Review - Economics and Public Welfare (Anderson)

Review - Economics and Public Welfare (Anderson) - This...

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This book is primarily a financial history of the years 1913-46, although, as the title suggests, it covers a wider range. Several chapters are devoted to foreign financial developments and to political changes that affected financial conditions. From 1920 to 1939 the author was economist for the Chase National Bank in New York and wrote the often brilliant Economic Bulletin's published by that bank. He has drawn extensively on them in writing this book. As a Chase Bank officer he had a "front seat" at numerous events of national and international moment and he knew personally many political and financial leaders. The book thus has an autobiographical and journalistic tone too. Professor Anderson had definite opinions on the causes of various crises, on the validity of certain economic theories, and on the reasons for some of the world's ills. He backs these vigorously with logic, history, personal anecdotes, and statistics. For example, he says that the New Deal really commenced about 1924 (p. 115) when open market operations were used to create credit and help several European nations return to a gold standard. This was the first significant resistance to forces that might bring the economy towards an economic equilibrium (pp. 220- 21). Such resistance, Anderson contends repeatedly, is the cause of many of economic ills. The 1924 and 1927 open market buying operations created large bank reserves and set in motion the
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This note was uploaded on 11/20/2010 for the course ECON 530 taught by Professor Giertz during the Spring '10 term at University of Illinois, Urbana Champaign.

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Review - Economics and Public Welfare (Anderson) - This...

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