The Forgotten Depression: 1921: The Crash That Cured Itself
James Grant
Dec 2019 · Tantor Media Inc · Narrated by Rick Adamson
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9 hr 18 min
Unabridged
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About this audiobook
James Grant's story of America's last governmentally untreated depression: A bible for conservative economists, this "carefully researched history . . . makes difficult economic concepts easy to understand, and it deftly mixes major events with interesting vignettes"—The Wall Street Journal.
In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.
In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.
James Grant's story of America's last governmentally untreated depression: A bible for conservative economists, this "carefully researched history . . . makes difficult economic concepts easy to understand, and it deftly mixes major events with interesting vignettes"—The Wall Street Journal.
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About the author
James Grant founded Grant's Interest Rate Observer, a financial markets journal, and authored The Forgotten Depression, which won the Hayek Prize. His writing has appeared in the Financial Times and the Wall Street Journal. He lives in Brooklyn, New York.
Rick Adamson is an Audie Award winner for his work on In a Heartbeat by Leigh Anne and Sean Tuohy (with Sally Jenkins) of The Blind Side fame. Also the winner of several ALA awards and a Harper Audio Grammy nominee, Rick has been a narrator for twenty-five years. Originally from Maryland, he now lives in New Jersey.
James Grant founded Grant's Interest Rate Observer, a financial markets journal, and authored The Forgotten Depression, which won the Hayek Prize. His writing has appeared in the Financial Times and the Wall Street Journal. He lives in Brooklyn, New York. Rick Adamson is an Audie Award winner for...
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