America's Great Depressionby Murray N. Rothbard
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.
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All economic bubbles have the same origin. Rothbard explains very clearly how and why.
This review is for the Nook version only. The content of the book is great, but the formatting of the Nook version is horrendous. It looks like a pirated version that someone scanned with optical character recognition. The text mentions tables and charts that are not in the file. Everything is the same font which makes it difficult to distinguish text from headings and endnotes. Some words are run together and some of the less usual characters are replaced with question marks. Most tellingly, the copyright page is missing. If I had it to do over, I would have bought the printed version instead. It would have been more readable.