The Forgotten Depression: 1921: The Crash That Cured Itself

Are you looking to understand the dynamics of economic downturns and the measures that truly help in the recovery process? Look no further than The Forgotten Depression: 1921: The Crash That Cured Itself. James Grant delves into the history of America's last governmentally untreated depression, offering valuable insights for conservative economists and anyone interested in economic cycles. Through his careful research and engaging storytelling, Grant makes complex economic concepts easy to grasp, while providing a mix of major events and fascinating vignettes.

In a time when governments are quick to implement stimulus packages, Grant highlights a different approach taken by Woodrow Wilson and Warren G. Harding during the deep economic slump of 1920-1921. Rather than intervening aggressively, they chose to balance the budget and raise interest rates. This seemingly counterintuitive strategy resulted in a powerful recovery marked by the resurgence of jobs and a steady climb in economic indicators by late 1921.

Contrastingly, the Hoover administration's adoption of interventionist policies in the lead up to the Great Depression of 1929 only worsened the economy. Grant argues that the well-intended efforts to prop up industrial wages during a bad recession inadvertently contributed to America's worst depression. By drawing parallels between the past and present, Grant provides important lessons that can be applied today and in the future.

Now is the opportune time to get a copy of The Forgotten Depression and enrich your understanding of economic cycles. Discover the powerful response to the prevailing notion of how to fight recession and learn from the mistakes of the past. Don't miss out on this captivating history lesson that policymakers should take to heart. Take action now and get your copy of The Forgotten Depression: 1921: The Crash That Cured Itself.