Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...

"Explains the history of the Stock Market Crash of 1929 and the Great Depression, as well as President Franklin D. Roosevelt's ambitious program of New Deal reforms. Features include a narrative overview, biographical profiles, primary source documents, chronology, glossary, bibliography, and...

Today FDR's New Deal is regarded as the democratic ideal, the positive American response to the economic crisis that propelled Germany and Italy toward Fascism. Yet in the 1930s, these regimes were hardly considered antithetical. Cultural historian Schivelbusch investigates their shared elements...