“美国文明史”结业论文(2013年春) 比较和对比1929年大萧条与2008年金融危机 陈婕（媒设学院公共事业管理大一） 中文摘要：1929年大萧条和2008年金融危机对世界经济都带来了巨大的冲击。引发这两个 经济危机的原因十分复杂，不仅有资本主义经济的内在缺陷和商业周期等共同因素，也因不 同的时代背景而体现出不同的特点。本文旨在通过对比这两个经济危机，总结其中的异同， 为完善经济体制，维护全球经济稳定提供建议。 关键词：大萧条：金融危机：美国历史：经济 Compare and Contrast 1929 Great Depression with 2008 Financial Crisis Abstract:1929 Great Depression and 2008 Financial Crisis both brought great shock to the global economy.The causes that led to these two economic crises were very complicated including the internal defects of capitalist economy and business cycle.They also presented different characteristics because of different historical background.This passage aims to sum up the commons and differences of these two crises by comparing and contrasting them so as to help improve the economy system and maintain the stability of global economy. Key word:Great Depression;Financial Crisis;American history;economy 1.The introduction of these two economic crises The Great Depression is a severe worldwide economic depression during 1929 to 1933 which led to poverty,unemployment and crimes.The crisis started with the falling stock on the so-called Black Thursday,September 4,1929.From then on,the crisis spread to almost every corner in the world.And the Great depression stimulated the development of Nazi,leading to the World War II indirectly. The 2008 financial crisis broke out when the two real estate giants Fannie Mae and Freddie Mac went bankruptcy.Because the housing market cooled down,the borrowers of the sub-prime mortgage couldn't pay back their interests.Following by was the bankruptcy of many financial giants such as Lehman Brothers.By April 2009,the unemployment rate has risen to 8.9%,up from its low of 4.4%before the recession.! 2.The causes of these two economic crises The causes of these two economics are multiple.There are many similar root causes such as the internal defects of capitalist economy and the business cycle.The excessive investments in stock market and housing market caused bubble and inflation.The greedy businessmen on Wall Street tried every means to make profit.And the free market itself could not work well because of asymmetric information and the externality However,there are also many specific reasons for each crisis.As for the Great Depression, 1 Charles Jones;"the Global Financial Crisis:Overview";WW.Norton,2008
“美国文明史”结业论文（2013 年春） 1 比较和对比 1929 年大萧条与 2008 年金融危机 陈婕（媒设学院 公共事业管理 大一） 中文摘要：1929 年大萧条和 2008 年金融危机对世界经济都带来了巨大的冲击。引发这两个 经济危机的原因十分复杂，不仅有资本主义经济的内在缺陷和商业周期等共同因素，也因不 同的时代背景而体现出不同的特点。本文旨在通过对比这两个经济危机，总结其中的异同， 为完善经济体制，维护全球经济稳定提供建议。 关键词：大萧条；金融危机；美国历史；经济 Compare and Contrast 1929 Great Depression with 2008 Financial Crisis Abstract: 1929 Great Depression and 2008 Financial Crisis both brought great shock to the global economy. The causes that led to these two economic crises were very complicated including the internal defects of capitalist economy and business cycle. They also presented different characteristics because of different historical background. This passage aims to sum up the commons and differences of these two crises by comparing and contrasting them so as to help improve the economy system and maintain the stability of global economy. Key word: Great Depression; Financial Crisis; American history; economy 1. The introduction of these two economic crises The Great Depression is a severe worldwide economic depression during 1929 to 1933 which led to poverty, unemployment and crimes. The crisis started with the falling stock on the so-called Black Thursday, September 4, 1929. From then on, the crisis spread to almost every corner in the world. And the Great depression stimulated the development of Nazi, leading to the World War II indirectly. The 2008 financial crisis broke out when the two real estate giants Fannie Mae and Freddie Mac went bankruptcy. Because the housing market cooled down, the borrowers of the sub-prime mortgage couldn’t pay back their interests. Following by was the bankruptcy of many financial giants such as Lehman Brothers. By April 2009, the unemployment rate has risen to 8.9%, up from its low of 4.4% before the recession.1 2. The causes of these two economic crises The causes of these two economics are multiple. There are many similar root causes such as the internal defects of capitalist economy and the business cycle. The excessive investments in stock market and housing market caused bubble and inflation. The greedy businessmen on Wall Street tried every means to make profit. And the free market itself could not work well because of asymmetric information and the externality. However, there are also many specific reasons for each crisis. As for the Great Depression, 1 Charles Jones; ‘’the Global Financial Crisis: Overview’’; WW. Norton, 2008
“美国文明史”结业论文(2013年春) although its causes are still uncertain and controversial,the net effect was a sudden and general loss of confidence in the economic future.The low-growth industry,the over-optimistic consumers and the ill-regulated market are also the main reasons that caused the great crash in1929.The development of the real economy couldn't catch up with the soaring stock market. Once the bubble burst,the losing confidence of the creditors could destroy the market and the disaster happened. But,the financial crisis in 2008 was a little different.The credit crisis in 2006 made a bad impact on the American economy.To boom the economy and raise the market confidence,the government implemented the easy monetary policy so that the mortgage rate would rise.On the other hand,in this loose market where banks were permitted to make the risk investments with the savings,many credit derivatives such as CDO and CDS emerged.Those investment banks didn't care about whether the borrowers had the ability to pay back interests,they just wanted to maximize their profits.Thus,many junk appeared on the market.Excessive use of credit and debt leverage made the market worse and finally led to the explosion of the housing market. 