America's Great Depression
Encyclopedia
America's Great Depression is a 1963 treatise
on the 1930s Great Depression
and its root causes, written by Austrian School
economist and author Murray Rothbard
. The fifth edition was released in 2000.
policies of the Herbert Hoover
administration for magnifying the duration, breadth, and intensity of the Great Depression. Rothbard explains the Austrian theory of the business cycle, which holds that government manipulation of the money supply sets the stage for the familiar "boom-bust
" phases of the modern market. He then detailed the inflation
ary 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.
2. Keynesian Criticisms of the Theory
3. Some Alternative Explanations of Depression: A Critique
5. The Development of the Inflation
6. Theory and Inflation: Economists and the Lure of a Stable Price Level
8. The Depression Begins: President Hoover Takes Command
9. 1930
10. 1931—"The Tragic Year"
11. The Hoover New Deal of 1932
12. The Close of the Hoover Term
Treatise
A treatise is a formal and systematic written discourse on some subject, generally longer and treating it in greater depth than an essay, and more concerned with investigating or exposing the principles of the subject.-Noteworthy treatises:...
on the 1930s Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
and its root causes, written by Austrian School
Austrian School
The Austrian School of economics is a heterodox school of economic thought. It advocates methodological individualism in interpreting economic developments , the theory that money is non-neutral, the theory that the capital structure of economies consists of heterogeneous goods that have...
economist and author Murray Rothbard
Murray Rothbard
Murray Newton Rothbard was an American author and economist of the Austrian School who helped define capitalist libertarianism and popularized a form of free-market anarchism he termed "anarcho-capitalism." Rothbard wrote over twenty books and is considered a centrally important figure in the...
. The fifth edition was released in 2000.
Brief summary
Rothbard blames the interventionistEconomic interventionism
Economic interventionism is an action taken by a government in a market economy or market-oriented mixed economy, beyond the basic regulation of fraud and enforcement of contracts, in an effort to affect its own economy...
policies of the Herbert Hoover
Herbert Hoover
Herbert Clark Hoover was the 31st President of the United States . Hoover was originally a professional mining engineer and author. As the United States Secretary of Commerce in the 1920s under Presidents Warren Harding and Calvin Coolidge, he promoted partnerships between government and business...
administration for magnifying the duration, breadth, and intensity of the Great Depression. Rothbard explains the Austrian theory of the business cycle, which holds that government manipulation of the money supply sets the stage for the familiar "boom-bust
Boom and bust
A credit boom-bust cycle is an episode characterized by a sustained increase in several economics indicators followed by a sharp and rapid contraction. Commonly the boom is driven by a rapid expansion of credit to the private sector accompanied with rising prices of commodities and stock market index...
" phases of the modern market. He then detailed the inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
ary policies of the Federal Reserve from 1921 to 1929 as evidence that the depression was essentially caused not by speculation
Speculation
In finance, speculation is a financial action that does not promise safety of the initial investment along with the return on the principal sum...
, but by government and central bank interference in the market.
Part I: Business Cycle Theory
1. The Positive Theory of the Cycle2. Keynesian Criticisms of the Theory
3. Some Alternative Explanations of Depression: A Critique
Part II: The Inflationary Boom: 1921-1929
4. The Inflationary Factors5. The Development of the Inflation
6. Theory and Inflation: Economists and the Lure of a Stable Price Level
Part III: The Great Depression: 1929-1933
7. Prelude to Depression: Mr. Hoover and Laissez-Faire8. The Depression Begins: President Hoover Takes Command
9. 1930
10. 1931—"The Tragic Year"
11. The Hoover New Deal of 1932
12. The Close of the Hoover Term
Publishing history
- 5th Edition: Auburn, Ala.: Ludwig von Mises InstituteLudwig von Mises InstituteThe Ludwig von Mises Institute , based in Auburn, Alabama, is a libertarian academic organization engaged in research and scholarship in the fields of economics, philosophy and political economy. Its scholarship is inspired by the work of Austrian School economist Ludwig von Mises...
, June 15, 2000. Hardcover. 368 pages. ISBN 0-945466-05-6. - 4th Edition: New York: Richardson & Snyder/E.P. Dutton. 1983. Hardcover. 361 pages. ISBN 0-943940-03-6.
- 3rd Edition: New York: New York University Press. Co-sponsored by Institute for Humane StudiesInstitute for Humane StudiesThe Institute for Humane Studies is a classical liberal non-profit organization whose stated mission is “to support the achievement of a freer society by discovering and facilitating the development of talented students, scholars, and other intellectuals who share an interest in liberty and in...
. January 1, 1975. Paperback. 361 pages. ISBN 0-8362-0647-9. Hardcover ISBN 0-8362-0634-7. - 2nd Edition: Menlo Park, California: Institute for Humane StudiesInstitute for Humane StudiesThe Institute for Humane Studies is a classical liberal non-profit organization whose stated mission is “to support the achievement of a freer society by discovering and facilitating the development of talented students, scholars, and other intellectuals who share an interest in liberty and in...
, 1972. 361 pages. ISBN 0-8402-5003-7. - 1st Edition: Princeton, N.J.: D. Van Nostrand, 1963. Hardcover. 361 pages.