Gert P. den Bakker | Theo A. Huitker | C.A. van Bochove The Dutch economy, 1921-1939 and 1969-1985
a comparison based on revised macro-economic data for the interwar period
Gedrukt boek
A set of revised macro-economic time series for the Netherlands 1921-1939 is presented. The series cover the accounts for the nation of the SNA in current prices as well as the national product account and sone additional series in prices of the previous year. For purposes of comparison, the corresponding 1969-1985 series are also given. The new interwar series differ considerably from the data that had been published before. They are also more comprehensive, more detailed, and conceptually consistent uith the modern national accounts. The macro-economic developments that are shown by the new series are discussed. It turns out that the traditional economic-historical view of the Dutch economy and of the effectiveness of economic policies in that period has to be revised. In contrast with traditional news, the persistence in preserving the gold standard appears to have been beneficial on balance. The eventual (forced) dropping of the gold in september 1936 seems to have had considerable inflationary effects and to have contributed to a recession in 1935 that was far deeper than in the other European countries. Government spending and the budget surplus/deficit were, in contrast to the traditional views of economic historians, not conservative but moderately Keynesian. Contrary to traditional views, economic recovery in the Netherlands was neither slower nor weaker than in the rest of the world