From the Great Depression to the Great Recession, massive government stimulus is an automatic response to economic downturns. But what if the public sector let the business cycle just run its course? Economic historian James Grant answers that question in this crisply written study. Arch and contrarian, Grant is a joy to read and, for those who subscribe to Keynesian economics, a shock to the system. He makes no secret of his point of view: Government bailouts are folly, and economies can heal themselves without stimulus. To prove his point, Grant provides this entertaining history of the “forgotten depression” of 1920-21. Since Grant is the editor of Grant’s Interest Rate Observer, a publication with an annual subscription price of $1,175, this book offers a chance to explore his erudite insights on the cheap. With an unconventional outsider in the White House, Grant’s against-the-grain perspective seems significant.
About the Author
James Grant is editor of Grant’s Interest Rate Observer, a twice-monthly publication. His books include biographies of John Adams and Thomas B. Reed.