A Bubble that Broke the World
A Bubble that Broke the World by Garet Garrett, published by Laissez Faire Books in 2012, offers a critical examination of the stock-market crash of 1929 and the subsequent Great Depression. Written in 1931, this 150-page book challenges conventional interpretations of the economic crisis, attributing the crash to excessive debt facilitated by the Federal Reserve’s monetary policies. Garrett argues that these policies led to significant distortions in the production structure, advocating for a necessary correction and a learning process from past mistakes.
Readers will find a contemporary account that addresses the underlying causes of economic downturns, particularly the Great Depression. Garrett’s insights delve into the relationship between economic policy and market behavior, making this work relevant for those interested in economics, business, and history. This edition serves as a reminder of the discussions surrounding economic conditions and policies that persist today, providing a historical perspective on the complexities of financial crises.
Official synopsis Publisher
What caused the stock-market crash of 1929 and the Great Depression that followed?
This book blows away the conventional interpretations, not only in its contents but that the book exists at all. The Bubble that Broke the World was written in 1931. Author Garet Garrett ascribes the crash to the pileup of debt, which in turn was made possible by the Federal Reserve’s printing machine. This created distortions in the production structure that cried out for correction. So what is the answer? Let the correction happen and learn from our mistakes.
Such is the thesis of the great Garet Garrett. But take note: this book was a big seller in 1931. In other words, two years before FDR arrived with his destructive New Deal, ascribing the Depression to capitalism and speculation, Garrett had already explained what was really behind the correction.
We are still fighting an uphill battle to explain the true causes of stock-market crashes and economic recessions, especially the Great Depression. But here in this wonderful book is an actual contemporary account that spelled it out plainly for the world to see.
No more can we say that people back then could not have understood. Garrett told them. And thanks to this new edition of this classic and important work, he is telling us again today.
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