Interwar Unemployment in International Perspective

High unemployment has been one of the most disturbing features of the economy of the 1980s. For a precedent, one must look to the interwar period and in particular to the Great Depression of the 1930s. It follows that recent years have been marked by a re

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NATO ASI Series Advanced Science Institutes Series A Series presenting the results of activities sponsored by the NA TO Science Committl which aims at the dissemination of advanced scientific and technological knowledge, with a view to strengthening links between scientific communities.

The Series is published by an international board of publishers in conjunction with the NATO Scientific Affairs Division A Life Sciences B Physics

Plenum Publishing Corporation London and New York

C Mathematical and Physical Sciences D Behavioural and Social Sciences E Applied Sciences

Kluwer Academic Publishers Dordrecht, Boston and London

F Computer and Systems Sciences G Ecological Sciences H Cell Biology

Springer-Verlag Berlin, Heidelberg, New York, London, Paris and Tokyo

Series D: Behavioural and Social Sciences - Vol. 43

Interwar Unemployment in International Perspective edited by

Barry Eichengreen and

T. J. Hatton

Kluwer Academic Publishers Dordrecht / Boston / London Published in cooperation with NATO Scientific Affairs Division

Proceedings of the NATO Advanced Research Workshop on Interwar Unemployment in International Perspective Harvard University, Cambridge, MA May 7 -8, 1987 Library of Congress Cataloging in Publication Data Interwar unemployment in international perspective! edited by Barry

Eichengreen and T.J. Hatton. p. cm. -- (NATO ASI series. sc1ences ; no. 43)

Series 0, Behavioural and social

·Published in cooperation with NATO Scientific Affairs Division and the Centre for Economic Pol ILY Research." Rev. papers originally presented at a conference held May 7-8. 1987, at Harvard University. Includes index. 1. Unemployment--History--20th century. 2. Depressions--1929. 3. Economic history--1918-1945. I. Eichengreen. Barry J. II. Hatton. T. J. III. North Atlantic Treaty Organization. Scientific Affairs Division. IV. Centre for Economic Policy Research (Great Britain) H05707.5.I58 1988

V. Series.

331.13·79·04--dc19

ISBN-13: 978-94-010-7758-3 001: 10.1007/978-94-009-2796-4

88-3795

CIP

e-ISBN-13: 978-94-009-2796-4

Published by Kluwer Academic Publishers, P.O. Box 17, 3300 AA Dordrecht, The Netherlands. Kluwer Academic Publishers incorporates the publishing programmes of D. Reidel, Martinus Nijhoff, Dr W. Junk, and MTP Press. Sold and distributed in the U.S.A. and Canada by Kluwer Academic Publishers, 101 Philip Drive, Norwell, MA 02061, U.S.A. In all other countries, sold and distributed by Kluwer Academic Publishers Group, P.O. Box 322, 3300 AH Dordrecht, The Netherlands.

All Rights Reserved © 1988 by Kluwer Academic Publishers Softcover reprint of the hardcover 1st edition 1988

No part of the material protected by this copyright notice may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the copyright owner.

v

TABLE OF CONTENTS List of tables List of figures Preface List of conference participants

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Interwar Unemployment in International