This book presents an alternative view of the Stock Market Boom and Crash of 1929 as having resulted from government intervention, specifically from flawed government policy in the form of the Republican party's 1928 election promise of an upward tariff revision, the Smoot-Hawley Tariff Bill. As such, the stock market in particular and the market mechanism in general were not to blame, government was. Where the market was to blame, however, was in its reaction to the massive technology shock that was electric power-based extremely-high-throughput, continuous-flow mass production techniques (EHTCFPT) pioneered at the Ford Motor Company's Highland Park plant in Detroit, Michigan. Specifically, aggregate income and expenditure failed to rise commensurately with vastly increased productive capacity, resulting in underincome.
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About the Author
Bernard C. Beaudreau is Professor of Economics at Université Laval, Quebec City, Canada. He is the author of Mass Production, the Stock Market Crash, and the Great Depression: the Macroeconomics of Electrification (Westport, CT: Greenwood Press, 1996).
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Key Phrases - Statistically Improbable Phrases (SIPs):
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second policy response, tariff initiative, producer working capital, income inertia, higher equilibrium growth path, proposed tariff bill, first policy response, spontaneous trade, capital goods firms, specialized traders, technology shock, electric power consumption, sequential production Key Phrases - Capitalized Phrases (CAPs): (learn more)
Smoot-Hawley Tariff Bill, United States, The Theory of Underincome, Ford Motor Company, Great Britain, Great Depression, Department of Commerce, Senator Smoot, The Second Policy Response, Too Little, Henry Ford, Too Late, The Republican Party's Tariff Initiative, The New York Times, The Fallout, The Fordization, President Hoover, The First Policy Response, Insurgent Republicans, Detroit Edison Illuminating Company, Blue Eagle, Old-Guard Republicans, Reed Smoot, Fiefdom of the Republican Party, New Deal Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
second policy response, tariff initiative, producer working capital, income inertia, higher equilibrium growth path, proposed tariff bill, first policy response, spontaneous trade, capital goods firms, specialized traders, technology shock, electric power consumption, sequential production Key Phrases - Capitalized Phrases (CAPs): (learn more)
Smoot-Hawley Tariff Bill, United States, The Theory of Underincome, Ford Motor Company, Great Britain, Great Depression, Department of Commerce, Senator Smoot, The Second Policy Response, Too Little, Henry Ford, Too Late, The Republican Party's Tariff Initiative, The New York Times, The Fallout, The Fordization, President Hoover, The First Policy Response, Insurgent Republicans, Detroit Edison Illuminating Company, Blue Eagle, Old-Guard Republicans, Reed Smoot, Fiefdom of the Republican Party, New Deal Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
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