Rothbard, Murray - America's Great Depression

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America’s Great Depression

Fifth Edition

INSTITUTE

MISES

America’s Great Depression

Fifth Edition

Murray N. Rothbard

Institute

No part of this book may be reproduced in any manner whatsoever without

written permission except in the case of reprints in the context of reviews. For

information write The Ludwig von Mises Institute, 518 West Magnolia Avenue,

Auburn, Alabama 36832.

ISBN No.: 0-945466-05-6

TO JOEY,

the indispensable framework

The Ludwig von Mises Institute dedicates this volume to all of its

generous donors, and in particular wishes to thank these Patrons:

Dr. Gary G. Schlarbaum

–

George N. Gallagher (In Memoriam), Mary Jacob, Hugh E. Ledbetter

–

Mark M. Adamo, Lloyd Alaback, Robert Blumen,

Philip G. Brumder, Anthony Deden (Sage Capital Management, Inc.),

Mr. and Mrs. Willard Fischer, Larry R. Gies,

Mr. and Mrs. W.R. Hogan, Jr., Mr. and Mrs. William W. Massey, Jr.,

Ellice McDonald, Jr., MBE, Rosa Hayward McDonald, MBE,

Richard McInnis, Mr. and Mrs. Roger Milliken (Milliken and Company),

James M. Rodney, Sheldon Rose, Mr. and Mrs. Edward Schoppe, Jr.,

Mr. and Mrs. Robert E. Urie, Dr. Thomas L. Wenck

–

Algernon Land Co., L.L.C., J. Terry Anderson (Anderson Chemical Company),

G. Douglas Collins, Jr., George Crispin, Lee A. Everhart, Douglas E. French,

John William Galbraith, Walker S. Green, Mr. and Mrs. Max Hocutt,

Donald L. Ifland, Joe R. Lee, Arthur L. Loeb, William R. Machgan,

Dorothea H. Marica, Bernard Morton, Daniel W. Muirhead, James O’Neill,

Charles H. Reeves (Reeves Family Foundation), Donald Mosby Rembert,

Stephen K. Salisbury, Mr. and Mrs. Allan Sawatzky, Joseph P. Schirrick,

Mr. and Mrs. Thomas W. Singleton (Nehemiah Foundation),

Robert W. Smiley, Jr. (The Benefit Capital Companies), Byron L. Stoeser,

Joseph J. Syslo, James E. Tempesta, M.D., top dog™, Alex T. Van Rensselaer,

Lawrence Van Someren, Sr., Mr. and Mrs. Quinten E. Ward,

David Westrate, Anne Williamson, Keith S. Wood

–

Robert Bero, Robert J. Birnbach, Richard Bleiberg, John Hamilton Bolstad,

Mr. and Mrs. Justin G. Bradburn, Jr., David and Elizabeth Butler,

John W. Carpenter, Dr. John P. Cochran, John Cooke, Henry V. Curll,

James V. De Santo (DTL Inc.), Chris A. Doose, Mr. and Mrs. Ted C. Earle,

Jay Elliott, Eric Englund, Dr. Larry J. Eshelman, Lawrence N. Field,

Elton B. Fox (The Fox Foundation), Capt. and Mrs. Maino des Granges,

Christopher J. Hackett, John A. Halter, John R. Harper, Frank W. Heemstra,

Douglas M. Joy, Michael G. Keller, D.O., Robert N. Kennedy,

Richard J. Kossmann, M.D., David Kramer, Steven R. Krause,

Gary R. Letsinger, Diana Lewis, J. Edward Martin, Norbert McLuckie,

Samuel Mellos, Joseph Edward Paul Melville, Robert Mish,

Dr. Dorothy Donnelley Moller, Jerry W. Moore,

Keith E. Moore, D.M.D., Reed W. Mower, Brantley I. Newsom,

Professor and Mrs. Stanley E. Porter, James A. Reichert, Thomas S. Ross,

Conrad Schneiker, Roy Schroeder, William V. Stephens,

Charles Toops, II (Mo-Ark Guide Service),

Robert H. Walker (Walker Die Casting Company),

Mr. and Mrs. Victor Zadikov, Jeannette Zummo

Introduction v

vi America’s Great Depression

Acknowledgments

While the problem of 1929 has long been of interest to

myself as well as most Americans, my attention was

first specifically drawn to a study of the Great

Depression when Mr. Leonard E. Read, President of the

Foundation for Economic Education, asked me, some years ago, to

prepare a brief paper on the subject. I am very grateful to Mr. Read

for being, in this way, the sparkplug for the present book. Having

written the article, I allowed the subject to remain dormant for

several years, amid the press of other work. At that point, on the

warm encouragement of Mr. Richard C. Cornuelle, now of the

Foundation for Voluntary Welfare, I proceeded on the task of

expansion to the present work, an expansion so far-reaching as to

leave few traces of the original sketch. I owe a particular debt to

the Earhart Foundation, without whose aid this study could never

have been written.

My supreme debt is to Professor Ludwig von Mises, whose

monumental theory of business cycles I have used to explain the

causes of the otherwise mysterious 1929 depression. Of all

Professor Mises’s notable contributions to economic science, his

business cycle theory is certainly one of the most significant. It is

no exaggeration to say that any study of business cycles not based

upon his theoretical foundation is bound to be a fruitless under-

taking.

The responsibility for this work, of course, is entirely my own.

Introduction vii

viii America’s Great Depression

Contents

Introduction to the Fifth Edition.........................................................xi

Introduction to the Fourth Edition..................................................xvii

Introduction to the Third Edition....................................................xxv

Introduction to the Second Edition.................................................xxxi

Introduction to the First Edition....................................................xxxv

PART I: BUSINESS CYCLE THEORY

1 THE POSITIVE THEORY OF THE CYCLE.........................3

Business cycles and business fluctuations............................................4

The problem: the cluster of error........................................................8

The explanation: boom and depression...............................................9

Secondary features of depression: deflationary credit

contraction...................................................................................14

Government depression policy: laissez-faire.....................................19

Preventing depressions......................................................................23

Problems in the Austrian theory of the

trade cycle.....................................................................................29

2 KEYNESIAN CRITICISMS OF THE THEORY..................37

The liquidity “trap”...........................................................................39

Wage rates and unemployment.........................................................42

3 SOME ALTERNATIVE EXPLANATIONS OF

DEPRESSION: A CRITIQUE....................................................55

General overproduction....................................................................56

Underconsumption............................................................................57

The acceleration principle.................................................................60

viii

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America’sGreatDepressionFifthEditionINSTITUTEMISESAmerica’sGreatDepressionFifthEditionMurrayN.RothbardCopyright©1963,1972byMurrayN.RothbardIntroductiontotheThirdEditionCopyright©1975byMurrayN.RothbardIntroductiontotheFourthEditionCopyright©1983byMurrayN.RothbardIntroductiontotheFifthEditionCopyright...

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