The Forgotten Depression—1921, by James Grant
By Michael A. LaFerrara
The Forgotten Depression—1921: The Crash That Cured Itself, by James Grant. New York: Simon & Schuster, 2014. 281 pp., $28 (hardcover).
It is widely accepted today that economic downturns require massive “countercyclical” government interventions, such as increased government spending to “stimulate” the economy, and suppression of interest rates by the F…
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