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I wrote the foreword to this book for the current Laissez Faire Books edition, available by subscription at lfb.org.What is extraordinary about this book is that it is an early scholarly treatment of the primary causes of the Great Depression that relies on the monetary theory of the generation of the business cycle that had been developed in the decade prior to the books release in 1937, in Austria and England. The book marshals a great deal of data, and the authors demonstrate a deep knowledge of the financial institutions of the day.For readers of Murray Rothbards Americas Great Depression, it serves as a contrast, something of a challenge, even. Though it basically covers the same territory, it is more economically rigorous and far more open to mainstream thought. Indeed, the authors present a three-pronged analysis, the first being the standard Austrian Theory of the Business Cycle, the second being a twist on Hayeks capital explanation (the original of which Rothbard defended, by the way), and the third being almost standard, textbook economics:1. The first part is the monetary explanation of the boom’s start.2. The second presents a structure-of-production explanation of the specific nature of the developed “boom” instability. 3. The third is an equilibrium theory that goes a long way to explaining why this particular “bust” dragged on so long. Basically, the authors show that Hoovers and FDRs progressive policies prevented relative prices (particularly wages) from finding a new equilibrium, and the result was mass unemployment. Dragging on too long.And yet there is one thing about the books analysis that Rothbard didnt touch upon, later, and thats the authors distinction between commodity-price inflations and credit-investment inflations. The bust of 1920 was the bust of a commodity bubble, a bubble induced by the shoddy financing of the Great War. The authors say that the distortions in relative prices of a commodity boom take less time to fix than the distortions created by credit that induce an investment boom, which is precisely what happened in the Roaring Twenties. So, even had Hoover not worked mightily to prevent equilibration of prices - he was quite proud of his policy interventions into the economy, and, being a Progressive Republican, was by no means as he was later mis-characterized, a proponent of laissez faire - the depression following the Crash of 29 would have been more devastating and perhaps longer than the brief Crash of 20.It is worth remembering that both crashes followed closely on the creation of the institution designed to prevent them, the Federal Reserve. This book makes the case for a central-bank-induced bubble and bust quite well.
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