I - Overproduction = economic crisis!? How is that possible?
#29Crisis #GreatDepression
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Videos mentioned in the episode
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On the subprime mortgage crisis: • Les Subprimes
On the euro crisis: • La crise de l'euro
On inflation: • Mort par INFLATION ? La faute des banques ...
On public debt: • Peut-on annuler la dette publique ?
On how the economy works: • Finance & économie : on récapitule TOUT ! ...
On a barter economy vs. a monetary economy: • Monnaie, chômage et capitalisme avec Des...
Chapters
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00:00 - Introduction to the series on the 1929 crisis
02:38 - Intro: the 1929 stock market crash
04:13 - Aside: data is socially constructed, the example of unemployment
07:44 - Some figures on the crisis in the US
09:26 - Some figures on the global crisis
13:54 - Why is deflation a pain?
18:38 - Did the crisis start before 2029?
19:24 - Currency parities and deflation
20:37 - A quick mid-term recap
21:38 - What is an overproduction crisis?
28:16 - Overproduction of raw materials due to war
30:34 - The overproduction crisis is not new
35:25 - Knowledge at the time about crises: the theories of cycles
39:54 - What economists did not anticipate
41:34 - Recap
Sources and errata:
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The 1929 Crisis (Que sais-je? series) - Bernard Gazier (2011)
History of Crises and Economic Cycles - Philippe Gilles (2009)
The World in Depression, 1929–1939 - Charles Kindleberger (1975)
The Great Crash, 1929 - John K. Galbraith (1955)
A Short History of Economic Facts - Jacques Brasseul (2016)
On measuring unemployment: https://www.cairn.info/revue-regards-...
On the overproduction crisis of 1817-1818: https://www.jstor.org/stable/2116738
For proofreading the script and discussions, I thank:
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Edouard Cottin-Euziol: https://www.souffledor.fr/auteur/799-...
Thematic focus of the series:
****************************************************** The 1829 crisis is the mother of all crises. It was the trauma that gave birth to welfare states and a new way of regulating capitalist economies. Following it, the international monetary system was revised, the World Bank and the IMF were created, and a new way of doing economics was invented: macroeconomics. All major modern macroeconomic theories must pass the test of explaining the Great Depression to be validated.
So what happened in the 1930s? Was the Wall Street stock market crash responsible for the crisis? Why was it global? Why did the economic theories of the time fail? Why were governments unable to counter the crisis?
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