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The Politically Incorrect Guide to the Great Depression and the New Deal (The Politically Incorrect Guides) Paperback – March 31, 2009
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From the Inside Flap
Everything you know about the Great Depression and the New Deal is wrong
We all learned in school that the 1920s were a time of unregulated capitalism that led to the stock market Crash of 1929 and the Great Depression of the 1930s. Herbert Hoover was a laissez-faire ideologue who did nothing to alleviate the crisis--even as citizens starved and were forced to live in "Hoovervilles." And the interventionist policies and massive spending programs of Franklin D. Roosevelt's New Deal gradually lifted us out of the Depression, until World War II brought it to a definitive end.The only trouble with this official narrative--taught in most history textbooks, and proclaimed as gospel by the media--is that every element of it is false. Worse, this unsubstantiated myth is now being used to justify a "new New Deal" in response to today's economic crisis that could lead to a Greater Depression even deeper and longer than the first. But in The Politically Incorrect Guide to the Great Depression and the New Deal, economist Robert Murphy fact-checks the myths, shows why they're wrong, and delves deep into history to set the record straight. His "politically incorrect" conclusion? It was government, not free markets, that caused the Great Depression--and the New Deal only made it worse. The real "lessons of the Great Depression" are not what you've been taught.
* The Crash of `29 was caused not by capitalism, but by the boom brought on by the newly created Federal Reserve's easy money policy (sound familiar?)
* Hoover made the Depression "Great" precisely by abandoning the laissez-faire approach that previous presidents had followed and that kept depressions short
* The bank runs of the 1930s were caused by government intervention in the banking system
* Government efforts to prop up wages and prices led to a full decade of double-digit unemployment
* FDR's arbitrary policies toward businessmen resulted in net investment of less than zero for much of the Depression
Might Barack Obama be the new FDR? You'll know, after reading The Politically Incorrect Guide to the Great Depression and the New Deal that if he is, that's nothing to celebrate.
From the Back Cover
Bad times are here again...and so too are bad ideas on how to fix them.
No economic myth these days is more pernicious than the myth that the free market caused the Great Depression and the New Deal got us out of it. That, as economist Robert P. Murphy points out is flat-out false. In The Politically Incorrect Guide to the Great Depression and the New Deal he provides irrefutable evidence that not only did government interference with the market cause the Great Depression (and our current economic collapse), but Herbert Hoover's and Franklin Delano Roosevelt's big government policies afterwards made it much longer and much worse (just as President Barack Obama's extraordinary expansion of government promises to do today). Perhaps even more compelling, Murphy exposes the untold story behind the New Deal--how it operated by force, and why what's really at stake is not only our economy but our liberty.
Praise for The Politically Incorrect Guide to the Great Depression and the New Deal."A thorough and impressive critique of FDR and the New Deal which should be required reading in all modern U.S. history and economics courses. I highly recommend this insightful book."
--Burton W. Folsom, Jr., Professor of History, Hillsdale College and author of New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America
"Robert P. Murphy's splendid guide to the Great Depression and the New Deal is a clear, compelling account of an era that even most economists get wrong. Now that many people are clamoring for a rerun of the New Deal, you owe it to yourself to find out what such a sequel would entail. Murphy's book is the best place to begin your quest."
--Robert Higgs, Senior Fellow in Political Economy, The Independent Institute
--Thomas E. Woods, Ph.D., author of the New York Times bestseller Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse
"Dr. Murphy explains in insightful fashion why the conventional wisdom is neither conventional nor wisdom. He is not only a good economist but can turn the reader into a good economist."
--Gary Wolfram, William Simon Professor of Economics and Public Policy, Hillsdale College
--Congressman Ron Paul
Top customer reviews
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The wild west, the robber baron age, the great depression-recession, the civil war, ext, are all areas of knowledge that would be very beneficial for all Americans to expand on passed their compulsory understandings and moral Bias.
One of the things this book does well, is boiling the data down to undeniable facts that prove that the answer to the negative effects of a government manipulated market, is not more government manipulation, but the voluntary forces of liquidation and reinvestment of capital towards economically viable and necessary areas. Although it may sting at first, the problem is mitigated and solved much quicker and without the further loss of our rights to a government happy to exploit the economically literate masses for monetary gain and more control of the choices in our lives.
One last note: For those of you that like to debate, Robert Murphy has done you the favor of tackling multiple of the most popular views on this issue and crushing them.
The author also relates the depression to the issues of the housing boom and the recession of 2008.
Oh, and the cause of the great depression is also clearly laid out.
Most recent customer reviews
I find it the author's enthusiasm for liquidating a bit excessive.Read more