America’s Great Depression By Murray N. Rothbard


The Great Depression was not a crisis for capitalism, writes economist Murray N. Rothbard, but merely an example of a standard part of the business cycle: the downturn. The business cycle itself was was generated by government intervention in the economy. Had America’s Great Depression 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.

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  • Jeffrey Tucker

    America’s Great Depression

    America’s Great Depression Murray Rothbard’s book is often cited but rarely read in detail. Those who do read it will find surprises, such as his prediction that the Fed is disabled in recessionary times, that recession is likely to lead to deflation due to deleveraging. This outlook is very different from the inflation fears of many pop Austrians. Rothbard saw that Fed as far less powerful than many see it today — powerful in the sense of achieving what it seeks. It was not true then and not true now. Kick off the discussion! Questions, comments, observations or elaborations? Either reply here or create a new discussion using the tag Library_Americas Great Depression

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