Banking and the Business Cycle: A Study of the Great Depression in the
States, by C. A. Phillips, T. F. McManus, and R. W. Nelson (1937; New
Press, 1972). This careful study of the causes of the Great Depression
monetary mismanagement led to economic disruption.
A Monetary History of the United States, 1867-1960, by Milton Friedman
and Anna J.
Schwartz (Princeton: Princeton University Press, 1963). A classic work
history, including a look at the relationship between monetary policy and
The Myth of the Great Depression, 1873-1896, by S. B. Saul (2d ed.,
Macmillan, 1985). Shows that the downward trend in prices of the last
quarter of the
nineteenth century in England did not constitute a "depresion."
competition and increased production led to many business failures and
readjustment; such dynamic change should be distinguished from economic
The Economics of Inflation: A Study of Currency Depreciation in Post-War
Germany, by Costantino Bresciani-Turroni (1937; reprint, Clifton, N.J.:
Kelley, 1968). Shows the devastating effects of state money-creation.
Free Banking in Britain: Theory, Experience, and Debate, 1800-1845, by
White (New York: Cambridge University Press, 1984). White examines the
experience with free, unregulated banking and money issue, showing it to
been more stable and efficient than central banking dominated by the
The Theory of Free Banking: Money Supply Under Competitive Note Issue, by
George A. Selgin (Totowa, N.J.: Rowman and Littlefield, 1988). A major
monetary theory, Selgin's book shows how a free market monetary system
Offers a program for a stable monetary system without economic cycles.
America's Great Depression, by Murray Rothbard (1963; reprint, Los
Publishing, 1972). Explains the Great Depression as the result of
manipulation of the supply of money and credit; also shows how the New
prolonged the depression.
"Herbert Hoover and the Myth of Laissez-Faire," by Murray Rothbard, in
Radosh and Murray Rothbard, eds., A New History of Leviathan (New York:
Dutton, 1972). A corrective to the view of Herbert Hoover as a "free
Hoover was an avid statist whose policies prefigured those of Roosevelt.
"The New Deal, National Socialism, and the Great Depression" by John A.
in American Historical Review 78 (October 1973). Points out the striking
between the American New Deal and European fascist economic policies.
Out of Work: Unemployment and Government in Twentieth Century America, by
Richard K. Vedder and Lowell E. Gallaway (New York: Holmes and Meier,
This important historical study, which was written from a highly informed
"Austrian" perspective, shows how governmental interventions into labor
(both "microeconomic" and "macroeconomic") have created unemployment.
The Rationale of Central Banking, by Vera Smith (1936; Indianapolis:
1990). A classic critique of the arguments for centralized state
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