Recovery from the Great Depression in the U.S., Britain, Germany, and Japan: A Comparative Input-Output Analysis

Donghyu Yang ; Sunghun Cho

Corresponding author, Professor, Department of Economics, Seoul National University, 1 Kwanangno, Kwanak-gu, Seoul, Korea, Tel: +82-2-880-6375, Fax: +82-2-886-4231 dyang@snu.ac.kr
PhD Candidate, Department of Economics, Seoul National University, 1 Kwanangno, Kwanak-gu, Seoul, Korea, Tel: +82-2-880-6375, Fax: +82-2-886-4231 shell354@snu.ac.kr

JEL Classification: C67, N10

Abstract

Previously, Leontief input-output analysis was utilized to compare the recovery process of the U.S. and Britain, and “guessed” that of Germany. With the newfound availability of the German I/O table of 1936, the inter-industry structure can be more fully understood. The Japanese table was investigated as well. The analysis presented effectiveness of investment allocation, government spending, etc., all of which contribute to assessing the recovery from the Great Depression.

Keywords:

Great Depression, Input-output analysis, Investment allocation

Acknowledgments

An earlier draft was presented at the Seoul National University Economic History Workshop, the Korean Economic History Society Conference, and the Western Economic Association International Conference (June 30, 2015, Honolulu). The authors are grateful to the participants and an anonymous referee for their helpful comments. We appreciate technical advice from Dr. Jin-Myon Lee of the Korea Institute for Industrial Economics and Trade. Financial support from the Brain Korea 21 Plus Program of the Economics Department, Seoul National University made possible the visit of Sunghun Cho to Honolulu. We acknowledge the support. (#21B20130000013)

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