The Great Depression Revisited: Essays on the Economics of the Thirties

For a quarter of a century the industrial Western world has been living in the euphoria of continuous improvements in welfare, based on economic programming, increasing integration and terms of trade which favor indus­ trial countries and discriminate against agricultural regions. It is true that recessions have periodically recurred during these years : time and again, however, government intervention succeeded in reducing them to mere "in­ ventory cycles". In contrast with the twenties an...