America's Great Depression

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AMERICA'S
GREAT DEPRESSION
The Great American Depression is generally viewed as having been caused by laissez-faire capitahsm and cured by government intervention. In America's Great Depression Murray Rothbard sets forth a theory of business cycles diametrically opposed to the prevaihng view. Dr. Rothbard contends that crises and depressions are caused, not by the free market economy of capitalism, but by government intervention in that economy — by credit expansion, cheap interest rates and the propping up of wage rates.
Dr. Rothbard believes the Hoover Administration violated the tradition of previous American depressions by this kind of intervention and that the result was a disastrous prolongation of unemployment and depression so that a typical business cycle became a hngering disease.
When this analysis is applied to the America of the 1920s, it becomes evident that the existing economy was marked by precisely that type of government intervention — the inflationary... Tovább

Fülszöveg

AMERICA'S
GREAT DEPRESSION
The Great American Depression is generally viewed as having been caused by laissez-faire capitahsm and cured by government intervention. In America's Great Depression Murray Rothbard sets forth a theory of business cycles diametrically opposed to the prevaihng view. Dr. Rothbard contends that crises and depressions are caused, not by the free market economy of capitalism, but by government intervention in that economy — by credit expansion, cheap interest rates and the propping up of wage rates.
Dr. Rothbard believes the Hoover Administration violated the tradition of previous American depressions by this kind of intervention and that the result was a disastrous prolongation of unemployment and depression so that a typical business cycle became a hngering disease.
When this analysis is applied to the America of the 1920s, it becomes evident that the existing economy was marked by precisely that type of government intervention — the inflationary expansion of money and credit — which led to the 1929 crash. Dr. Rothbard traces the ways in which this intervention was carried out and the motives for it — to help Britain inflate, to help farmers and to stabilize the price level.
America's Great Depression charges that "enlightened" government intervention — the same intervention generally recommended today — not only created the depression of 1929; it aggravated the depression and transformed it into a chronic malady that scarred American life and ended only with World War II. Vissza