3.The impact of these two economic crises The Great Depression was a huge catastrophe to the global economy.It caused many economic recession,social problems and political change.Between 1929 and 1933,U.S.GDP fell around 30%,the stock market lost almost 90%of its value.3 Business houses closed their doors, factories shut down,banks crashed,and millions of unemployed walked the streets in a vain search for work.The poverty,high crime rate and increasing immigration made American society unstable.On the other hand,the Great Depression brought huge political change that president FDR was in power.Roosevelt's economic recovery plan,the New Deal,instituted unprecedented programs for relief,recovery and reform,and brought about a major realignment of American politics.At the same time,Nazi became increasingly stronger which led to WWIl. U.S.Unemployment rate from 1910-1960 25.00% -US Unemployment (Estimated) 20.00% US Unemployment 15.00% 10.00% 5.00% 0.00% 1910 1920 1930 1940 1950 1960 U.S.Unemployment rate from 1910-1960,with the years of the Great Depression(1929-1939)highlighted. Source:http://www.bls.gov/ 2 John Steele Gordon"10 Moments That Made American Business,"American Heritage,2007 3 The Great Depression:The sequel,By Cameron Stacy,salon.com,April 2,2008 4魏啸飞，《美国文明史》，北京大学出版社，2011，P215 2
“美国文明史”结业论文（2013 年春） 2 although its causes are still uncertain and controversial, the net effect was a sudden and general loss of confidence in the economic future.2The low-growth industry, the over-optimistic consumers and the ill-regulated market are also the main reasons that caused the great crash in1929. The development of the real economy couldn’t catch up with the soaring stock market. Once the bubble burst, the losing confidence of the creditors could destroy the market and the disaster happened. But, the financial crisis in 2008 was a little different. The credit crisis in 2006 made a bad impact on the American economy. To boom the economy and raise the market confidence, the government implemented the easy monetary policy so that the mortgage rate would rise. On the other hand, in this loose market where banks were permitted to make the risk investments with the savings, many credit derivatives such as CDO and CDS emerged. Those investment banks didn’t care about whether the borrowers had the ability to pay back interests, they just wanted to maximize their profits. Thus, many junk appeared on the market. Excessive use of credit and debt leverage made the market worse and finally led to the explosion of the housing market. 3. The impact of these two economic crises The Great Depression was a huge catastrophe to the global economy. It caused many economic recession, social problems and political change. Between 1929 and 1933, U.S. GDP fell around 30%, the stock market lost almost 90% of its value.3 Business houses closed their doors, factories shut down, banks crashed, and millions of unemployed walked the streets in a vain search for work.4 The poverty, high crime rate and increasing immigration made American society unstable. On the other hand, the Great Depression brought huge political change that president FDR was in power. Roosevelt's economic recovery plan, the New Deal, instituted unprecedented programs for relief, recovery and reform, and brought about a major realignment of American politics. At the same time, Nazi became increasingly stronger which led to WWII. U.S. Unemployment rate from 1910-1960 U.S. Unemployment rate from 1910-1960, with the years of the Great Depression (1929-1939) highlighted. Source：http://www.bls.gov/ 2 John Steele Gordon "10 Moments That Made American Business," American Heritage, 2007 3 The Great Depression: The sequel, By Cameron Stacy, salon.com, April 2, 2008 4 魏啸飞，《美国文明史》，北京大学出版社，2011，P215
“美国文明史”结业论文(2013年春) The 2008 Financial Crisis was led by the subprime mortgage crisis,and it made a destructive influence to the whole world.The global economy is closely connected with each other,so the world is becoming flat,which increases the risk of global financial system.After AIG was nationalized,the Merrill Lynch was bought by the bank of America.The Federal Reserve System just let the Lehman Brothers go bankruptcy which was followed by a shock wave around the world.Many financial institutions were taken over by the government.Due to the financial crisis,the civilian fortune shrank,the investment decreased,the household consumption declined and the unemployment rate became higher and higher.It was estimated that the unemployment rate reached 7.6%by February,2009.As the import demand declined in American,the global trade market was at a wreck.American pulled the whole world down into the recession again. 4.The measures taken by the government In the realm of ideas,the depression persuaded the public that capitalism was an unstable system destined to suffer ever more serious crises.5And the government should serve as a balance to promote stability and assure security.FDR carried out the New Deal to save the American economy by enhancing the regulation and government intervention.On May 12,1933,Congress passes the Federal Emergency Relief Act,which provides $500 million for direct,emergency relief to desperately poor individuals and families.It is the first time the federal government has directly aided citizens of the United States.Programs such NRA and WPA,had a great effect on stimulating the domestic demand and providing work and relief. Learning the lesson from the Great Depression,the federal government took quicker action to save the market in 2008.After the explosion of the crisis,many financial institutions went on the road of nationalization.The chairman of the Federal Reserve System,Ben Bernanke,who had studied The Great Depression before,made a quick response to the crisis.The Federal Reserve System used many policies comprehensively,such as adjusting Federal Funds Rate and the discount rate and opening market operation,to increase the market liquidity and relieve the financial turbulence.The U.S.executed two stimulus packages,totaling nearly $I trillion during 2008and2009. 