America’s Great Depression
“America’s Great Depression” by Murray N. Rothbard, published by Martino Fine Books on February 6, 2019, is a comprehensive examination of the economic factors that contributed to the Great Depression. This edition spans 372 pages and is presented in English. Rothbard begins with a theoretical analysis of business cycle theory, illustrating how expansive monetary policies can create imbalances between investment and consumption, and he critiques the Federal Reserve’s inflationary policies during the 1920s.
Readers will find a detailed exploration of the relationship between government intervention and economic downturns, as Rothbard argues that the Great Depression exemplifies the natural business cycle rather than a failure of capitalism. The book delves into topics such as economic history, monetary policy, and the implications of free enterprise, providing insights into the historical context of the 20th century in the United States. Rothbard’s work serves as a significant contribution to the discourse on economic policy and its effects on society.
Official synopsis Publisher
Rothbard opens with a theoretical treatment of business cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption. He proceeds to examine the Fed’s policies of the 1920s, demonstrating that it was quite inflationary even if the effects did not show up in the price of goods and services. He showed that the stock market correction was merely one symptom of the investment boom that led inevitably to a bust. The Great Depression was not a crisis for capitalism but merely an example of the downturn part of the business cycle, which in turn was generated by government intervention in the economy. Had the book appeared in the 1940s, it might have spared the world much grief. Even so, its appearance in 1963 meant that free-market advocates had their first full-scale treatment of this crucial subject. The damage to the intellectual world inflicted by Keynesian- and socialist-style treatments would be limited from that day forward.–Amazon.com
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