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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

Creator
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."--
Language
eng
Work
Publication
Extent
xii, 254 pages, 16 unnumbered pages of plates
Contents
  • The great inflation
  • Coin of the realm
  • Money at war
  • Laissez-faire by accident
  • A depression in fact
  • City Bank on the carper
  • Egging on deflation
  • A debacle "without parallel"
  • The comptroller on the offensive
  • A kind word for misfortune
  • Not the government's affair
  • Cut from Cleveland's cloth
  • A kind of recovery program
  • Wages chase prices
  • Shrewd Judge Gary
  • "A higher sense of service"
  • Gold pours into America
  • "Back to barbarism?"
  • America on the bargain counter
  • All for stability
  • Epilogue: A triumph, in its way
Isbn
9781451686456
Instance
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
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
http://library.link/vocab/creatorDate
1946-
http://library.link/vocab/creatorName
Grant, James
Dewey number
330.9730913
Illustrations
plates
Index
index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/subjectName
  • Depressions
  • Financial crises
  • United States
  • United States
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.
Contents
The great inflation -- Coin of the realm -- Money at war -- Laissez-faire by accident -- A depression in fact -- City Bank on the carper -- Egging on deflation -- A debacle "without parallel" -- The comptroller on the offensive -- A kind word for misfortune -- Not the government's affair -- Cut from Cleveland's cloth -- A kind of recovery program -- Wages chase prices -- Shrewd Judge Gary -- "A higher sense of service" -- Gold pours into America -- "Back to barbarism?" -- America on the bargain counter -- All for stability -- Epilogue: A triumph, in its way
Control code
FIEb17646947
Dimensions
25 cm.
Extent
xii, 254 pages, 16 unnumbered pages of plates
Isbn
9781451686456
Media category
unmediated
Media MARC source
rdamedia.
Media type code
  • n
System control number
(OCoLC)881560360
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.
Contents
The great inflation -- Coin of the realm -- Money at war -- Laissez-faire by accident -- A depression in fact -- City Bank on the carper -- Egging on deflation -- A debacle "without parallel" -- The comptroller on the offensive -- A kind word for misfortune -- Not the government's affair -- Cut from Cleveland's cloth -- A kind of recovery program -- Wages chase prices -- Shrewd Judge Gary -- "A higher sense of service" -- Gold pours into America -- "Back to barbarism?" -- America on the bargain counter -- All for stability -- Epilogue: A triumph, in its way
Control code
FIEb17646947
Dimensions
25 cm.
Extent
xii, 254 pages, 16 unnumbered pages of plates
Isbn
9781451686456
Media category
unmediated
Media MARC source
rdamedia.
Media type code
  • n
System control number
(OCoLC)881560360

Subject

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