The Forgotten Depression: 1921: The Crash That Cured Itself

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The Forgotten Depression: 1921: The Crash That Cured Itself

James Grantâ€™s story of Americaâ€™s last governmentally untreated depression: A bible for conservative economists, this â€œcarefully researched historyâ€¦makes difficult economic concepts easy to understand, and it deftly mixes major events with interesting vignettesâ€ (The Wall Street Journal).

In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No â€œstimulusâ€ was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.

In The Forgotten Depression, James Grant â€œmakes a strong case against federal intervention during economic downturnsâ€ (Pittsburgh Tribune Review), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into Americaâ€™s worst depression. He offers examples like this, and many others, as important strategies we can learn from the earlier depression and apply today and to the future. This is a powerful response to the prevailing notion of how to fight recession, and â€œMr. Grantâ€™s history lesson is one that all lawmakers could take to heartâ€ (Washington Times).

Country	USA
Author	James Grant
Binding	Kindle Edition
Edition	Reprint
EISBN	9781451686487
Format	Kindle eBook
Label	Simon & Schuster
Manufacturer	Simon & Schuster
NumberOfPages	273
PublicationDate	2014-11-11
Publisher	Simon & Schuster
ReleaseDate	2014-11-11
Studio	Simon & Schuster

The Forgotten Depression: 1921: The Crash That Cured Itself

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