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America's Great Depression Paperback – January 26, 2009
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Rothbard refutes key misconceptions about the market economy and the Hoover administration's interventionist policies. Was the Great Crash due to capitalism gone wild? Was President Hoover the proponent of laissez-faire that some continue to insist? Did his interventionist actions assuage the depression? _America's Great Depression_ will always be important because of the Great Depression's legacy. Many continue to believe that the free market economy is inevitably inclined to collapse. Also, the interventionist policies of Presidents Hoover and Roosevelt accelerated the growth of the welfare state.
Economists have always observed the relationship between money supplies and business cycles. Rothbard goes a few steps farther, applying the Austrian school's theory of the business cycle to the Federal Reserve's monetary policies during the 1920s. Rothbard spends the first part of the book detailing the credibility of the Austrian theory and dismantling other theories. He shows how artificial increases in the money supply creates harmful imbalances in the economy. With this premise, Rothbard explains that the Federal Reserve's inflationary abuse of the money supply in the "Roaring Twenties" set the economy up for an unsustainable growth spurt that ended in disaster in 1929. (The scary thing is that prices remained fairly stable and hid the effects of inflation with ruinous results.Read more ›
Most books cover the human aspect of this period in American history and that's important. And most of the books cover the events leading up to the crash and depression. But this is the only book I've read that exposes the dynamics behind the scenes that caused the crash and it's terrible crushing length and enormous suffering.
Rothbard explains in great detail how government butted in where it was not needed and created untold suffering. He explains how we allowed England to dictate to us and how in our desire to help Her, our government intentionally hurt its own citizens.
Rothbard was a great economist and a great proponent of the libertarian cause. His belief in Laissez-faire economics is behind his philosophy. It is Laissez-faire that created this country and it is the loss of it that has and is causing us grief and loss of liberty.
This is an excellent book. Published by the Ludwig von Mises Institute, it is a book you'll want to read again and again. Austrian economics are exciting and workable and the Ludwin von Mises Institute is a dynamic proponent of this very workable economic philosophy.
If you are interested in economics and the Great Depression and its real causes, you must read this powerful, well written book.
Most Recent Customer Reviews
The author continually writes in absolutes which I find unsuitable for disputed economic theory. He also mis uses math to back up his points. Read morePublished 1 month ago by Amazon Customer
The nostrums that didn't work in the Thirties still don't work today. Prof Rothbard's contention that government intervention caused the Depression in the Thirties and that... Read morePublished 2 months ago by Laurence C. Berg
Putting aside Rothbard's philosophy, America's Great Depression is a useful exposition of Rothbard's economic ideology and the Austrian School of Economics he was associated with. Read morePublished 3 months ago by David M. Rosenberg
I really enjoyed this book! If you like the study of economics and believe that poor government policies led to and perpetuated this depression then this book is for you.Published 6 months ago by minimedic71
This comment pertains only to the Kindle edition. Rothbard's book heavily relies on tables to present supporting data. Read morePublished 7 months ago by Simon
Its too bad that I have to post a bad review for this book - as the content is great, the publishing is the problem!!!! Read morePublished 7 months ago by lewie snyder
Great narrative of the events leading up to the Great Depression and the unfortunate policies that aggravated what should have been a short lived recession. Read morePublished 10 months ago by Darian P