Major Recessions Britain and the World, 1920-1995 [Paperback]

In the twentieth century there have been five major recessions: two in the interwar period, and three more starting 1973, 1979, and 1989. This book focuses on events in the UK, but sets them in their international context, and makes frequent comparisons with other countries.

1. Introduction
Part I. Prior Assumptions and Methodological Preliminaries
2. The Facts which Have to be Explained
3. The Causal Structure of the Economy
4. Supply and Demand Influence on the Rate of Growth
5. Shocks and Response in Major Fluctuations
Part II. Case Studies of Five Major Recessions
6. The Two Interwar Recessions (1920-22 and 1929-32) and the US Great Depression
7. The Prolonged Interval without Major Recession 1945-73
8. The Two OPEC Recessions (1973-75 and 1979-82)
9. The Credit Expansion of the late Eighties and the Recession of the Early Nineties
Part III. Conclusions
10. The Theoretical Model: The Behaviour of the Economy in Major Fluctuations
11. The Causation of Major Recessions: Summary and Discussion of Empirical Findings
12. Are Recurrent Major Recessions Inevitable?

...a fascinating book...a fitting epitaph. --David Smith. The Sunday Times

Before his death in 1998, Christopher Dow was Visiting Fellow at the National Institute of Economic and Social Research (NIESR). His distinguished career included periods as Senior Economic Adviser to the UK Treasury, Deputy Director of NIESR, Assistant Secretary General of OECD, and Executive Director of the Bank of England.