America’s Great Depression.

ROTHBARD, Murray N.

$6,800.00

Item Number: 23068

New York: MacMillan Company, 1973.

First edition of Rothbard’s classic treatise on the 1930s Great Depression and its root causes. Octavo, original cloth. Signed by Murray N. Rothbard on the title page. Fine in a near fine dust jacket with light shelfwear. Housed in a custom half morocco clamshell box.

Since it first appeared in 1963, America’s Great Depression has been the definitive treatment of the causes of the depression. It 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.