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The Crisis of Social Democracy in Europe$
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Michael Keating and David McCrone

Print publication date: 2013

Print ISBN-13: 9780748665822

Published to Edinburgh Scholarship Online: January 2014

DOI: 10.3366/edinburgh/9780748665822.001.0001

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PRINTED FROM EDINBURGH SCHOLARSHIP ONLINE (www.edinburgh.universitypressscholarship.com). (c) Copyright Edinburgh University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in ESO for personal use.date: 15 October 2019

The Long Depression, the Great Crash and Socialism in Western Europe

The Long Depression, the Great Crash and Socialism in Western Europe

Chapter:
(p.14) Chapter 2 The Long Depression, the Great Crash and Socialism in Western Europe
Source:
The Crisis of Social Democracy in Europe
Author(s):

Donald Sassoon

Publisher:
Edinburgh University Press
DOI:10.3366/edinburgh/9780748665822.003.0002

This chapter presents a historical overview, showing that crises are a recurrent feature of capitalism, which have often been misinterpreted as harbingers of radical change. The Long Depression of the late nineteenth century did not bring down capitalism but did lead to social reforms. The inter-war Depression led social democrats to accept a new compromise with capitalism, leading to the reformist programme of macro-management of the capitalist economy, of welfare regulation, state interventionism and the Keynesian welfare state of the post-war era.

Keywords:   19th century Long Depression, 20th century Inter-War Depression, capitalism, reformism, welfare regulation, state intervention

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