ITI

In this paper, I offer some preliminary comparisons between the trade collapses of the Great Depression and Great Recession. The commodity composition of the two trade collapses was quite similar, but the latter collapse was much sharper due to the spread of manufacturing across the globe during the intervening period. The increasing importance of manufacturing also meant that the trade collapse was more geographically balanced in the later episode. Protectionism was much more severe during the 1930s than after 2008, and in the UK case at least helped to skew the direction of trade away from multilateralism and towards Empire. This had dangerous political consequences.

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Magyar Tudományos Akadémia Közgazdaság- és Regionális Tudományi Kutatóközpont Közgazdaság-tudományi Intézet
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