The Politically Incorrect Guide to the Great Depression and the New Deal

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More About This Book

Overview

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 runsof 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.

What People Are Saying

Burton W. Folsom Jr
"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)
Gary Wolfram
"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)
Paul Congressman Ron
"Bob Murphy's Politically Incorrect Guide to the Great Depression provides defenders of liberty the intellectual arsenal they need to counter the myth that capitalism caused, and government cured the Great Depression. Read this book and understand why massively increasing government is not change we can believe in."
Robert Higgs
"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
"Today's central planners cower from the truth about the Great Depression and the New Deal like Dracula before a crucifix. Robert Murphy eviscerates the fantasy version of these episodes that is used to justify destructive and idiotic policies today. You almost feel sorry for the propagandists while reading this book. Almost."--(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)

Product Details

  • ISBN-13: 9781596980969
  • Publisher: Regnery Publishing, Inc., An Eagle Publishing Company
  • Publication date: 4/21/2009
  • Pages: 272
  • Sales rank: 247,870
  • Series: The Politically Incorrect Guides Series
  • Product dimensions: 7.20 (w) x 8.90 (h) x 0.70 (d)

Meet the Author

Robert P. Murphy earned his Ph.D. in economics from New York University. A former professor at Hillsdale College, he is now an adjunct scholar with the Ludwig von Mises Institute, a senior fellow in business and economic studies at the Pacific Research Institute, and an economist with both the Mackinac Center for Public Policy and the Institute for Energy Research. He has testified before Congress on economic issues, and has worked as both an investment/business analyst and as a journalist. He is a frequent radio guest and writes a column for Townhall.com. He lives with his wife and son in Nashville, Tennessee.

Customer Reviews

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Sort by: Showing all of 10 Customer Reviews

  • Posted August 8, 2009

    I Also Recommend:

    9780743219679

    Very intelligent review of the Great Depression

    The book gives an even, balanced review of the Great Depression. It starts with the 1920s and some of the mistakes made. It then details both Hoover and Roosevelt in their attempts to change the "flow" of the economy. The BIG government policys of both Hoover and especially Roosevelt are laid out for the reader to pour over. The problems that were incurred becasue of the government intervention are outlined.

    It is very upsetting that with all of this history available that the current people in the White House are so ignorant. The old saying never sounded so apt, "Those who are ignorant of History are doomed to repeat it".

    Was this review helpful? Yes  NoThank you for your feedback.   Report this reviewThank you, this review has been flagged.

  • Posted July 11, 2009

    The Politically Incorrect Guide to the Great Depression and the New Deal by Robert Murphy

    Cuts right to the chase from page one. Good reading

    Was this review helpful? Yes  NoThank you for your feedback.   Report this reviewThank you, this review has been flagged.

  • Posted June 13, 2009

    Obama hopes no one reads this.

    Clear picture of why current "stimulas" money is being wasted for the benefit of progressive minded politicians trying to achieve their goals whose orgins are with Woodrow Wilson. It is all about wanting power.

    Was this review helpful? Yes  NoThank you for your feedback.   Report this reviewThank you, this review has been flagged.

  • Anonymous

    Posted June 2, 2009

    Must Read

    This book may be about the Great Depression, but a more timely and appropriate book for our time and financial crises I couldn't imagine. It demonstrates how and why the Keynseans (the prevailing economic theory taught at large universities because it preaches an activist government) and monetarists (the so called free market interpretation that somehow still leaves room for active government involvement in the economy through its control and manipulation of the money supply) are both wrong and how true, free market economics, as taught by the Austrian school of economics (a theory you'll never learn about in any public school or state university since it preaches absolute non-involvement in the economy by the government) is the only theory that explains the crash of '29, the Great Depression, and every boom-bust cycle that the economy has ever gone through. If you want to have a clear understanding of what's going on in today's economy, this is one of the best places to start. After all, those who don't know history (or don't really understand it since it was taught all wrong) are truly doomed to repeat it.

    Was this review helpful? Yes  NoThank you for your feedback.   Report this reviewThank you, this review has been flagged.

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    Posted September 8, 2009

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