{"product_id":"the-forgotten-depression-1921-the-crash-that-cured-itself-9781451686463","title":"The Forgotten Depression: 1921, the Crash That Cured Itself","description":"James Grant's story of America's last governmentally untreated depression: A bible for conservative economists, this \"carefully researched history...makes difficult economic concepts easy to understand, and it deftly mixes major events with interesting vignettes\" (\u003ci\u003eThe Wall Street Journal\u003c\/i\u003e). \u003cp\u003e\u003c\/p\u003eIn 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No \"stimulus\" was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place. \u003cp\u003e\u003c\/p\u003eIn \u003ci\u003eThe Forgotten Depression\u003c\/i\u003e, James Grant \"makes a strong case against federal intervention during economic downturns\" (\u003ci\u003ePittsburgh Tribune Review\u003c\/i\u003e), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into America's worst depression. He offers examples like this, and many others, as important strategies we can learn from the earlier depression and apply today and to the future. This is a powerful response to the prevailing notion of how to fight recession, and \"Mr. Grant's history lesson is one that all lawmakers could take to heart\" (\u003ci\u003eWashington Times\u003c\/i\u003e).\u003cbr\u003e\u003cbr\u003e\u003cb\u003eBinding Type:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Simon \u0026amp; Schuster\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 11\/17\/2015\u003cbr\u003e\u003cb\u003eISBN:\u003c\/b\u003e 9781451686463\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 272\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.65lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.00h x 6.10w x 0.60d","brand":"James Grant","offers":[{"title":"Default Title","offer_id":36651408687260,"sku":"9781451686463","price":15.3,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0473\/0804\/6492\/products\/img_d0eb698e-e6b6-49a9-a330-cd4d89aaa6bd.jpg?v=1603877587","url":"https:\/\/pastforward.org\/products\/the-forgotten-depression-1921-the-crash-that-cured-itself-9781451686463","provider":"Past Forward","version":"1.0","type":"link"}