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The Great Contraction, 1929-1933 Paperback – February 21, 1965


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Product Details

  • Paperback: 150 pages
  • Publisher: Princeton University Press; New edition edition (February 21, 1965)
  • Language: English
  • ISBN-10: 0691003505
  • ISBN-13: 978-0691003504
  • Product Dimensions: 7.9 x 5.1 x 0.4 inches
  • Shipping Weight: 7 ounces
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #2,522,911 in Books (See Top 100 in Books)

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10 of 10 people found the following review helpful By David Montgomery VINE VOICE on May 25, 2000
The Great Contraction is an expanded reprint of the seventh chapter of the authors' A Monetary History of the United States, 1867-1960 which was first published in 1963. That monograph was a comprehensive study of money and its effects on the economy and the nation. It was one of the most important works of economics ever written; so well regarded, in fact, that it contributed to Dr. Friedman's winning of the Nobel Prize in Economic Sciences in 1976.
Milton Friedman is one of the most eminent economists of the twentieth century. His pioneering efforts in the field of monetarism revolutionized the way that economists thought about and studied the economy. (In short, monetarism emphasizes the role of money, especially the supply of money, in the functioning of the economy. This is contrasted with Keynesian economics which gives central importance to expenditures, particularly government expenditures.)
The basic premise of The Great Contraction is that the economic and financial collapse that occurred between 1929 and 1933-the most severe business cycle contraction in United States history-was largely the result of the inept application of monetary policy by the Federal Reserve System. The Federal Reserve had ample power to stop the devastating process of monetary deflation and the collapse of the banking system. Had they used that power in late 1930 or even in early or mid-1931, the successive crises that typify the contraction could almost certainly have been prevented. Appropriate action would have lessened the severity of the contraction and probably brought it to a much earlier end.
The most important contributing factor to the contraction, the authors believe, was the drastic reduction in the supply of money.
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By LiveInHoth on February 9, 2009
Verified Purchase
Milton Friedman was a true genius of conservative economics. A great vehicle for understanding the great depression or the current (2009) financial crisis.
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