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The Resource The forgotten depression : 1921: the crash that cured itself, James Grant

The forgotten depression : 1921: the crash that cured itself, James Grant

Label
The forgotten depression : 1921: the crash that cured itself
Title
The forgotten depression
Title remainder
1921: the crash that cured itself
Statement of responsibility
James Grant
Creator
Author
Subject
Language
eng
Summary
"By the publisher of the prestigious Grant's Interest Rate Observer, an account of the deep economic slump of 1920-21 that proposes, with respect to federal intervention, "less is more." This is a free-market rejoinder to the Keynesian stimulus applied by Bush and Obama to the 2007-09 recession, in whose aftereffects, Grant asserts, the nation still toils. James Grant tells the story of America's last governmentally-untreated depression; relatively brief and self-correcting, it gave way to the Roaring Twenties. His book appears in the fifth year of a lackluster recovery from the overmedicated downturn of 2007-2009. In 1920-21, 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 in 1921. In 1929, the economy once again slumped--and kept right on slumping as the Hoover administration adopted the very policies that Wilson and Harding had declined to put in place. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into America's worst depression. He offers the experience of the earlier depression for lessons for today and the future. This is a powerful response to the prevailing notion of how to fight recession. The enterprise system is more resilient than even its friends give it credit for being, Grant demonstrates"--
Assigning source
Provided by publisher
Cataloging source
DLC
Dewey number
330.973/0913
Illustrations
  • illustrations
  • plates
Index
index present
LC call number
HB3717 1920
LC item number
.G73 2014
Literary form
non fiction
Nature of contents
bibliography
Target audience
adult
Label
The forgotten depression : 1921: the crash that cured itself, James Grant
Instantiates
Publication
Bibliography note
Includes bibliographical references (pages 221-242) and index
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Dimensions
25 cm
Edition
First Simon & Schuster hardcover edition.
Extent
254 pages, 16 unnumbered pages of plates
Isbn
9781451686456
Lccn
2014021387
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other physical details
illustrations
System control number
  • (OCoLC)881560360
  • 2065049
  • (OCoLC)881560360
  • 2033284
  • (OCoLC)881560360
  • (OCoLC)ocn881560360
  • 2033284
  • (OCoLC)ocn881560360
  • 2065049
Label
The forgotten depression : 1921: the crash that cured itself, James Grant
Publication
Bibliography note
Includes bibliographical references (pages 221-242) and index
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Dimensions
25 cm
Edition
First Simon & Schuster hardcover edition.
Extent
254 pages, 16 unnumbered pages of plates
Isbn
9781451686456
Lccn
2014021387
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other physical details
illustrations
System control number
  • (OCoLC)881560360
  • 2065049
  • (OCoLC)881560360
  • 2033284
  • (OCoLC)881560360
  • (OCoLC)ocn881560360
  • 2033284
  • (OCoLC)ocn881560360
  • 2065049

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