About this book
Rothbard's 1963 classic applies Austrian business cycle theory to the 1930s slump. He argues that Federal Reserve credit expansion in the 1920s caused the boom, and that Herbert Hoover's interventionist response, not laissez-faire capitalism, deepened and prolonged the depression. The book pairs a concise treatment of business-cycle theory with a detailed history of the inflationary run-up and the government's policy blunders.
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