Ebook Free America's Great Depression
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America's Great Depression
Ebook Free America's Great Depression
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Product details
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Audible Audiobook
Listening Length: 10 hours and 4 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Blackstone Audio, Inc.
Audible.com Release Date: June 18, 2008
Whispersync for Voice: Ready
Language: English, English
ASIN: B001BC2O8C
Amazon Best Sellers Rank:
Putting aside Rothbard's philosophy, America's Great Depression is a useful exposition of Rothbard's economic ideology and the Austrian School of Economics he was associated with. Rothbard opens the text with a succinct explanation of the Business Cycle Theory before addressing the history of the Great Depression. In short, Rothbard argues that government regulation of interest rates and the money supply - "easy money" policies - inevitably lead to misjudgements by investors, who assume that the resulting booming economy and rising prices signal the need for more production and more goods. Since rising prices are actually the result of inflation, however, there is no surging demand that needs to be satisfied, and the investments in higher orders of production ultimately prove unsound, leading to recession or depression.The majority of the book is dedicated to Rothbard's narrative of the history leading up to the Great Depression and Hoover's response to the crisis. Rothbard takes the opportunity to argue - using ample statistics - that surges in the overall supply of money in the 1920s boom years caused by the Federal Reserve Bank's easy money policies made a painful correction inevitable. Hoover's tariffs and big-government recovery programs only worsened the recession and prevented the economy from cleansing out the bad investments and restoring prices to their pre-boom levels, leading to massive long-term unemployment.Pros: The book gives a clear outline of the Austrian Business Cycle Theory. It also does a fine job at laying out the Austrian School's narrative of the Great Depression, which is the classic example of the boom-bust cycle. Rothbard brings lots of statistics and generally makes his point cogently. Also, historian Paul Johnson's intro is a welcome addition to this edition.Cons: Perhaps the biggest weakness of the book is that it fails to clearly define some basic concepts which are used very different by the various schools of economics. Inflation is the clearest example. Typically we think of inflation in the same way Quantity of Money theorists like Milton Friedman or Keynesians do, as a relative change in the quantity of money compared to the size of the economy as a whole. If the quantity of money grows faster than real GDP and prices on average rise, we refer to that as inflation. But Rothbard - like most Austrian School economists - understands inflation to be ANY growth in the quantity of money, whether or not that growth exceeds growth in the economy and causes prices to rise. So it can be confusing at times reading Rothbard distinguish between major and minor inflationists - i.e. Keynes and Friedman - particularly when the latter so famously condemned inflation. Rothbard simply uses the word inflation differently, yet fails to make the distinction. Aside from that, Rothbard's description of the causes of the Depression can seem tediously repetitive at times, though he is simply trying to give a comprehensive analysis.
Already in the first 20 pages you will learn the basics of what the Austrian Business cycle entails. From there Rothbard delves into the details. Everything in the book is explained in a way that makes the concepts easy to understand for the lay person. This book explains the depression in a way that not only goes into numbers but explains human action, something that most mainstream economic schools of thought either ignore or refuse to give credit to. You will walk away from this book with a better understanding of the causes of the Great Depression. This book since it's early 1960's publishing remains relevant especially in today's easy money low interest rate environment. Not only is Rothbard a master at effectively communicating his ideas; you can read this book in confidence because he cites his sources (when needed) at the bottom of the page.
In America's Great Depression, Rothbard does a great job of debunking the common fallacies that the Great Depression was caused (1) because the Fed failed to inflate the money supply in reaction to the contraction in the money supply, caused by the collapse of thousands of banks. Rothbard argues, accompanied with plenty of data to back his arguments, that the Fed and the banks were engaging in constant credit expansion throughout the Roaring 20s, which caused the Great Depression in the first place. Moreover, throughout the Depression the Fed was engaged in various schemes which only prolonged the Depression (2) Rothbard attacks the common argument that Herbert Hoover did not interfere in the economy which caused the Depression to become "great". This argument is being used as a proof that laissez-faire capitalism doesn't work and, therefore, the best way to hasten the recovery is through government intervention in the market. Rothbard provided plenty of proof that Hoover interfered in the economy in different ways, such as tariffs, loans to farmers and various businesses, propping up various businesses and banks, etc.All in all, this is a great, well researched and well written book. I highly recommend it to anyone who wishes to obtain a different perspective on the Great Depression.
Still relevant discussion of the causes of the Great Depression in the U.S. in 1929. The author argues the depression was caused by the inflationary policies of the Federal Reserve from 1921 to 1929 as evidence that the depression was essentially caused not by speculation, but by government and central bank interference in the market. Good quality reprint of this contrarian classic.
Its too bad that I have to post a bad review for this book - as the content is great, the publishing is the problem!!!!The Good:Rothbard is great at breaking down the post mortem of the true cause of the Great Depression into individual facts and tying them to the various pertinent economic theories to explain the why and how 1929 played out as it did.The Bad:The content refers to several charts and tables which are missing from this printing, making it almost impossible to get the detailed and nuanced details of the situation as it unfolded. The font is difficult to read, there is no appendix, symbols for various currencies (and what I believe to be percent) are displayed as '?'
Hoover is often criticized for not doing enough to end the great depression, however this book points out how that was hardly the case. Roosevelt's new deal was nothing more than a continuation of Hoover's interventionist policies. Rothbard explains in great detail all the inflationary policies of the Federal Reserve that created the bubble leading up to it's inevitable burst. The book demonstrates the failure of central planning, and how the governments interventionist schemes only prolonged the depression by not allowing for the necessary liquidation of malinvestment. I thought it was a great book, anyone interested in economics or history should definitely pick this one up.
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