The Forgotten Depression: 1921, the Crash That Cured Itself - James Grant

Descriere The Forgotten Depression: 1921, the Crash That Cured Itself - James Grant

\nJames Grant's story of America's last governmentally untreated depression: A bible for conservative economists, this carefully researched history...makes difficult economic concepts easy to understand, and it deftly mixes major events with interesting vignettes (The Wall Street Journal). \nIn 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 stimulus 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. \n \nIn The Forgotten Depression, James Grant makes a strong case against federal intervention during economic downturns (Pittsburgh Tribune Review), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into America'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 Mr. Grant's history lesson is one that all lawmakers could take to heart (Washington Times).\n

Detalii

Brand

SIMON & SCHUSTER

Categorie

ENSTK

EAN / GTIN

9781451686463

Magazine

1

Disponibilitate

in stock