America's Great Depression

De: Murray N. Rothbard

Narrado por: Tom Weiner

Applied Austrian economics doesn't get better than this. Murray N. Rothbard's America's Great Depression is a staple of modern economic literature and crucial for understanding a pivotal event in American and world history.

The Great Depression was not a crisis for capitalism but merely an example of the downturn part of the business cycle, which was generated by government intervention in the economy. Had this book appeared in the 1940s, it might have spared the world much grief. Even so, its appearance in 1963 meant that free-market advocates had their first full-scale treatment of this crucial subject. The damage to the intellectual world inflicted by Keynesian- and socialist-style treatments would be limited from that day forward.

©1978 Murray N. Rothbard (P)2008 Blackstone Audio, Inc.

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Wonderful analysis of the Great Depression by one of the most brilliant economic and social thinkers in history.

A great look into what happened to our economy, from a purely empirical standpoint

This book was exactly what I was looking for. I don’t know if it’s just me, but I remember studying US and World History in High School. I can still listen to my teachers talk about the different eras, such as WW1, WW2, the Great Depression…the 60s, the 70s, and the 80s. I can’t however recall ever going in depth into the economic, political aspect of the Great Depression.

I think this book gives you a great view of what happened, how it happened and why. Although there is a marked tendency to condemn the actions of the governmental administration, I believe it was justified. The story has empirical data that substantiate most of the events. Thats what I liked most about it.

I had been looking into finding a book that could open my eyes to what our economy and government was like before the depression, how it all worked. This book delivered on that. If you are a in the market for a factual account of one of our most important economic events in modern history, look no further.

I would recommend to keep google handy, since there are a lot of macro/microeconomic terminology used, and if you have not touched up on those subjects recently, you might have to between chapters.

Great read.

Summary from the end of the book:
"Economic theory demonstrates that only governmental inflation can generate a boom and bust cycle, and that the depression will be prolonged and aggravated by inflationist and other interventionary measures. In contrast to the myth of laissez-faire, we have shown in this book how government intervention generated the unsound boom of the 1920s, and how Hoover's new departure aggravated the great depression by massive measures of interference. The guilt for the great depression must, at long last, be lifted from the shoulders of the free market economy and placed where it properly belongs: at the doors of politicians, bureaucrats, and the mass of 'enlightened' economists, and in any depression, past or future, the story will be the same."

Great read. Chapter 4 was a little boring because it is a bunch of tables and statistical data, but other than that, this is a solid book explaining the Misesian Austrian Business Cycle theory, banking policy (both as it should be and as it is, which is a massive difference, determining whether the whole economic system could collapse or not due to a bank run-- 100% reserves on immediately withdrawable deposits = healthy capitalism, fractional reserves on immediately withdrawable deposits = unjust and unstable economic structure), and how Hoover's government thwarted economic growth using every anti-laissez-faire tool he could fathom.

What an informative book!

I learned so much from this book. Not only about how we end up in a depression, but all the things that happen before reaching that point. What needs to happen before a comeback. So informative in so many ways. This book is so beneficial in so many was. Worth reading, but to have it read to me I think was more beneficial. I will be listening to this again.

Outstanding historical analysis

Excellent book, but not for someone looking for a biographical history filled with famous personalities or a social history looking back at everyday life during a time of 25% unemployment. This is an economic history. It is recommended for anyone who would like a detailed anaylisis of how federal monetary policy errors can cause false booms by expanding the credit money supply, leading eventually to inevitable recessionary or depressionary corrections. It also explores how Keynesian fiscal policy tends to exacerbate and extend these periods of correction. Interesting, if for no other reason than this cycle of inflationary boom and recession/depression is still with us, and the same disproven tactics are still used as treatments. Anyone interested in the history of banking, finance or economics will probably find this a good read.