Charles P. Kindleberger

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Charles P. Kindleberger ( Charles Poor "Charlie" Kindleberger ; born October 12, 1910 in New York City , USA ; † July 7, 2003 in Cambridge (Massachusetts) , USA) was a national economist and economic historian . He was a leading expert on international monetary affairs. Kindleberger wrote more than 30 books. His book Manias, Panics, and Crashes of 1978 on the bubble of the stock market was in 2000 after the collapse of the dotcom bubble reissued. He was well known for his Hegemonic Stability Theory ( Hegemonic Stability Theory ).

Life

Kindleberger was born in New York . He had four children with his wife Sarah: Charles P. Kindleberger III, Richard S. Kindleberger; Sarah Kindleberger, and E. Randall Kindleberger. He attended the Kent School in Kent (Connecticut) and graduated from the University of Pennsylvania in 1932 . He earned his master's degree from Columbia University , where he also received his doctorate in 1937.

He worked for various American institutions, such as the Federal Reserve Bank of New York (1936–1939), the Bank for International Settlements in Basel (1939–1940) and on the Board of Governors of the Federal Reserve System (1940–1942). During World War II, he served in the Office of Strategic Services .

From 1945 to 1947 he was acting director of the Office of Economic Security Policy of the US State Department and then from 1947 to 1948 advisor to the Marshall Plan ( European Recovery Program ). In 1948 he became an Associate Professor (later Ford International Professor of Economics) at the Massachusetts Institute of Technology . In 1976 he officially retired, but continued to teach. In 1985, Kindleberger was President- Elect of the American Economic Association .

Among his doctoral students was the Canadian Nobel Prize winner Robert Mundell .

As a historical economist, Kindleberger used more descriptive representations and historical knowledge than mathematical models to provide evidence.

The World in Depression

His book The World in Depression 1929-1939 from 1973 (new edition 1986) shows a specific internationalist approach in the analysis of the causes and the nature of the world economic crisis . He blames the United States' reluctance to assume the leadership role of the world economy when Great Britain was no longer able to exercise this role after the First World War for the length and extent of the crisis. His conclusion is that the world economy for their stabilization guide ( leadership required). He is referring to the United States, at least in the interwar context.

In his final chapter, An Explanation of the 1929 Depression , Kindleberger describes the five responsibilities the United States must assume to stabilize the world economy:

  1. Maintaining a relatively open market for public goods ,
  2. Provision of countercyclical or at least stable long-term loans ,
  3. Monitoring a relatively stable exchange rate system,
  4. Ensuring the coordination of macroeconomic policy and
  5. Taking on the role of lender of last resort by discounting or otherwise making liquidity available in a financial crisis.
World trade spiral

Kindleberger was very skeptical of Friedman and Schwartz's monetarist views on the causes of the depression. He saw them as too narrow and too dogmatic. He rejected Samuelson's interpretation as accidental. The World in Depression was recognized by John Kenneth Galbraith as the best book on the subject.

In the period from 1929 to 1933, world trade fell to a third of its original level. The Kindleberger spiral or world trade spiral shows the decline in the movement of goods.

Honors

Publications

  • International Short-Term Capital Movements. Columbia University Press, New York 1937
  • International Economics. Irwin, Homewood 1953
  • Economic development. McGraw-Hill, New York 1958
  • Foreign Trade and the National Economy. Yale University Press, New Haven 1962
  • Economic growth in France and Britain, 1851-1950. Harvard University Press, Cambridge 1964
  • Europe and the Dollar. MIT Press, Cambridge 1966
  • Europe's Postwar Growth. The role of labor supply. Harvard University Press, Cambridge 1967
  • American Business Abroad. Yale University Press, New Haven 1969
  • Power and Money. The Economics of International Politics and the Politics of International Economics. Basic Books, New York 1970, ISBN 0465061346
  • The Benefits of International Money. In: Journal of International Economics. 2, November 1972, pp. 425-442
  • The World in Depression. 1929-1939. University of California Press, Berkeley 1973, ISBN 0520024230 ; Revised and expanded: Penguin Books, Harmondsworth 1987, ISBN 0140226818
  • Manias, Panics, and Crashes. A History of Financial Crises. Basic Books, New York 1978, ISBN 0465043801 ; 4th edition: Wiley, New York 2000, ISBN 0471389455 ; 5th edition edited by Robert Aliber, ibid. 2005, ISBN 0471467146
  • A Financial History of Western Europe. Allen & Unwin, London / Boston 1984, ISBN 0043320880
  • Historical Economics. Art or Science? University of California Press, Berkeley 1990, ISBN 0520073436
  • The Life of an Economist. To Autobiography. B. Blackwell, Cambridge 1991, ISBN 1557861099
  • World economic primacy, 1500-1990. Oxford University Press, New York 1996, ISBN 0195099028

literature

  • Jonathan Kirshner: Kindleberger, Charles. In: RJ Barry Jones (Ed.): Routledge Encyclopedia of International Political Economy. Taylor & Francis, 2001, ISBN 0415243513 , pp. 879-882
  • Peter Temin: Kindleberger, Charles P. (1910-2003). In: Steven N. Durlauf & Lawrence E. Blume (Eds.): The New Palgrave Dictionary of Economics. 2nd Edition. Palgrave Macmillan, 2008

Web links

Individual evidence

  1. ^ Past Presidents. In: www.aeaweb.org. American Economic Association , 2018, accessed February 12, 2018 .
  2. ↑ Perry Anderson : Hegemony. Conjunctions of a term. Translation by Frank Jakubzik . suhrkamp, ​​Berlin 2018, ISBN 978-3-518-12724-7 ; P. 91 ff.
  3. ↑ Bernhard Harms Prize. ifw-kiel.de , archived from the original on June 14, 2013 ; Retrieved June 15, 2013 .
  4. ^ Member History: Charles P. Kindleberger. American Philosophical Society, accessed October 23, 2018 .
  5. ^ Deceased Fellows. British Academy, accessed June 18, 2020 .
personal data
SURNAME Kindleberger, Charles P.
ALTERNATIVE NAMES Kindleberger, Charles Poor Charlie
BRIEF DESCRIPTION American economist and economic historian
DATE OF BIRTH October 12, 1910
PLACE OF BIRTH New York City , USA
DATE OF DEATH July 7, 2003
Place of death Cambridge, Massachusetts , USA