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 The Forgotten Depression, James Grant makes a strong case against federal intervention during economic downturns ("Pittsburgh Tribune Review"), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into America s worst depression. He offers examples like this, and many others, as important strategies we can learn from the earlier depression and apply today and to the future. This is a powerful response to the prevailing notion of how to fight recession, and Mr. Grant s history lesson is one that all lawmakers could take to heart ("Washington Times").

Editorial Reviews
  • Learned, beautifully written, and timely.--Llewellyn H. Rockwell, Jr., Chairman, the Mises Institute
  • Grant unearths a forgotten depression to pose the iconoclastic argument that the government's best response to economic turmoil is to keep its hands off. A veteran financial writer, Grant handles abstruse issues with a light touch and a sure hand, gleaning wisdom in such unexpected figures as Charles Dawes, first director of the federal budget, and Warren G. Harding.--Charles Rappleye, author of Robert Morris and Herbert Hoover, a Biography (forthcoming)
  • Grant has written an elegant history of the 1920-1921 depression.--Robert Samuelson Washington Post 
  • Kirkus Reviews 10/15/2014 (EAN 9781451686456, Hardcover)
  • Publishers Weekly 11/17/2014 (EAN 9781451686456, Hardcover)
  • New York Times Book Review 01/25/2015 pg. 18 (EAN 9781451686456, Hardcover)
About the Author
James L. Grant is professor of finance at Simmons Graduate School of Management in Boston. He is the author of several books, including Foundations of Economic Value Added
Product Details
Author:  James L. Grant
ISBN:  1451686463   
Publisher:  Simon & Schuster
Publish Date:  November 17, 2015
Pages:  272 pages
Dimensions:   0.6" H x 9.0" L x 6.1" W (0.65 lbs) 


The Forgotten Depression: 1921, the Crash That Cured Itself

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