America's great depression af Murray N. Rothbard (1926-) (Bog)

Forfatter: Murray N. Rothbard (1926-)
Sprog: Engelsk
Antal sider: 361
Forlag: BN Publishing
Udgivelsesår: 1963
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
Titel: America's great depression
Udgave: Reprint-udgave fra BN Publishing

Sammendrag: Bogen undersøger årsagerne til den amerikanske depression i 1930’erne ud fra en østrigsk-økonomisk vinkel. Først opstiller Rothbard en generel teori om konjunkturcykler, hvor ekspansiv kredit- og pengepolitik forvrider renter, investeringer og forbrug. Derefter gennemgår han Federal Reserves politik i 1920’erne og viser, hvordan billige penge og kredit ekspanderede investeringer og aktiekurser langt ud over et bæredygtigt niveau. Krakket i 1929 og den efterfølgende Great Depression fremstilles som den uundgåelige korrektion på en boom-periode, snarere end et spontant svigt i markedsøkonomien. Endelig kritiserer bogen regeringens og centralbankens håndtering af krisen og de keynesianske og socialistiske tolkninger, der dominerede efterkrigstidens økonomiske debat. Den fungerer både som historisk case study og som grundlæggende introduktion til fri-markeds- og østrigsk konjunkturteori.
Type: Hardcover