There is no single theory of what caused the Great Depression and never will be, Morris argues. Macreconomics is a social science, and such a massive event always takes its shape from a terrible confluence of factors. The mismanagement of the gold standard, the growth in consumer credit, the insistence on deflation by some of the best minds in finance, the spread of "Fordism" through the manufacturing sector, the global agricultural catastrophe, and the inability of the major European belligerents of World War I to agree on a reconstruction agenda are just a few of the shocks that in aggregate pushed the world into an economic Armageddon. Morris does not fail to provide lessons that modern listeners can learn from the Great Crash. It's tempting to pontificate about events of 80 years ago, but as Morris reminds us, our modern macroeconomics is still coming to terms with its failure to forecast how directly the much-trumpeted Great Moderation would lead to the Great Financial Crash of 2008.
I thought this was a book about economics, but it is really a social history of the American early 20th century. If you are looking for economic analysis look elsewhere. I found it somewhat interesting but not what I was looking for.
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It is a great overview of the 20's and 30's but is short on the details and causes of the 1929 crash and focuses more on the great depresessio itself