5.Conclusion As globalization becomes a trend all over the world,the risk of the financial crisis is higher than before.Any economic crisis may spread around the world and grow into a huge catastrophe. The need to promote financial stability and assure economic security is urgent. The Great Depression and the 2008 Financial Crisis teach us lessons that proper government intervention is necessary and that poor regulatory system will only put the free market into the hands of powerful bankers.The free market is not free at all.The power can't be concentrated in the minority.Only by optimizing the current regulatory system and improve the legislations can we maintain the global economy stable and sustainable. 5 Milton Rose Friedman;Free to Choose;Harcourt Publishing Company;1990;P70 6 Alan Axelrod;1001 Events That Made America;Random House Inc;Washington D.C.;2006;P179
“美国文明史”结业论文（2013 年春） 3 The 2008 Financial Crisis was led by the subprime mortgage crisis, and it made a destructive influence to the whole world. The global economy is closely connected with each other, so the world is becoming flat, which increases the risk of global financial system. After AIG was nationalized, the Merrill Lynch was bought by the bank of America. The Federal Reserve System just let the Lehman Brothers go bankruptcy which was followed by a shock wave around the world. Many financial institutions were taken over by the government. Due to the financial crisis, the civilian fortune shrank, the investment decreased, the household consumption declined and the unemployment rate became higher and higher. It was estimated that the unemployment rate reached 7.6% by February, 2009. As the import demand declined in American, the global trade market was at a wreck. American pulled the whole world down into the recession again. 4. The measures taken by the government In the realm of ideas, the depression persuaded the public that capitalism was an unstable system destined to suffer ever more serious crises. 5And the government should serve as a balance to promote stability and assure security. FDR carried out the New Deal to save the American economy by enhancing the regulation and government intervention. On May 12, 1933, Congress passes the Federal Emergency Relief Act, which provides $500 million for direct, emergency relief to desperately poor individuals and families. It is the first time the federal government has directly aided citizens of the United States.6 Programs such NRA and WPA, had a great effect on stimulating the domestic demand and providing work and relief. Learning the lesson from the Great Depression, the federal government took quicker action to save the market in 2008. After the explosion of the crisis, many financial institutions went on the road of nationalization. The chairman of the Federal Reserve System, Ben Bernanke, who had studied The Great Depression before, made a quick response to the crisis. The Federal Reserve System used many policies comprehensively, such as adjusting Federal Funds Rate and the discount rate and opening market operation, to increase the market liquidity and relieve the financial turbulence. The U.S. executed two stimulus packages, totaling nearly $1 trillion during 2008 and 2009. 5. Conclusion As globalization becomes a trend all over the world, the risk of the financial crisis is higher than before. Any economic crisis may spread around the world and grow into a huge catastrophe. The need to promote financial stability and assure economic security is urgent. The Great Depression and the 2008 Financial Crisis teach us lessons that proper government intervention is necessary and that poor regulatory system will only put the free market into the hands of powerful bankers. The free market is not free at all. The power can’t be concentrated in the minority. Only by optimizing the current regulatory system and improve the legislations can we maintain the global economy stable and sustainable. 5 Milton & Rose Friedman; Free to Choose; Harcourt Publishing Company; 1990; P70 6 Alan Axelrod;1001 Events That Made America; Random House Inc; Washington D.C.;2006;P179
“美国文明史”结业论文(2013年春) 参考文献： Charles Jones;the Global Financial Crisis:Overview";WW.Norton,2008 John Steele Gordon"10 Moments That Made American Business,"American Heritage,2007 The Great Depression:The sequel,By Cameron Stacy,salon.com,April 2,2008 Milton Rose Friedman;Free to Choose;Harcourt Publishing Company;1990;P70 Alan Axelrod:1001 Events That Made America:Random House Inc:Washington D.C.:2006:P179 魏啸飞，《美国文明史》，北京大学出版社，2011，P215
“美国文明史”结业论文（2013 年春） 4 参考文献： Charles Jones; ‘’the Global Financial Crisis: Overview’’; WW. Norton, 2008 John Steele Gordon "10 Moments That Made American Business," American Heritage, 2007 The Great Depression: The sequel, By Cameron Stacy, salon.com, April 2, 2008 Milton & Rose Friedman; Free to Choose; Harcourt Publishing Company; 1990; P70 Alan Axelrod;1001 Events That Made America; Random House Inc; Washington D.C.;2006;P179 魏啸飞，《美国文明史》，北京大学出版社，2011，P215
