Rothbard opens with a theoretical treatment of business cycle
theory, showing how an expansive monetary policy generates
imbalances between investment and consumption. He proceeds to
examine the Fed's policies of the 1920s, demonstrating that it was
quite inflationary even if the effects did not show up in the price
of goods and services. He showed that the stock market correction
was merely one symptom of the investment boom that led inevitably
to a bust.
The Great Depression was not a crisis for capitalism but merely
an example of the downturn part of the business cycle, which in
turn was generated by government intervention in the economy. Had
the book 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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