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Economics and the Public Welfare Paperback – October 1, 1980
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Top Customer Reviews
Anderson had definite cogent positions on the causes of various crises, on the validity of certain economic theories, and on the reasons for some of the world's ills. He backs these vigorously with logic, history, personal anecdotes, and statistics. For example, he says that the New Deal really commenced about 1924 (p. 115) when open market operations were used to create credit and help several European nations return to a gold standard. This was the first significant resistance to forces that might bring the economy towards an economic equilibrium (pp. 220- 21). Such resistance, Anderson contends repeatedly, is the cause of many of economic ills. The 1924 and 1927 open market buying operations created large bank reserves and set in motion the speculative forces culminating in the 1929 debacle (pp. 128, 136). Incidentally, one of the leading causes of trusts, he says, is easy credit and boom conditions which make combinations more desirable and easier to achieve. Two great booms coincided with chief periods of trust formation: 1898-1903 and 1927-29 (pp. 497, 503).Read more ›
This is a very trenchant examination of the economics of the period between the start of WWI and the end of WWII, and that includes the Roaring 20s and the Depressed 30s. Since this is a book of economics, it was ignored by historians. Shame, since they're the ones perpetuating the myth that Hoover and FDR were of opposite kinds when the truth is they were merely different by a matter of degree.
This book details the true economic situation during that time, but it was the sections on Hoover that really caught my eye, all the massive public works programs and cartelization of the economy that show that the myths are wrong.
Most Recent Customer Reviews
This is one of the most important economics books ever written. The insights are everywhere and it rarely leaves my side. Read morePublished 5 months ago by John E. Tamny
If you every want to cut through the fog of how a recession turned into the Great Depression, this is the first book to read. Read morePublished on November 10, 2013 by Dr. Kim Henry