Applied Austrian economics doesn’t get better than this. Murray N. Rothbard’s America’s Great Depression is a staple of modern economic literature and crucial for understanding a pivotal event in American and world history.
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. 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 this 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.
Since the book’s first edition, it has been the definitive treatment of the causes of the depression. It remains canonical today because the debate is still very alive.
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"The policy response to the U.S. Great Depression of the 1930s was strikingly similar to the policy response to the U.S. Great Recession of today: expanding the money supply, hiking income tax rates and providing massive federal intervention to targeted industries. These policies took a stock-market price collapse and spread it among almost every sector of the economy. An economic recession that may have lasted twelve to eighteen months as most prior recessions had lasted instead lasted for sixteen years." — Robert (5 out of 5 stars)
"The policy response to the U.S. Great Depression of the 1930s was strikingly similar to the policy response to the U.S. Great Recession of today: expanding the money supply, hiking income tax rates and providing massive federal intervention to targeted industries. These policies took a stock-market price collapse and spread it among almost every sector of the economy. An economic recession that may have lasted twelve to eighteen months as most prior recessions had lasted instead lasted for sixteen years."
“The Wall Street collapse...and the Great Depression which followed it were among the most important events of the twentieth century…[Rothbard’s explanation] turned the conventional one on its head…His book is an intellectual tour de force…It has stood the test of time with success, even panache.”
“In today’s shaky economic times, this authoritative tome—first published in 1964—has discovered newfound credibility and, in this version, narrator Tom Weiner’s voice is a key element to the book’s magisterial air…Weiner’s voice is almost musical in its bouncing rhythms and resonating clarity. His sterling tone suits the dry prose and complex theories of the book.”
" This book provides a fantastic explanation of Austrian Business Cycle Theory and provides great historical analysis of the great depression. "
" A bit detailed and technical, but still one of the best books in shattering the lies and myths surrounding the Great Depression. "
" Fantastic look at what really happen during Herbert Hoovers presidential term and his not very laissez faire actions. Economist of today would lead you to believe Hoover was too hands off, but this book details otherwise. Although Rothbard never says it in his writing, somehow I put this book down believing maybe the Government really caused the depression with all of its intervention. It is also interesting to mention this book was written in 1963. "
" This is a highly disappointing book. There are many aspects of the book that not only do great disservice to Austrian theory (rendering its pure version as presented here totally irrelevant for modern times) but also too biased to provide good understanding of what happened. To blame money supply/Fed for all the evils is simplistic in extreme. To really believe that relative minor changes in narrow money caused such grief could not have been right in those simpler times too. The faith in gold standard and arguments of policy being too easy even into the depression are also not objectively right. The worst are the suggestions of laissez faire economy. Of all the good in Austrian economic theory, this book perhaps uses none or explains them in bad light. "
" Everything you did NOT know about the Great Depression and how government did everything it could to prevent the market from adjusting to malinvestments and money printing, resulting in a depression that turned out to be great "
" This book provides an excellent explanation of the causes of the Great Depression. It also debunks the myth that free market excesses were implicated. "
" Very well written with many contemporary parallels and insights to be seen. A lot of great explanation material about the banking system and I was also surprised by the very solid theoretical introductions and explanations contained in the book which I expected to be more on the historical bend. "
" rothbard and mises are the simplest and most brilliant economists of all time. as the financial system collapses and proves they are right, still no one will see the truth. "
" I had to give up. Too much like an economics class I didn't like. "
" I bought this book going on seven years ago, I started reading it then, but never finished, so here goes. It's definitely interesting and worthwhile and as far as I can tell, spot on. "
" Challenging book with an incredible level of detail. Anyone who believes that those who cannot remember the past are condemned to repeat it will find disturbing similarities by the political/economic environment described by Rothbard and the present day woes America faces. "
" If you want the truth about Hoover, FDR and government intervention in the free markets, read America's Great Depression by Murray N. Rothbard or any other book by the Austrian School thinkers. "
" Technical but dead on accurate and timely when taken in context of current events "
" Loved the book and my professor hated that I quoted from it which made it that much better!!!! "
" The best discussion of the economics and history of the great depression. "
" Difficult for me to decide on the number of starts.5 because the ideas in this book shake the very ground I walk on.4 because it's very technical and assumes knowledge of some economic terms. "
Murray N. Rothbard (1926–1995), the author of twenty-five books and thousands of articles, was a historian, philosopher, and dean of the Austrian School of Economics. He was the S. J. Hall distinguished professor of economics at the University of Nevada, Las Vegas, and also academic vice president of the Ludwig von Mises Institute in Auburn, Alabama.
Tom Weiner, a dialogue director and voice artist best known for his roles in video games and television shows such as Buffy the Vampire Slayer and Transformers, is the winner of eight Earphones Awards and Audie Award finalist. He is a former member of the Oregon Shakespeare Festival.
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