Harvard Case - 1918-1932: The International Great Depression (A)
"1918-1932: The International Great Depression (A)" Harvard business case study is written by Robert F. Bruner. It deals with the challenges in the field of Finance. The case study is 38 page(s) long and it was first published on : Oct 11, 2019
At Fern Fort University, we recommend a multi-pronged approach to address the challenges presented by the International Great Depression (1918-1932). This approach focuses on financial analysis, risk management, international finance, and government policy and regulation to mitigate the economic downturn and foster long-term growth.
2. Background
The International Great Depression was a period of severe economic hardship that followed World War I. The case study highlights the devastating impact of the depression on various countries, including the United States, Germany, and Great Britain. The main protagonists are the governments and central banks of these nations, struggling to manage the economic crisis and alleviate its effects on their citizens.
3. Analysis of the Case Study
The case study reveals several key factors contributing to the Great Depression:
- Overproduction and falling demand: A surplus of goods led to declining prices, reducing profits for businesses and leading to widespread unemployment.
- Financial speculation and instability: Unregulated financial markets fueled speculation and risky investments, leading to a collapse of the stock market and a loss of confidence in the financial system.
- Protectionist trade policies: Countries implemented tariffs and other trade barriers, hindering international trade and further exacerbating the economic downturn.
- Lack of coordinated international response: The absence of a global institution to manage the crisis and coordinate economic policies hindered effective solutions.
Framework: To analyze the case, we utilize a combination of financial analysis, risk management, and international finance frameworks:
- Financial Analysis: Examining financial statements, balance sheets, and income statements of key actors reveals the extent of the economic downturn, the impact on businesses and individuals, and the need for government intervention.
- Risk Management: The case highlights the importance of identifying and mitigating financial risks, including systemic risks, market risks, and credit risks.
- International Finance: The global nature of the depression emphasizes the interconnectedness of economies and the need for international cooperation to address economic challenges.
4. Recommendations
To address the International Great Depression, we recommend the following:
1. Government Intervention:
- Fiscal stimulus: Governments should implement policies to stimulate demand through increased government spending on infrastructure projects, public works, and social programs.
- Monetary easing: Central banks should lower interest rates and increase the money supply to encourage borrowing and investment.
- Regulation of financial markets: Governments should implement regulations to prevent excessive speculation and to ensure the stability of the financial system.
- International cooperation: Countries should work together to coordinate economic policies, reduce trade barriers, and provide financial assistance to nations in need.
2. Business Strategies:
- Cost reduction: Businesses should focus on reducing costs, improving efficiency, and streamlining operations to survive the economic downturn.
- Diversification: Businesses should diversify their operations and markets to reduce their exposure to economic shocks.
- Innovation and product development: Businesses should invest in research and development to create new products and services that meet changing customer needs.
- Strategic alliances and partnerships: Businesses should explore strategic alliances and partnerships to share resources, reduce costs, and expand into new markets.
3. Individual Strategies:
- Saving and budgeting: Individuals should prioritize saving and budgeting to manage their finances during the economic downturn.
- Skill development and education: Individuals should invest in skills development and education to enhance their employability and adapt to changing economic conditions.
- Entrepreneurship: Individuals should explore entrepreneurial opportunities to create new businesses and generate employment.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with the core competencies of governments and businesses to manage their economies and operations effectively.
- External customers and internal clients: The recommendations aim to address the needs of both external customers (consumers) and internal clients (employees and shareholders).
- Competitors: The recommendations focus on strategies that promote competitiveness and long-term growth.
- Attractiveness ' quantitative measures if applicable: The recommendations are expected to have a positive impact on economic growth, job creation, and overall prosperity.
Assumptions:
- The recommendations assume that governments and businesses are willing to implement necessary policies and strategies.
- The recommendations assume that international cooperation will be possible to address the global nature of the crisis.
6. Conclusion
The International Great Depression was a significant economic event that had a profound impact on the world. By learning from the mistakes of the past and implementing effective policies and strategies, we can mitigate the risks of future economic crises and foster long-term economic growth and prosperity.
7. Discussion
Alternatives:
- Laissez-faire approach: This approach would involve minimal government intervention and allowing the market to self-correct. However, this approach is unlikely to be effective in addressing a severe economic downturn.
- Socialist approach: This approach would involve significant government intervention and control over the economy. While this approach could potentially alleviate some of the economic hardship, it could also lead to inefficiencies and a loss of individual freedom.
Risks:
- Political instability: The economic crisis could lead to political instability and social unrest.
- Inflation: Government spending and monetary easing could lead to inflation, eroding the purchasing power of consumers.
- Ineffective implementation: The recommendations may not be effectively implemented due to political resistance, bureaucratic inefficiencies, or a lack of coordination.
Key Assumptions:
- Government commitment: The success of the recommendations depends on the commitment of governments to implement necessary policies and strategies.
- International cooperation: Effective international cooperation is crucial to address the global nature of the crisis.
8. Next Steps
- Implement fiscal stimulus packages: Governments should immediately implement fiscal stimulus packages to boost demand and create jobs.
- Coordinate monetary policies: Central banks should coordinate their monetary policies to ensure a global response to the crisis.
- Establish international institutions: Governments should work together to establish international institutions to manage global economic crises and coordinate economic policies.
- Monitor economic indicators: Governments and businesses should closely monitor economic indicators to assess the effectiveness of policies and strategies.
By taking these steps, we can mitigate the risks of future economic crises and create a more stable and prosperous global economy.
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Case Description
In May 1932, US president Herbert Hoover and British prime minister Ramsay MacDonald called for leaders from 65 nations to attend the World Economic Conference, scheduled to occur in the winter of 1933 after the American presidential election. Hoover turned his attention to the instructions he would have to give to the American delegation about the forthcoming conference. Arguments by pundits, critics, and Hoover's advisers fell into at least three mutually exclusive camps. Some wanted the United States to assume world monetary leadership, since the world needed a financial hegemon. Others thought the United States should simply promote better financial cooperation among nations, since the world needed cooperation more than hegemony, and hegemony was costly. The third camp wanted the United States to simply let the markets equilibrate, since even mild "cooperation" might sacrifice national self-interest without much benefit. The global economic depression presented a dire situation. All the old rules of international monetary stability had been broken. Now, what new rules should Hoover aim to promote?
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