James Grant
The Forgotten Depression: 1921, the Crash That Cured Itself
- ISBN 13:
- 9781451686463
- author:
- James Grant
- format:
- Paperback
- publisher:
- Simon & Schuster
- language:
- English
- Publication Year:
- 2015
- Pages:
- 272
- Dimensions:
- 15.2 x 1.8 x 22.9 cm
- Genre:
- Business, Finance & Law, Biographies & Histories, Business & Economic History
- Condition:
- New
- Availability:
- Item usually sent within 7 working days
Description
The Forgotten Depression 1921: The Crash That Cured Itself by James Grant In 1920-21, the US economy faced a severe downturn, but instead of government intervention, policymakers chose a different approach. By balancing the budget and raising interest rates, they allowed the market to correct itself. This unusual strategy, which might seem counterintuitive to modern economists, led to a powerful recovery by late 1921. The author, James Grant, argues that well-intentioned federal intervention, such as the campaign to prop up industrial wages, actually contributed to the severity of the depression. He examines the experience of this earlier economic downturn to offer lessons for today and the future. Grant's book presents a thought-provoking response to the prevailing notion of how to fight recession, highlighting the resilience of the enterprise system.
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